In highly competitive markets, with customers more informed and independent than ever, differentiation is critical. Mercuri’s Iain Harvey considers the advantages of using a Customer Specific Value Proposition.
This is an excerpt from Mercuri’s “Finding the Value in Selling” whitepaper.
Understand the new reality
The limitless availability of information means that Business to Business buyer behaviour is changing rapidly, mirroring that seen in retail consumers. They will investigate different suppliers and products, often forming an entrenched view about how much they should pay, before engaging with any potential suppliers.
The sales professional is no longer the `guru’ of knowledge and information about their product or service, it is now available to all. The ease of accessing this information also means that customers can easily ask more of their people to participate in a purchasing decision, thus being seen to be more inclusive and democratic when significant investments need to be made.
This initial research and evaluation phase is increasingly followed by a more formal RFP or RFQ process leaving suppliers forced to answer a narrow, often technically focused, brief.
Consider these questions before presenting your solution to your customer:
- What is our customer trying to do?
- How does this customer measure value?
- What impact do we have on their business?
- Can we quantify the value we provide?
There is limited or no opportunity to be innovative or creative with seemingly no alternative than a “me too” approach.
All of this means that even complex products and services risk being commoditized unless the sales professional changes the way they enagage with their customers.
“Know what your customers want most and what your company does best. Focus on where those two meet.”
Kevin Stirtz, author of More Loyal Customers and Marketing for Smart People
Interested?
Receive a copy of the Finding The Value In Selling whitepaper and find out about:
- Building a clear, tailored value proposition
- Changing the way you sell – The Four Key Rules
