Sales has become a science as much an art in today’s complex, fast-paced market environment. In a world where everyone is competing to be heard through multiple channels of communication, it’s important for your message to stand out amongst the noise. With this rise in competition, the concept of “value-based” selling has become a key strategy for sales.
Value-based selling clearly and simply demonstrates how your product can add value to a business or lifestyle or help your customers achieve their end goal. Selling in this context focuses your message on the outcome, not a product. This strategy puts the value of your offer at the forefront, rather than features or cost, and communicates the benefits of whatever you’re selling to address real pain points that the customer is feeling.
Crafting messages that are concise, authentic, define your product and clearly articulate your brand position can be tricky. Typically, there are two primary strategies you can use when selling your product—you can focus on the attributes or focus on the benefits.
Attributes communicate what your product does, while benefits focus on the value your product provides to your clients. Both approaches are important, yet they offer very different strategies depending on your intent. So, when it comes to “value-based” selling, which strategy should you choose?
Selling the benefits of your product helps your end-user quickly understand the positive impact your product will have on their business or lifestyle. Let’s look at this approach in context:
Using Goby’s AP Automation product as an example, if we were to sell the features of automation, we might say something like this: “A cloud-based AP platform automatically digitizes invoices, captures their data, and codes invoices, enabling teams to streamline approval workflows; improve monitoring, reporting and collaborating; optimize cash flow and generate rapid ROI.”
This example puts the features of automation first and explains how those features might benefit the end-user second. But, if we want to sell the benefits and value-add AP Automation brings to its customers, we could say something like this: “AP Automation helps accounts payable teams optimize performance and make confident decisions with an intuitive, cloud-based AP automation platform while reducing late fees and eliminating manual tasks.”
This benefits-based example doesn’t even mention the features of the product, but, instead, quickly and simply explains the positive value of using an automation platform. Rather than focusing on the features of the product, putting the benefits at the forefront of your message places the emphasis on your client’s needs and how your product can improve their experience.
Ultimately, highlighting a product’s benefits first and foremost creates a stronger emotional, value-based connection that drives sales.