Sales is like dating. You have to show your prospect (your date) why you are “not like everyone else” – which seems to be easier said than done. While you might understand what your business stands for and why it is unique, you could still be struggling with articulating your value proposition. Neglect this and you’ll risk losing many prospects. In fact, 54% of companies do nothing to optimise their value propositions.
Why is it so hard?
If you want to secure a second or third “date” with that prospect – and ultimately land a long-term relationship – then articulating your value proposition is an important factor that drives conversion.
What does it mean to articulate your value proposition and how do you do it?
Your value proposition is your core competitive advantage; a unique identifier that distinguishes you from your competitors.
A well-articulated value proposition gives a prospect a reason to care about your business and its products or services.
Out of the many businesses similar to yours, in an industry so competitive, why should they choose you? What makes you so different that they would pay to work with you instead of someone else?
Here are 3 secrets to effectively articulate your value.
Get to know your prospects.
A common mistake in trying to communicate your value proposition to prospects is the lack of clarity as to how you actually add value to their lives. You can tell them all the great features or offers you have, but if none of these resonate with them or relate to them, then you may as well cut the date short because you’ll only be prolonging the agony—of your prospect.
To effectively articulate your value, you must know your audience. Not just who they are, but what they need.
- What benefits do you offer with your product or service?
- What problems do your customers have that you can help solve?
- How are you going to improve their lives if they are to switch over to your product versus staying with what they are currently using?
These are all questions you should know the answers to when you are developing your value proposition and sales pitch. In short, give them a reason to love you.
Show how you are different.
Aside from understanding what you offer, your familiarity with your industry and competitors will help you build a strong case as to why you are not like everybody else. Highlight core differentiators and educate your prospects on it. Again, relate it to them. Do not just rock up to a meeting with a bulleted table of comparison against competitors and expect them to be blown away.
- What do your customers care about? Is it pricing? Is it the number of features?
- What edge do you have over your competitors? Do you know what the market says about them? How and why are you better?
If you know your audience and what’s important to them, you will know what they value most. You can then take this information and put them into scenarios that will highlight how you will be able to help.
In dating, you can’t be making empty promises. You know that’s not going to work. You have to act on it; follow-through. That is how you build trust – we all know the importance of that.
In the world of business, fortunately, you can build trust by showing them stories from your previous relationships – something you may not be able to with dating, for obvious reasons. This can be in the form of client testimonials and case studies.
Support your claims by highlighting the positive business impacts you’ve made with previous clients or customers. Share testimonials and case studies, ideally ones your prospect can relate to.
When you’re able to articulate your value in a way that makes it important and relevant to your customer, you will have a powerful value proposition that actually communicates strongly to your prospect.
But the truth is that not everyone will see your value and that’s okay.
Similar to dating, it’s not always a perfect match. You’ll come across prospects who won’t see the value in your business or service. Perhaps they don’t have the need for what you offer at the moment – or ever – and that’s okay.
You can’t sell a premium product to those looking for an affordable service. You can try, but you already know that’s not what they’re looking for. Or, you can choose to accept it and target more qualified prospects instead.
Be careful not to be too pushy and make note of their reasons why they aren’t interested. Who knows, this might be something you can help with later on should your services and offers evolve.
We may not be dating gurus but we are experts in sales. If you’re ready to get back out there and wow some prospects, we’re here for you. Show us what you got by pitching your sales strategy to us at firstname.lastname@example.org (written or recorded). We’ll help you improve, how you’re articulating your value proposition and develop your sales presentation skills.
You can also avail of a FREE sales strategy consultation with Hunt & Hawk’s Co-Founder and Sales expert, where we’ll chat about your current sales strategy and how you can strengthen it. It’s a great chance to bounce ideas off with someone who is an expert not only in sales, but also in the professional services industry.