Value is often subjective and when you're a business owner trying to pitch your products, this is an important factor to consider. It's not just a matter of making your offerings cheaper than those from competitors; if you're working with a client organisation that has a number of different stakeholders, you need figure out what elements make your products unique and sell it differently to each stakeholder. Here's how.
It's easy to blame a lost sale on price; you simply couldn't offer your products at a lower rate. But often, other factors come into play and it can come down to differentiators. According to Frank Visgatis, COO of CustomerCentric Systems, broad differentiators just don't cut it anymore and you need to drill down and get specific about what you can bring to a client and that can differ between stakeholders.
He told Entrepreneur: "Sellers should also keep in mind that a given feature or differentiator can mean different things to different buyers."
If you're selling to a large organisation, your offerings could benefit a CFO, HR manager and COO in very different ways. You need to sell your products to each of them accordingly.
Visgatis said it's not all about getting granular about the details; providing a good buying experience for executive buyers is vital. He said this can be achieved by doing the following:
- Discover the business outcomes they would like to achieve.
- Help them understand why outcomes are difficult to achieve in their current environment.
- Present only the capabilities relevant to address the barriers to achieving the goal.
- Establish value.
- Empower buyers to achieve the desired goal(s).
- Integrate the executive’s buying process with the vendor’s selling process.
Head over to Entrepreneur for more advice from Visgatis on product differentiation.