Grant Cardone is one of my favorite sales leaders and while watching one of his videos, I learned his perspective on how a sale is earned. What makes the buyer purchase? What makes them pull the trigger with you, specifically? Here is his simple yet profound calculation:
Value > Price = Sale
In short, when the value of your product or service exceeds what you charge for it, the sale happens. There’s another way to look at this, too. If you’re offering a product/service that a buyer can’t make for less than your price, the sale happens.
How Sales Professionals Can Impact Value
Value isn’t just a derivative of what you think, it’s strictly and entirely the view of the buyer. Sales people can impact this tremendously. You must work so hard that the buyer describes value as:
1. The tangible usefulness of your product/service.
2. The intangible worth and importance you bring to the table.
3. The amount of time and/or money you can help them save.
4. The amount of time and/or money you can help them make.
These are the 4 ways I see it (not to say there aren’t more). If you can demonstrate one or more of these, you can tilt the value meter in your favor.
Let’s take a really simple example: you’re on the market for a luxury vehicle and you make your way to the local Mercedes dealership. The car you want is $100,000. Can you build it for less than $100K? Obvious answer, right?
Some of the best sales advice I’ve received is from that angle. Notice how the discussion never became about price? It’s more about the value you take away from the purchase.
Revenue Comes From Value
All of us know as sales people that value is important. But the way you wield it can have massive benefits for you. I believe one of the best ways to demonstrate and provide value in the buying journey is early on. The correlation between purchases and sales people providing value early on is strong.
So now the question becomes, “how can I add value first?”
One of the best ways is through social media. If you believe that buyers are conducting research and due diligence online, then that would be a correct time and place to reach them.
Use Social to Drive Value First
In short my friends, give yourself the competitive advantage you’ve always wanted. By using social media you’re simply increasing your odds of being the first sales professional to provide value.
How powerful would this be to open up doors, get invited to present solutions faster, and generally enjoy an accelerated buying cycle? It’s entirely possible with social selling. The data is there and it’s strong.
If you need help in tilting the value meter in your favor, don’t hesitate to contact me. Remember, social selling isn’t difficult, it’s just different.