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How can you add value to what you offer?

02 February 2017

1. Value = “WIFM" - (what’s in it for me). Value is individual to each customer so when you prepare to discuss your product or service always imagine yourself being asked that question by the customer. They may not ask it out loud but they will certainly be thinking it.

 

2. "WIFM" = anything that is important to the customer at that time. If you are still qualifying an appointment at this stage then this is the best time to find out what they think your service or product can to bring to them. Most often in business sales the "WIFM" will relate to a business objective or target that the person needs to achieve and through your services they might be looking of a way that you can help them achieve this. In these cases the WIFM's might also be quite generic and more transparent. For example a retailer has a similar set of KPI's and similar WIFM's; saleability and profitability. In other businesses the WIFMs might be less tangible and more complex, such as personnel reputation, staff retention, or time management.

3. Prepare yourself to understand the "WIFM" = think about what you need to know from your customer before you can show them the real value in what you have to offer. Understand the impact of what they and their teams do when they get it right and how could they help the overall business by being able to build on that. Understand what stops them from being better than they are. Understand what it would mean to the team, individuals and the leader themselves to be able to deliver more and be more effective. This is all in the preparation and all you have to do is jot some memory joggers down before you go to make sure you cover this!

4. Present the value not your product/service = when it’s your turn to talk about your offering make sure that you apply it to them and their situation. Apply it to the possible advancement that you both spoke about. For example "so we provide..... and based on what you said.....I can see now why you wanted to speak to me......for you this would mean....." they don’t need to hear you talking about the features and advantage alone, they want to know what it means to them. They want to hear how the wonderful facts about your product or service would impact on their efficiency and success all relating to what you learned from them. Paint a picture of your product or service in situ for them and what it will bring. That’s the potential value.

5. Don’t lose the value when you come to close = manage their expectations throughout. Discuss the delivery times and keep the customer focussed on what it will be like when it’s in place. If you know you have long lead times then make sure they know too. Some of the most sought after products and services have the longest lead times, yet people will wait for them. That's because they have value built into them! If you need to run pilots before full implementation (notice I didn’t say ‘close’ it should have been closed before the pilot) keep them controlled and tightly followed through with an analysis of the relevant value they bring making sure you present value through translating your finding to their 'WIFMs'. By keeping the test run or pilots shorter with clear end dates, you can manage expectations and create a greater sense of urgency for the permanent or full delivery

Everyone is looking for "WIFM" so a good sales person can be a great sales person when they know what those "WIFMs" are and therefore how to sell 'value'.

 

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