Prospecting is important. Whether you’re completely overwhelmed or desperately trying to fill in your pipeline, connecting with potential clients is critical. Although it may not feel like a priority when you’re in the weeds, things always slow down. Last month we highlighted a couple of Jeff Hoffman’s prospecting tips. Today, we’ll build on the first post about buyer-adjacent prospecting to feature another of Hoffman’s prospecting tips on value proposition positioning.
Value Proposition Positioning
A value proposition is a fundamental part of a sales strategy. Not only does the value proposition help set expectations but it also connects with clients’ needs. It is the “why” someone should do business with you. Indeed, a fundamental part of selling is presenting the value of a product or service in the client’s terms. They should instantly understand what need the product meets and how it benefits them. This process is value proposition positioning. Not only presenting the “why” a prospect should do business with you but also tailoring your offering to their specific pain point.
Identify the Value
The value of an offering is tied to the benefits it provides clients. It’s often difficult to distinguish between features and benefits to identify the true value. Therefore, sales coaches have developed a few strategies to help. Start by making a list of key features or selling points of the offering. Often, these are characteristics of the offering. That is, it: costs this amount of money, is this color, has this technology, etc. Next, identify how those features impact a prospects life. A strategy to drill down to a related benefit is asking a question like “So what?” or “Why should I care”. For example:
This backpack is black. So what? It blends in when it’s dark. So what? It helps nefarious individuals discreetly move around at night to help them “make” money and avoid jail. So what? Nefarious individuals really enjoy to golf. Making money and avoiding jail are critical to more golfing.
In all likelihood, you’re not dealing with nefarious individuals. However, the exercise helps salespeople arrive at the true benefit of their offering. Although you could “So what” something for a long time, there are a handful of common benefits that tend to drive individuals’ buying behaviors. Thing like:
- Saving time
- Saving money
- Providing peace of mind
all offer value to a prospect. Although not an exhaustive list, it’s a good starting point. It’s also important to note that even things like “saving time” can be taken a step further. Why is it important to this particular lead to save time? The more in tune with a lead the salesperson is, the easier it is to create an effective value proposition.
Understand the Pain Points
For the most success, research the different needs or pain points of prospective clients. Certainly, each prospect is unique and likely has a different background and set of needs. However, there are likely similarities between groups of prospects that can help highlight a standard set of needs your solution helps resolve. In Hoffman’s interview, he encourages salespeople to focus on what works. Although a certain pain point might have been around for a long time, bring it up if it’s relevant. Even if the content you have on the topic is old, share it if it addresses the pain point.
Communicate the Value
After you identify a handful of value propositions and associated pain points, it’s time to practice. Begin by building out benefit statements from the value propositions. Put it in the potential clients’ perspective. How do you respond to the question, “What’s in it for me?”. Addressing prospects’ needs with well positioned value propositions can build prospecting success. Along with working your new value propositions into sales presentations, be sure to include them in your online presence. Make sure your website, social media pages, and blog reference the value that you provide clients. Then, make sure to give everyone easy access to those resources through your CardTapp app.