The way in which you convey the value of your B2B company's products or services will directly influence prospective buyers' purchasing decisions. Known as a value proposition, it's an essential component of an effective B2B sales strategy. Do you know what your company's value proposition is? Can you clearly communicate it to your prospects?
#1) Identify a Problem
For an effective value proposition, you must first identify a problem facing the prospective buyer that your B2B company's product or service can solve. All prospective buyers encounter problems. After all, that's typically the reason why they are looking to purchase a product or service. But there's usually more than one reason. Take some time to figure out the various problems they have shared over the years. You may want to ask other sales reps as well what they have experienced.
#2) Focus on Unique Selling Points
What makes your B2B company's product or service unique from your competitors? Unless you're able to differentiate your B2B company's product or service, you'll struggle to convince prospective buyers to purchase it. Does your value proposition reflect what we've covered in #1 and #2?
#3) Reinforce with Customer Reviews or Testimonials
You can also improve the effectiveness of a value proposition by including positive customer reviews or testimonials. If you're emailing a prospective buyer, for example, perhaps you can send him or her a link to your company's Google My Business (GMB) page featuring reviews some of your company's past customers. Alternatively, you can guide the prospective buyer to your B2B company's website where he or she can read or watch customer testimonials and video testimonials. Regardless, both customer reviews and testimonials will reinforce the value of your product or service.
#4) Talk About the Benefits
The golden rule of sales is talk about the product's or service's benefits, not its features. What's the difference between benefits and features exactly? Features are typically technical specifications, whereas benefits are casual statements regarding how a product or service can improve a buyer's life. Prospective buyers will often look at a product's or service's features, but it's the benefits that ultimately drive sales.
A little personalization goes a long way in lifting conversion rates. According to one report, sales reps who personalize their emails experience 20% higher conversion rates than their counterparts who use generic, non-personalized emails. Whether you're pitching value proposition via email, phone or any other channel, though, you'll achieve more sales with personalization. Mentioning the prospective buyer's name and the business for which he or she works, for instance, will let them know that you took the time to know who they are and work for.
#6) Ask Questions
Value proposition shouldn't consist of one-way dialogue. Rather, you should ask questions to create a stronger connection with the prospective buyer. Failure to ask questions is a serious mistake that will likely result in fewer sales. When you create two-way dialogue by asking questions, you'll gain a deeper understanding of the prospective buyer's business situation. You can then use this information to explain the benefits of your B2B company's product or service and how it can improve the prospective buyer's business situation.
#7) Tap Into FOMO
You can also tap into FOMO to drive more B2B sales. An acronym for fear of missing out, FOMO can increase the perceived value of your B2B company's product or service. If you offer a limited-time discount of 10% or 20% off, for instance, prospective buyers may make a purchase to ensure they don't miss the savings opportunity, especially if you don't normally give one.
#8) Contact at the Right Time
It's important to contact prospective buyers at the right time when pitching your B2B company's product or service. In the B2B industry, buyers typically consist of other business owners and upper-level executives. Therefore, they are often busy running their own business, so you need to contact them at the right time for an effective value proposition. Check out this HubSpot report for more information on when, exactly, you should contact prospective buyers.
#9) Earn Buyers' Trust
Whether or not a prospective buyer trusts you, as well as your B2B company in general, will influence his or her purchasing decision. Not surprisingly, prospective buyers are more likely to make a purchase if they trust you. Therefore, you should strive to earn their trust.
#10) Address Objections Head-On
Just because a prospective buyer initially objects to your sales offer doesn't necessarily mean he or she won't make a purchase. There's always a reason for an objection. Making the prospective buyer believes the price is too high, or perhaps he or she isn't confident in the product or service. By addressing objections such as these head-on, you'll create a more effective value proposition that drives sales.
Let's get started by getting you some new prospects. One way is to identify one of your best prospects. Give us a call. We'll work with you to fill out the profile sheet of your best customer. We'll then complete a thorough search of 'like' companies for you to call and market to. Another way is to use our Project Reports. These are project that have already been identified and you need to call. Open a free account to learn more.