“Why don’t customers buy? Frequently the reason they don’t buy is because they do not understand or appreciate the value that we can deliver to them,” explains Mike Wilkinson, Co-founder and Director of Axia Value Solutions and co-author of Value-Based Pricing. In his recent webinar, “Delivering Value Pricing Through B2B Sales Teams,” Wilkinson discussed five things that B2B enterprises need to do in product creation, marketing, sales, and pricing to maximize and communicate the value of their products, and foster value selling and value pricing. Learn about the 5 C’s by watching the two minute video or reading their descriptions below.
- Comprehend the things the customer values. Begin differentiating your company from competitors by understanding your customers’ needs better than your customers do. If you grasp what value means to your customer and what they’re trying to achieve then it will be much easier to differentiate and communicate the value that you are able to provide them.
- Create value for the customer (differentiate your offering). Define and design a differentiated offering that addresses your customers’ requirements more effectively than competitors’ solutions can.
- Communicate the value. Put together powerful, persuasive value propositions that distinctly communicate your value to the customer. Make them recognize that you have taken the time to understand their needs, and create the value that they require.
- Convince customers that your value is worth paying for. Confidence, the sixth sense of the 5 C’s, is vital in order to convince your customer that the price is right. When the customer inevitably says that you’re too expensive, instead of immediately giving them a discount, Wilkinson says to be confident and reply, “Well look, when you think about the value that we deliver I would actually go as far as to say not only aren’t we expensive, we’re probably not charging quite enough.”
- Capture your value through effective pricing. Create prices that accurately depict the value of your product by using your knowledge of your product, and its value to your customer.
The 5 C’s are sure to bring success when paired with a strong sales team. Make sure your sales team has the skills, confidence and capability to do their job well, because, as Wilkinson says, “Someone has to talk to the customer.”
About Mike Wilkinson
Mike Wilkinson has over 25 years of world-wide training and consultancy experience and was the 2013 Training Journal award winner for best sales programming. Mike is the co-author of The Challenge of Value and Value Based Pricing (McGraw Hill 2012), and has written many articles on managing major sales and value. He is a Fellow at the Institute of Sales and Marketing Management, and a member of the Professional Speakers Association and the Global Speakers Federation. Axia Value Solutions helps businesses and individuals maximize their sales effectiveness through both an enhancement of their sales skills and the development and adoption of robust sales processes. Axia’s primary focus is on developing a value centered approach that enables clients to understand the real value that their products and services deliver to customers, by differentiating, communicating and pricing their solutions more effectively. Learn more by emailing firstname.lastname@example.org.