How to Identify Value
Have you ever thought what made you stand out among competitors who sold the same products, similar services and almost the same solutions?… It’s value.
Today we’re talking about identifying value of a product, service or solution.
As you remember I’d highlighted 4 levels of value:
Our task is to identify value for all those levels. There are 5 simple steps to do it.
Step 1 – Identify functions. Write down one or three phrases about functions of your service. If your service is complicated enough choose one direction and describe its functions.
Example: One function of a CRM system for a sales person may be to collect data about prospects and customers.
Identify technical value
Step 2 – Identify technical value. As you know this level is about systems, knowledge bases, processes and resources. Now imagine: how might the functions described in step 1 help a prospect at these areas? Write down one or three ideas.
Example: Reduce time to qualify prospects.
Identify business value
Step 3 – Identify business value. In this step find out how technical value might affect a prospect’s business level. What might happen to profit, expenses, market share, company identity, partnership or quality of their solutions and services? Write down one or three ideas.
Example: Improve close rate. Increase in revenue.
Identify personal value
Step 4 – Identify personal value. Now figure out how technical and business value might impact a person you sell to. Write down one or three ideas about how your service might affect a person’s salary, career, emotions, responsibility, work-life balance, power.
Example: Improve professional skills. Increase bonuses.
Identify group or team value
Step 5 – Identify group or team value. This is an optional step. Group value can be irrational as personal value. If you recognize a group or groups within prospect’s company, try to identify their habits, traditions and preferences. And then show how technical and business value might increase influence and power of these groups.
Example: Enhance teamwork interaction.
Now you can identify value for your prospects. Practice it. And it’s your time great invested.