What is Value
Once upon a time one prospect fired me… I reckon there were two reasons for that. First, no doubt, bad weather. And second, I forgot to create value for that prospect.
Today we’re talking about customer value.
What is value?
Value is a result of exploiting our solution, service or product. In this context a result means that a prospect can gain something or can avoid something. For example, what value does a mobile phone have? It depends. It can be an easy way to set up relationship, or emphasizing your individuality, or reducing business travel expenses, or expanding market share.
In B2B sales I highlight 4 levels of value:
- group (team),
First, Personal value. At this level, we can show how our solution benefits the person we sell to. This level is about salary, career, emotions, responsibility, power. There are some examples of value:
- Increase salary or bonuses
- Increase career promotion
- Improve personal development
- Increase positive emotions
- Enhance business networking
Group or Team value
Second, Group or Team level. Depending on group maturity this level can be associated with habits, traditions or synergy. At this level we talk about influence, interdependence. There are some examples of value:
- Balance the division of labor between team members
- Spread information among team members
- Improve sociality or informal interactions between team members
- Increase team productivity
- Expand team influence
- Boost cross-fertilization of ideas
Third, Business value. This is a level of profit, expenses, market share, company perception, company awareness, partnership, solution and service quality. There are some examples of value:
- Increase profit
- Reduce overheads
- Improve close rate
- Expand market share
- Increase company awareness
Fourth, Technical value. This is a level of systems, knowledge bases, processes and resources. There are some examples of value:
- Increase performance
- Improve quality
- Reduce downtime
- Enhance production capability
- Reduce manufacturing time
All in all, value can have 4 levels: personal, group, business, technical. Now, properly create and deliver value to prospects. And it’s your time great invested.