Trending This Week: Value Is the Best Deal
September 7, 2018
Everyone wants the best deal, and B2B buyers are no exception. In a tight market, it might seem like we have no choice but to offer discounts to gain new business. The problem is, when we slash our prices to close the deal, this becomes the buyer’s new normal. And, as new negotiation opportunities arise, the customer now expects us to reduce our prices further. The business goes back and forth between vendors until the “victor” gets to service the customer at a price that barely covers costs.
So the question is: how can we make our buyers feel like they scored the best deal for their companies without offering a deep discount?
It comes down to value. Pricing discussions are inevitable, but if we start by understanding what a customer values, then we can understand which aspects of our offering they will pay a premium for, and which aspects they view as a commodity. And only then can we tailor our approach and proposal to showcase what makes our offering unique in terms of the value it will deliver. Equipped with indisputable value, we can close deals at prices that allow both sides to thrive.
In this week’s trending sales content, discover tactics for doing away with deep discounts, learn new ways to respond to the “we already work with your competition” objection, and see how simple pleasures can add up to more “perfect days” each year.
Here’s What Sales Professionals Are Reading and Sharing This Week:
The axiom Mark Smith insists on is: Every deal must be profitable or strategic. While a discount may be a necessary in some situations, Smith feels that it shouldn’t be the first option in closing deals. He is also pretty adamant that sales pros should stop saying, “I can give you a discount.” Instead, Smith thinks that we should make customers earn the discount. While this post was written for business owners and not all strategies will work across all B2B industries, there are plenty of takeaways for B2B sales pros.
Dealing with objections is all in a day’s work. This post by Aja Frost breaks down next steps after a prospect name drops a competitor and offers 14 ways to overcome this common objection. Click through for responses you can add to your own repertoire.
In order to be better than the competitors, Shawn Karol Sandy believes that sales pros must develop familiarity with prospects, communicate value at every touchpoint, and show true grit. Read Shawn’s post for practical advice on adjusting your approach to account for these modern-day biz dev “musts.”
It’s not news that the B2B buying process can be complicated. In this post, Bob Apollo urges sales pros to embrace the complexity rather than waste time trying to figure it out. A more productive approach, according to Apollo, is to strive for a better understanding of where buyers are in their decision journey.
Positioning yourself as a thought leader can help close deals, generate leads, and result in new opportunities. In this post, Shaye Smith explains how sales pros can build their reputations through publications, participation, presentations, and performing.
Picking up the phone continues to be important tactic in generating new opportunities and nurturing warm leads. Yet, it can be nigh impossible to get prospects to answer the phone. Mike Schultz highlights stats on buyer preferences and serves up strategies for cold calling success - think strategically placed calls vs. smiling and dialing - that can work regardless of industry.
The average person has 15 “perfect days” each year, according to a 2018 survey. In this post, Bill Murphy Jr lists the top 40 simple pleasures highlighted in the survey along with a few more he thought should be added.
For more sales advice that can lead to more “perfect days” per year, subscribe to the LinkedIn Sales Solutions blog.