The roles of salespeople, sales managers, and small business CEOs are ever-evolving. A common problem faced is increasing revenue and productivity in sales processes. This goal is common for all, from individual salespeople striving to provide for their families to CEOs seeking to boost their company’s bottom line. The key to achieving this lies in understanding the dynamic nature of the sales environment and leveraging it effectively.
A significant part of the sales process revolves around the buyer’s perception of a product or service as a commodity. This misclassification is usually caused by insufficient differentiation in the early stages of the sales process. Differentiation is crucial in any sales process, regardless of the industry or scenario. Creating enough differentiation can be the difference between closing a deal at a discounted rate or the desired price.
Salespeople are experts in their field, whether selling a unique product specific to their company or a common commodity. They typically have a deeper understanding of what they are selling than their prospects have about what they are buying. This expertise should be leveraged to guide prospects through the buying process, adding value to the relationship and making the salesperson indispensable. This approach can reduce the emphasis on price and increase the potential for higher earnings.
Every business has unique values that differentiate it from its competitors. These unique values could be anything from their mission, vision, and values to their market commitment and guarantee. This is commonly called a Unique Value Proposition (UVP) or a Unique Sales Proposition (USP). While a UVP and a USP are similar, there is a slight difference in that the former is typically created by the Marketing department (or sometimes with the help of a business adviser such as an EOS implementer. The latter is directly targeted at salespeople and what a salesperson should say to their prospects and customers. Salespeople should understand what makes them different and communicate this effectively to their prospects. The ability to create separation and differentiate oneself is why people pay for a product or service.
Delivering value to prospects is a crucial part of the sales process. This can involve anything from understanding the prospect’s needs and providing the right solutions to helping the prospect find new customers. By adding value to a prospect’s world, even if it doesn’t directly benefit the salesperson, they can position themselves as more than just a salesperson and become a valuable part of the prospect’s extended ecosystem. This can increase respect for the salesperson and the company they represent, ultimately making the sales process more successful.
Salespeople need to be strategic and avoid devaluing themselves by proposing too early. Proposing too early can lead to miscommunication and misunderstandings about the scope of a project, which can decrease the perceived value of the salesperson and their product. Salespeople should ensure that they fully understand the needs and expectations of their prospects before proposing a solution.
Salespeople also need to understand how their prospects are grading their products. Similar to how students need to know how they will receive a top grade in a classroom, salespeople need to understand how their proposals are received and evaluated by their prospects. This understanding can help them tailor their proposals to meet their prospects’ specific needs and expectations, increasing the likelihood of a successful sale.
The sales process is a complex and dynamic environment that requires a strategic and knowledgeable approach. To succeed, salespeople, sales managers, and CEOs must embrace their unique values, understand their prospects’ needs, and deliver value. Doing so can increase their revenue, productivity, and overall success in the sales world.
A sales professional can implement the following practical steps today to boost their sales productivity and increase revenue.
- Focus on Differentiation: Identify what makes your product or service unique and different from the competition. Highlight these differentiating factors in your sales pitches to shift the focus from price to value.
- Leverage Your Expertise: Use your product or service knowledge to guide prospects through the buying process. Your expertise is not just about selling but also about adding value to the customer experience.
- Deliver Value Beyond Sales: Look for ways to add value to your prospects’ lives or businesses beyond just making a sale. This could involve understanding their needs, providing the right solutions, or helping them find new customers.
- Understand the Evaluation Process: Learn how your prospects receive and evaluate your proposals. Tailor your proposals to meet their specific needs and expectations to increase the likelihood of a successful sale.
