Are you getting all the credit you deserve for the value you deliver? When we ask this question in our seminars, we usually get the same response. There’s a familiar mix of laughter and frustration, followed by a unanimous, “No.”
Why is it that customers don’t give you the credit you deserve?
It’s not because they don’t want to. It’s not because you don’t deserve it. It’s because you haven’t asked for it. Customers can’t give credit for value they don’t remember. In most cases, customers are unaware of how you support their business. It’s not that they don’t care; they just have competing priorities.
When customers lose sight of your value, price becomes a bigger concern. Salespeople often misinterpret this as buyers being overly price sensitive. Sellers are left thinking, “I’ve done so much for this customer, and they still want a discount.” The core issue is not your price; it’s the buyer’s perception of your value.
When value is forgotten, competitors fill the gap. Competitors attempt to dislodge you as the incumbent by creating uncertainty and exploiting any dissatisfaction. Customers then begin to question whether you are the best partner. And once that doubt takes hold, price objections soon follow. These competitors make big promises and offer big discounts, doing whatever it takes to steal your customers.
There’s another challenge working against you: customer expectations. Today’s value-added extras become tomorrow’s expectations. Once customers experience your solution, they’re accustomed to it. When you get used to something, you take it for granted. Think about it: when was the last time you started your car and said, “Wow! The engine started. This is incredible!” Of course you didn’t. You expected it to work. As your value-added engine consistently works, customers stop noticing. Bad news for you and good news for the competition.
Hoping customers will remember and appreciate your value is not a reliable strategy. Nobody gets the credit they deserve. You only get the credit you ask for and reinforce. If you don’t remind customers of your impact, you make it easier for competitors to sell theirs.
In our Best Sales Practices (BSP) study, we found that 82% of top-performing salespeople regularly review their value with customers. Below are several proven ways to start getting the credit you deserve.
Value Reinforcement Is a Campaign
Customers suffer from memory loss. That’s why reinforcement must be ongoing, not occasional. High-performing salespeople schedule quarterly conversations to reinforce how they impact the customer’s business. These quarterly reviews offer a platform to highlight all the ways you make a difference in the customer’s business.
Reinforcement is also a team effort. Every team member can highlight value, whether it’s a service professional, technical support, customer service or any other customer-facing individual. Every customer touchpoint is an opportunity to remind the customer.
If you’re planning a price increase, value reinforcement becomes even more critical. Whenever buyers see a price increase, they question whether the solution is worth it. Ninety days before the price increase, initiate a value reinforcement campaign.
Identify and Document Customer Cost Drivers
Today’s organizations are increasingly sophisticated at identifying and reducing costs, which creates a powerful opportunity for you to showcase your impact. Work with customers to understand their key cost drivers. Once you know how they measure and recognize these costs, document how your solutions help reduce them.
One of my clients exemplifies its commitment to value reinforcement by challenging its sales team to deliver $1,000,000 in cost savings to its customers each year. Their salespeople track major projects throughout the year, and any significant cost savings are documented and reviewed with the customer. The customer then signs off on the report, formally acknowledging the savings.
Let Customers Reinforce Your Value
One of the most effective ways to reinforce value is to let customers do it for you. Customer testimonials and success stories build credibility and mitigate risk. When customers brag about you, your value becomes memorable again.
One of my industrial equipment distribution clients will invite prospects to visit a current customer’s location. During this visit, the customer shares their experience with both the equipment and the company. In many cases, the impact is driven more by the source of the message than by the actual value being described.
Just as most people are unaware of the air they breathe, most customers are unaware of the value they receive. Price is only an issue in the absence of value — even if that absence is only the buyer’s perception. Remember: as hard as you worked to win a customer’s business, a competitor is working just as hard to take it away. The best defense is a strong offense. Take the offensive approach by consistently making your value visible, measurable and memorable.
Paul Reilly is a speaker, sales trainer, author of "Selling Through Tough Times" and coauthor of "Value-Added Selling." He is also the creator of CoachVAS.ai, the first AI sales coach powered by Value-Added Selling. Contact him at [email protected] or visit www.TomReillyTraining.com to sign up for the free newsletter.
This article originally appeared in the January/February issue of Industrial Distribution magazine. Sign up here to subscribe to ID’s Today in Industrial Distribution daily newsletter.
