Generate Leads with Value Propositions that Solve Problems
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This document discusses how to build an effective value proposition by focusing on the problems your products or services solve for prospects rather than focusing inwardly on your company or products. It recommends identifying the technical, business, and personal value your offerings provide customers in order to get their attention and build interest. The document provides guidance on creating a concise value statement and using it appropriately in introductions and when responding to objections.
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Generate Leads with Value Propositions that Solve Problems
- 1. How to Build a Value Proposition that Generates Leads Michael Halper Founder and CEO SalesScripter
- 5. What is wrong with this picture? • We are all a little self-serving and this caters more to our interests than the prospect's • A prospect might not care yet about your company and all the great things it has going on • A prospecting might not really understand what your product/service is and does • This does not build interest, curiosity, and intrigue • It does not tell the prospect how you can help them • This can trigger guardedness – “Uh oh, sales person trying to sell something”
- 6. Benefits Why do we do this? Product Company Features Functionality What we say when talking with prospects Very inward focused – me, my product, my company • Foundation of knowledge • Focus of training • Wealth of experience • Where we have interest • What leads to us getting paid • Introductions • Cold calls • Emails • Networking • Company website • Social media • Presentations It is what we are trained to do
- 7. Interest An Alternative ApproachValue Pain Qualify Credibility Objections Prospect Focused What we say when talking with prospects • Get outside your comfort zone • Identify how you help • Focus on the problems that you solve • Introductions • Cold calls • Emails • Networking • Company website • Social media • Presentations
- 8. What is Value • Transfer of an intangible attribute from one party to another that has a positive net worth • Could be at a personal level: – Making someone laugh – Teach someone how to do something – Being a good listener – Providing security – Making someone’s day easier • At a business level: – Helping a business to save money – Helping a business to make money – Proving valuable information – Making someone’s day easier – Helping to save time • It is not your product, it is what your product helps your clients to do or to achieve
- 9. Three Levels of Value Technical Value • Processes • Systems • People Automation of manual processes Improve performance Decrease time to perform work Improve reliability Business Value • Revenue • Costs • Services Improve revenue / market share / close rate Decrease cost of goods sold / labor cost Improve delivery of services Personal Value • Income • Career • Workload Increased bonuses, commissions Recognition and promotions Decreased/increased workload
- 10. Why Value is Important • Improves your ability to get the prospect’s attention – Communicating in a language the prospect understands – Shifts from an “all about me” approach to “all about them” approach – Talking to prospects that might not be in shopping mode – Gives the prospect a reason to listen • Greatly improve the impression that you make – Seem more knowledgeable, polished, experienced – Stand out from the average sales person • Improves ability to build the prospect’s interest
- 11. How to Communicate Value Shift from Products to Benefits Mobile Phone Enables you to make calls from anywhere Car Enables you to easily and quickly get to your destination Portable Music Device Enables you access a library of music from anywhere Products Benefits
- 12. Identifying Your Value Step 1: Identify a product / service, or feature Product / Service or Feature Function Technical Value Business Value Personal Value Auto inventory replenishment
- 13. Identifying Your Value Step 2: Identify what your product does Product / Service or Feature Function Technical Value Business Value Personal Value Auto inventory replenishment Automatically submits orders to vendors based on inventory levels
- 14. Identifying Your Value Step 3: Identify how that helps from a technical perspective Product / Service or Feature Function Technical Value Business Value Personal Value Auto inventory replenishment Automatically submits orders to vendors based on inventory levels Decreases time spent ordering
- 15. Identifying Your Value Step 4: Identify how that helps from a business perspective Product / Service or Feature Function Technical Value Business Value Personal Value Auto inventory replenishment Automatically submits orders to vendors based on inventory levels Decreases time spent ordering Decreases staff and labor costs
- 16. Identifying Your Value Step 5: Identify how that helps from a personal perspective Product / Service or Feature Function Technical Value Business Value Personal Value Auto inventory replenishment Automatically submits orders to vendors based on inventory levels Decreases time spent ordering Decreases staff and labor costs Improves work life balance
- 17. Identifying Your Value Step 6: Repeat for additional products Product / Service or Feature Function Technical Value Business Value Personal Value Auto inventory replenishment Automatically submits orders to vendors based on inventory levels Decreases time spent ordering Decreases staff and labor costs Improves work life balance Predictive demand forecasting Predicts inventory needed based on historical data Increases ordering accuracy Decreases inventory costs Improves end of year bonus Management dashboard Provides visibility across inventory and orders Decreases time gathering information Improves decision making and bottom line results Improves promotion options
- 18. Identifying Your Value Step 7: Summarize to arrive at your core value Product / Service or Feature Function Technical Value Business Value Personal Value Auto inventory replenishment Automatically submits orders to vendors based on inventory levels Decreases time spent ordering Decreases staff and labor costs Improves work life balance Predictive demand forecasting Predicts inventory needed based on historical data Increases ordering accuracy Decreases inventory costs Improves end of year bonus Management dashboard Provides visibility across inventory and orders Decreases time gathering information Improves decision making and bottom line results Improves promotion options Inventory management software Manages inventory levels and orders Improves the ability to manage inventory Decreases inventory and labor cost Improves compensation potential
- 19. Creating a Value Statement Incorporate a Value Statement A statement that concisely summarizes how you help your clients. Product Introduction Statement: We sell a web-based project management software solution that is easy to use and designed specifically for the construction industry. Value Statement: We help businesses to improve their ability to complete projects on-time (technical value) and that can often lead to a decrease in costs (business value).
- 20. Creating a Value Statement Value Statement Pitfalls Company Description I am with Alter Voice. We are the leading provider of telecommunications and have the most reliable wireless network. Products / Feature Focus We have a full portfolio of heavy duty tractors. Our equipment is construction grade and has a five year warranty. Getting too Fancy We are the industry leading provider of pipe connection solutions. Our cutting edge solutions help to unify ventricular flows to optimize strategic liquid placement and transportation.
- 21. Creating a Value Statement Short and Sweet Template We help businesses to [insert technical, business, or personal value]. We help businesses to improve their ability to effectively manage their inventory levels. We help businesses to decrease cost of goods sold and administrative time. We help VP’s of Operations to hit there quarterly productions targets.
- 22. Creating a Value Statement Connect Technical Value with Business Value Template We help businesses to [technical value] and this often leads to [business value]. We help businesses to improve their ability to effectively manage their inventory levels and this often leads to a decrease in cost of goods sold as well as administrative time. We help businesses to decrease in cost of goods sold as well as administrative time and do this by improving their ability to effectively manage their inventory levels.
- 23. Creating a Value Statement Connect Technical Value with Personal Value Template We help VP’s of Ops to [technical value] and this often leads to [personal value]. We help VP’s of Ops to improve their ability to effectively manage their inventory levels and this often leads to them being able to consistently hit their quarterly production targets. We help VP’s of Ops to consistently hit their quarterly production targets and do this by improving their ability to effectively manage their inventory levels them being able.
- 24. Creating a Value Statement Connect Business Value with Personal Value Template We help VP’s of Ops to [businss value] and this often leads to [personal value]. We help VP’s of Ops to maximize the production capacity and this often leads to them being able to consistently hit their quarterly production targets. We help VP’s of Ops to consistently hit their quarterly production targets and do this by improving their ability to maximize the production capacity.
- 25. Creating a Value Statement Connect the Product with Value Template We provide [insert product] and this helps businesses to [insert technical, business, or personal value]. We provide inventory management software and this helps businesses to improve their ability to effectively manage inventory levels. We provide inventory management software and this helps businesses to decrease their cost of goods sold and decrease administrative time. We provide inventory management software and this helps VPs of Ops to consistently hit their production targets.
- 26. When to use a Value Statement • In any introduction – Networking – Cold Call – Presentation • Responding to objections – What is this call in regards to? – Is this a sales call? – Are you trying to sell something?
- 27. Take it to the Next Level Apply an industry focus We help businesses to improve their ability to effectively manage their inventory levels. Replace “businesses” with an industry label We help manufacturers to minimize production interruptions. We help retailers to minimize any product shortages.
- 28. Take it to the Next Level Apply an organizational level focus We help businesses to improve their ability to effectively manage their inventory levels. Replace “businesses” with an title We help operations managers to minimize product order errors. We help VP’s of operations to maximize the production output.
- 29. Take it to the Next Level Apply an department focus We help businesses to improve their ability to effectively manage their inventory levels. Replace “businesses” with an department label We help VP’s of operations to maximize the production output. We help VPs of finance to have more visibility in the per piece average unit cost.
- 30. Key Takeaways • Communicate value to get a prospect’s attention, make a better impression, and communicate more effectively • Value is not your product, it is what your product helps the prospect to do • Identify the different types of value that you offer • Create a value statement that clearly and concisely explains the value that you offer • Use your value statement to make introductions more powerful • You can get more granular by focusing on industry, title, department • Use your value statement to redirect objections
- 31. SalesScripter www.salesscripter.com What do you sell? ___________ How does it help? ___________ What problems do you fix? ___________ What questions should you ask? ___________ 1. Asks all the key questions 2. Maps answers to document library
- 32. If You Want More Help • Books / Ebooks – The Cold Calling Equation – Problem Solved – Do’s and Don’ts of Cold Calling – How to Get around Cold Call Objections – How to Build a Value Proposition that Generates Leads – How to Build Sales Campaigns that Sell • Videos – Dozens of how to videos and slide decks • 10 week web-based training program • One-on-one sales coaching and consulting • SalesScripter – www.salesscripter.com – Walk-through services available
Notas del editor
- Before we go any further, let’s clearly discuss what value is specifically in the context that we are using it as it can mean different things to different people. When we talk about value, we are referring to the transfer of something from one party to another that has a positive net worth. Now, the important thing to get your hands around with this is that value is an intangible attribute. It is not something you can see or pick up, yet it is definitely there, has a positive net worth. And actually the transfer between parties can be visible when you are aware of the value that exists and you know what to look for, and that is what we will teach you hear today. Let me provide a little more color around that by sharing a few examples. First, it is important to note that value is something that is transferred everyday at a personal level between family and friends. For example, when you bring humor to a group or conversation and make someone laugh, you are providing value as you are improving the conversation from what it would be without that. Or by teaching someone something, being a good listener, providing security, or making someone’s life easier are all examples of providing value at a personal level. You are essentially giving something or contributing something to another person. Once we understand how we offer value at a personal level, we can better understand how we deliver value at a business level. Just as we can improve the lives and interactions with friends, we can do this for our clients as well by helping them to save money, helping them to make more money, by providing valuable information, or again making someone’s day easier. These are all examples of the value that we can transfer from us to our prospects and clients. One important thing to start to get your hands around is that value is not the same thing as the product that you provide. It is what your product helps your clients to do or helps them to achieve.
- The value that we deliver can typically impact our clients on three different levels. At the lowest level, we offer technical value. These are the benefits and improvements that we can deliver that make things work better and are realized in the areas of processes, systems, and people. Examples are helping a business to save time, automate certain tasks, improve performance, improve reliability, etc. As a business begins to realize value at the technical level, those benefits will trickle up and be realized at the business level and be seen as a decrease in costs, increase in revenue, or decrease in risk. For example, if manual processes are able to be automated, that will lead to a decrease in the labor that is needed and as a result, there could be a decrease labor costs and this is an example of realizing business value. When we help clients to realize business value, that can also continue to trickle up to impact the clients on a personal level and be realized in the form of recognition, compensation, decreased work load, etc. For example, if processes are automated and that decreases costs, that could lead to a promotion for the person that is responsible for that area. Or they could get an extra bonus for the year. Or maybe it means that they no longer have to work over the weekend and are able to spend more time with their family and this is realizing personal value. So when your clients consume your products and services, they are likely going to realize some sort of value and benefits in these three areas.
- Now that we understand a just little bit more about what exactly value is, let’s discuss why are we spending so much time talking about it and why is it so important. First, in any sales setting, it is critical to get the prospect’s attention and talking about value will help with this. This is because you will be communicating in language that the prospect understands. When you are talking about your products, you are speaking in a language that you understand and might be a little foreign to the prospect and this may not be as effective at grabbing their attention. In addition, when you focus more on value, you shift from talking about your company and your products, which is a very “all about me” conversation and you shift more toward talking about them and their interests and needs. Another thing to keep in mind with trying to get and keep the prospect’s attention is that when they answer a cold call, they are most likely not in shopping mode as they likely are doing something else at that particular time. As result, when you talk about your products, you are not likely to talk about something that they care about at that particular moment. But if you talk about value instead, you increase your odds of talking about something that they are interested in and as a result, are more likely to grab their attention. When you shift from talking about products to talking about value, you create much more powerful conversations. Not only is this because you are more likely to have an engaged prospect, but you are also more likely to extract valuable information. When you are able to focus more on value, you are also likely to give off a much better impression to the prospect. You will seem more knowledgeable and polished than the average sales person. In order to be successful, you will need to be effective at triggering interest on the prospect’s side. Incorporating value into what you discuss will help you to be more effective at this. You can have the best technology available, but if you do not communicate what that means the prospect in terms of value, you might not trigger any interest.
- The good news is that there are some clear and practical things that we can do to improve our ability to communicate value. First, as we have already begun to touch on, we can focus on shifting from talking about our products and move more toward talking about benefits. In this graphic, there is a column for products and then one for benefits. For many of us, talking about products is where we will be more comfortable. And this is understandable as not only is this where we likely have a lot of knowledge, but getting to talk about our products and what they can do is also probably something that we get excited to talk about. But if we identify what the value and the benefits are that our products provides and stay cognizant of focusing on those details, we can improve our ability to communicate value. Here are some examples of taking products and mapping out the what those help the user to do from a value standpoint. A mobile phone, one of the benefits or value of that is that the device enables you to make calls from anywhere. If we look at a car, one of the benefits of that is that it enables you to easily and quickly get to where you want to go. And Portable music device, it enables you to access a library of music from anywhere. Now this exercise might appear silly because we all know what these products are and what they do. Although, you may have not really thought about their benefits in that way. And when you replace these with products that are no as common products, and then shift to talking about the benefits that those products help provide, you can stand to greatly improve the way you communicate.
- As you can see, it can be easy to go down the wrong path when trying to write a good value statement. To help with that, here is a four step process that well you to build your value statement. It might not build the perfect statement for your situation, but it will at least get you going in the right direction. Step one is pretty easy and that is just to simply identify the main product or service that you are selling. Or we might want to get a little more granular and list out the actual features of the product that you sell. But for this example, we will just stay at the product level. For an example, we are currently selling inventory management software.
- The next step in the process is to identify the technical benefits that are provided by the product that you have listed out in step one. If we sell inventory management software, how does that help from a technical standpoint? If the software helps our clients to order more accurately and may be go through the ordering process quicker, than we could say that we help our clients to improve their ability to effectively manage their inventory levels. This is at the technical level because we are talking about processes and not getting into dollars just yet.
- Step three is to identify the business benefits that result from the technical benefits that are delivered. When we help to clients to improve their ability to effectively manage their inventory levels, what does that lead to? If there is less inventory sitting around, then help our customers to decreased the cost of goods sold. We also automate more and make things easier and this can help to decrease administrative time.
- Step three is to identify the business benefits that result from the technical benefits that are delivered. When we help to clients to improve their ability to effectively manage their inventory levels, what does that lead to? If there is less inventory sitting around, then help our customers to decreased the cost of goods sold. We also automate more and make things easier and this can help to decrease administrative time.
- Another way to improve your ability to effectively communicate the value that you have to offer is to incorporate a value statement into your script. A value statement is a one to two sentence statement that concisely summarizes how you help your clients. As we begin to look at what a value statement looks like, let’s first look at a more product focused introduction statement, which is what can be very common for sales professionals to use when talking with prospects. “We sell a web-based project management software solution that is easy to use and designed specifically for the construction industry.” This statement concisely explains what we sell, but it does not say anything about the value that we deliver. Now, we stick with the same product and shift our introduction statement more toward value by saying something like: “We help businesses to improve their ability to complete projects on-time (technical value) and that can often lead to a decrease in costs (business value).” Of course we will share more of the product details at some point, but to focus more on the value at the beginning and early part of a cold call can have an immediate improvement not only in grabbing the prospect’s attention, but also decreasing the likelihood that we will trigger their guard and get them to begin to shut us down.
- Whether we realize it or not most of us already deliver some sort of value statement. The problem is that it is very easy for our value statements to fall into some common pitfalls. Let’s look at a few of those so that we can know what to avoid. First, it can be easy for us to deliver more of a company description statement than a value statement. For example: “I am with Alter Voice. We are the leading provider of telecommunications and have the most reliable wireless network.” This is more of a statement of the company that the sales person works for and a self endorsement about how good the companies network is. The problem with this statement is that when we cold call, we are likely talking to people that are not in buying mode. And if someone is not in buying mode, they might not care much about who you work for and how great your product is. This information is important to share, but there is not much value in this statement making it not the strongest way to start a cold call. Another pitfall that we can fall into is talking more about our products and features. Here is an example: “We have a full portfolio of heavy duty tractors. Our equipment is construction grade and has a five year warranty.” That statement is good, but again, it does not say much about the value that the sales person has to offer. As we have already touched on, it is very understandable for a sales person to head in this direction as not only does she likely know the products and features inside and out so they this is where they are more comfortable talking, but they may have a lot of pride and get more excited about talking about this type of information. But again, similar to the company description, if someone is not in buying mode, these might not be the most powerful details to share to get their attention. Even when we start to get going in the right direction in terms of communicating value, we can sometimes come up short and this can be by leaving out the business benefits or business value. For example: “Our software reduces the order processing time by 20 percent.” This is good start and definitely value, but what does that mean to the business. If they are able to reduce order processing time, what does that mean in terms of costs, revenue, profitability, etc. Another way that we can get tripped up when trying to compose value or introduction statements is to get too fancy. For example, “We are the industry leading provider of pipe connection solutions. Our cutting edge solutions help to unify ventricular flows to optimize strategic liquid placement and transportation.” This is a great statement, and it probably is a very eloquent explanation of what is provided. And while this would look well on a website and read real well, it does not sound great over the phone. It is just not written the way that people speak in terms of real and everyday terminology. The other problem with this is that this type of language will stand to trigger a prospect’s guard when they answer a cold call. They will instantly think “uh, this is a sales person, and they are going to begin to try to sell to me” and then they will begin to shutdown.
- We have a short but sweet sentence that states either the technical or business value that you offer by just saying “We help businesses to” and then insert either the technical or the business value. Continuing with the same example, “We help businesses to improve their ability to effectively manage their inventory levels.” for a short but sweet technical value statement. Or, “We help businesses to decrease cost of goods sold and administrative time.” For using the business value. When you are on a cold call, sometimes you have to be quick and to the point, and this short value statement sometimes is what fits best.
- The next template is one where we connect the technical and business value together in the same sentence. For example we could say, “We help businesses to improve their ability to effectively manage their inventory levels and this often leads to a decrease in cost of goods sold as well as administrative time.” We basically share the technical value and the describe what that can lead to in terms of business results. Or we can use that same flow but flip it around to say “We help businesses to decrease in cost of goods sold as well as administrative time and do this by improving their ability to effectively manage their inventory levels.”
- The next template is one where we connect the technical and business value together in the same sentence. For example we could say, “We help businesses to improve their ability to effectively manage their inventory levels and this often leads to a decrease in cost of goods sold as well as administrative time.” We basically share the technical value and the describe what that can lead to in terms of business results. Or we can use that same flow but flip it around to say “We help businesses to decrease in cost of goods sold as well as administrative time and do this by improving their ability to effectively manage their inventory levels.”
- The next template is one where we connect the technical and business value together in the same sentence. For example we could say, “We help businesses to improve their ability to effectively manage their inventory levels and this often leads to a decrease in cost of goods sold as well as administrative time.” We basically share the technical value and the describe what that can lead to in terms of business results. Or we can use that same flow but flip it around to say “We help businesses to decrease in cost of goods sold as well as administrative time and do this by improving their ability to effectively manage their inventory levels.”
- One thing you may notice in the previous two templates is that there is no mention of the actual product that we sell. There can be some benefit to leaving product info out of the value statement as it can help to build curiosity and try to avoid triggering the prospect’s guardedness. But in some cases it may make sense to be a little more clear as to what you are talking about from a product standpoint, and there are many sales people out there that feel more comfortable with product info being in there, so here is a template that accomplishes that. Basically, this one connect the product with the value. We provide inventory management software and this helps businesses to improve their ability to effectively manage inventory levels. We provide inventory management software and this helps businesses to decrease their cost of goods sold and decrease administrative time..
- At this point, you may be thinking, “Why are we spending so much time on this?” The reason why is that knowing what your value is and how to communicate it will give you much more powerful responses to make in different sales situations. The common reaction when someone asks “What do you do” or when you begin a cold call is to say what you sell. When you replace the standard statement of what you sell with the value that you offer, this well make a much better impression and can build curiosity to create a dialogue where you can lead to explain what you sell and how you deliver your value. You can apply this to many different situations, whether that be in a networking situation, on a cold call, or maybe when you are delivering a presentation use your value statement in your introduction for what you do. When talking about cold calling specifically, every prospect that you reach will have their guard up at a medium. Everything that you say and do will either make them increase or decrease their guard. When you deliver an introduction statement that is company and product heavy, your prospect will likely increase their guard as they will feel like someone is about to try to sell them something and they are not in buying mode. By using a value statement instead, you can decrease the probability that you trigger the prospect’s guard and you may even decrease it or build a little curiosity that helps to get the call established. The other thing that is great about having a value statement is that it can be your response to a lot of the objections that you can run into on cold calls, especially when dealing with gatekeepers. We will talk about this more on the Objections training module, but when a prospect throws some of the standard screening objections at you, you can redirect to the value statement instead of directly answering with a response that allows them to shut you down. For example, if they ask what this call is in regards to, if you reply that you are calling to try to schedule an appointment, you are likely going to get shutdown from there. But if you reply with a response the tells the value that you offer, like “the purpose for my call is that we help businesses to improve their ability to manage inventory levels”, you can likely get past that objection.
- That is the value training module. To summarize some of the key points to take with you, By shifting to communicating value, you will be better able to to get a prospect’s attention, make a better impression, and communicate more effectively Value is not your product, it is what your product helps the prospect to do Look at the products that you sell and try to identify the technical and business benefits that you offer and then create a value statement that clearly and concisely explains the value that you offer Use your value statement to make introductions more powerful Use your value statement to redirect objections when cold calling to keep cold calls going