How to convey the value of your product and sell it
What is the problem?
When people want to open their own business, they face the fact that simply producing goods or providing services is insufficient. They must also be sold, and not everyone knows how to do it. As a result, most businesses end up closing.
"If people were better at selling, the businesses would flourish. Small and medium-sized businesses are the basis of the economy. The well-being of any Ukrainian depends on the state of the economy. This is the first reason why it is important to learn how to sell, pitch, and communicate the value of what you do. Basic training on how to sell can affect the standard of living of every Ukrainian," says Nelya Malyuta.
Nelya Malyuta, sales expert. Photo from open sources
What is the solution?
It is important to understand the stages of sales and the tools that can help with them. In fact, we try to sell our ideas or desires almost every day, and you need to know how to present them in such a way as to sell them to different people.
In our society, it is necessary to convey and explain, "Why me?" "why should I be trusted?" "how am I better or better than others?" etc. This is necessary to have the standard of living you want.
It is worth starting with the basics of sales. Malyuta explained what it is and what four basic skills and abilities are needed to learn to sell.
Basics of sales
- Expertise
You need to be an expert in what you sell. It is not necessary to have a specialized education, but it is important to understand the specifics of your product or service, as well as the specifics of production, strengths, and weaknesses.
"For the first five years, I sold digital advertising, and my education is in marketing. I understood the essence of all tools, how they work, why, when, and how to use them. People listened to me because I could advise them, explain which tool should be used and when, and argue why we offer this particular thing," says Malyuta about her experience.
However, she later went into fields that she hardly understood. She had to work with pricing and inventory management, so she began to study these directions. Malyuta became an expert to communicate at the level her potential client was communicating at.
- Stages of sale
Selling is a clear and step-by-step process. The sequence of any sales is similar. These stages, which the buyer goes through from the first contact to the signing of the contract, are called the sales funnel.
It all starts with the first contact with a potential client. Next comes the qualification process. You learn the buyer's request and decide whether to work with it. After that, you can start presenting your product or service. Pitch it to sell. Sometimes, it's also a good idea to give your product to test.
One of the final stages is working with objections. You start negotiating with a potential client and discover their thoughts about your offer. Next, if your buyer is satisfied with everything, you conclude the contract, and go to the last stage, payment.
- Business-culture
Modern business must have its own values and culture of communication. It is about what words you use and how you will sell your product or service. It is about how to provide quality service to the buyer. The profession of a salesperson is to take care of a person, help them, and improve their life.
"This is a very cool profession because it is about helping and improving this person's life. It's not like selling at any price like it used to be. Now, these are toxic values. We help choose the best option to solve a person's problem," says the sales expert.
Of course, some businesses still do not carry something useful, correct, or high-quality; rather, they are the opposite. Malyuta simply advises not to go to such companies. Join, empower, or create those businesses that make the world a better place and have an idea, a purpose, and values. Offer customers high-quality and honest service — this is what communication culture is all about.
- Organization of the seller's work
Organizing a seller's work involves knowledge and tools to help you sell. It is important to understand what they are, how to use them, and how, thanks to them, you can improve your work. Knowing this, you will be able to understand the situation of each specific client and help them.
How and what to communicate?
To sell your product, you must understand the customer's problem or pain. People don't buy because they just want to. Selling happens when there is a problem, and the more you understand your customer's pain points, the more effectively you can present your product and convey its value.
In sales, you need to be able to convey the value of a product or service. You must show the customer the change you carry for the buyer before and after the purchase. The greater the difference, the greater the value. And the value, in turn, is reflected in the price. The higher the value of the solution, the higher the cost of your product.
The offer will be more valuable if you sell the solution to the problem rather than its consequences. For example, your client has constant headaches. This has a negative impact on the quality of their work and on their relationships with relatives, and makes them constantly worry about their health. In this case, you need to offer something to eliminate the problem (headache), and the consequences will disappear.
It is equally important to communicate this moment correctly. The value of a product or service will increase if you show the customer the consequences of not solving their problem. Malyuta advises the three "So what?" method to understand the consequences of any problem.
"The idea of this exercise or formula is to dig up the implications of the problem we are solving. Why do this? Very often, the problem voiced and solved by the business sounds very superficial. The idea is to unearth the deeper problem," she explains.
The expert showed how this method works on the example of sales training. The problem is that people are not taught to sell. We ask the question, "So what?" When someone wants to start their own business, they face the fact that they don't know how to sell. Again, we ask, "So what?". As a result, businesses are closing. World statistics show that 80% of small businesses close in the first year of operation and 50% of the rest — after five years. We ask this question for the third time, "So what?". In Ukraine, the level of the economy and the standard of living are falling, affecting every Ukrainian.
"That's why we asked three times, "So what?". The seemingly small problem that people do not know how to sell affects the lives of each of us. It was not obvious at the very beginning, but we, using this method, got to the bottom of it," says Malyuta.
How to work with target audience?
To sell something, you need to understand who your customer is and their needs. You can understand this by asking people who are your potential customers questions. Malyuta advises several effective methods that can help you with this.
- Explore correspondence with your customers
The first thing you should do is analyze customer requests. If you already have a business, review your correspondence with customers and write down their questions. What people ask about is what matters to them.
- Interview
Arrange an interview with your client or potential client. Talk to this person. You can ask the following questions:
- Why are you buying it?
- How do you choose?
- What is important to you?
- What do you pay attention to?
- What price are you willing to pay for it?
- Do you think this price is too high or too low? Why?
You need to ask versatile questions. This will allow you to understand how the purchase decision is made. What is important for a person, according to which criteria they choose and what problems they solve. However, you should not limit the recipients by any criteria. Ask open-ended questions so you can hear people's opinions.
- Apply all resources
You need to use all the resources you have. If you have social networks, no matter how many followers there are, use them. Ask questions by starting a series of stories. This is another opportunity to understand your target audience. Ask how they rate the quality of your product or service.
In particular, you can use various online services for target audience research:
Google Analytics shows data about the site's audiences and their activity, including the session duration, the pages visited during the session, and the bounce rate.
Xtensio will help structure information and present it beautifully using templates.
SimilarWeb gives you the opportunity to learn not only about the statistics and volume of traffic on your site but also to analyze the market.
Survio will allow you to quickly and easily create a questionnaire for surveying the target audience, help with data analysis, and share results.
SurveyMonkey will help with brand market analysis, product experience, employee experience, customer experience, or online survey design.
"After doing this research, you will have a much deeper understanding of which points to press. What is pressing on pain? It is to voice it. The deeper you understand this, the more you can push the issue and communicate the value of your product. I remind you that the bigger the problem, the greater the value of what you offer. The higher the value, the more expensive your offer is," says Malyuta.
How to analyze the market?
Speaking about offline business, first, you need to decide on the region. For example, you are a store owner, and only locals come to you. Determine who is already in the area and who could be your potential competition. Walk through these stores and see how this business works. Try to understand how you can be different. It is worth thinking about what unique products you can offer, and those positions that will coincide must be in the same price range. No one wants to buy twice, three times more expensive. If people will come to you from other parts of the city, you need to change the scope of the research. Look at what offers are available in the city or the country.
Working with an online business also has certain features. In this case, we Google our competitors and see who is in the top ten of your industry. It is also worth conducting such a keyword search on Instagram. Next, make a comparison table with competitors. Pay attention to prices, strengths and weaknesses, and social media activity.
The main task during market analysis is to understand your uniqueness. You need to know how a business can stand out and differentiate itself from competitors. Determine what your characteristics, strengths, and weaknesses are.
"These are really difficult questions. And many entrepreneurs cannot answer them. They talk about good quality. What makes you different from others? We need to work on these questions and find answers," says Malyuta.
How to deal with customer objections?
One of the sales stages is dealing with customer objections. The specialist says that very often, customer objections sound general. For example, they tell you that the price is too high. There are no specifics in such words. They do not provide insight into what made the buyer think so.
Sellers without experience begin to make excuses, but the best option is to start asking the buyer questions. Ask the person to explain what they mean. Ask a few questions:
- What does "expensive" mean to you?
- Who/what are you comparing to?
- What was your budget?
- Why do you think it is expensive?
You ask these questions to understand the person. It may turn out that your buyer did not analyze anything. For some reason, they just think that your product should cost less. You have to keep talking. If you know the market, you can explain and argue your position.
It may turn out that you are being compared with specific competitors. If you know them, you can explain that their quality is worse than yours. For example, they offer a blouse made from nylon, and you offer one made from cotton, a natural material. These are completely different things. Now, you are comparing different materials. Your proposal is better because it is warmer, nicer to the touch, and better for the skin. Now, you have already given concrete arguments and can work out this objection.
When you hear objections, stop and ask clarifying questions. You need to understand what your potential buyer means. Hear their wishes and expectations and continue negotiations. Next, you need to find arguments or alternatives to come to an agreement. You don't have to sell your product or service at the price you said. You can make concessions but ask for something in return. For example, you give a discount, but the customer buys before the end of the day, week, or month. Or they buy twice as much from you as planned or leave a review on the site.
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