HOW TO ADD VALUE TO YOUR SALES ITEMS

HOW TO ADD VALUE TO YOUR SALES ITEMS

In today's modern selling world, Value-added selling is fast becoming one of the most popular must learn subjects. In fact,. and although many would suggest it had evolved from the concept of consultative selling, the high earning sales professionals I know would agree with that theory, and would be quick to tell you that Value-added selling has always been around - but for whatever reason it had not been taken seriously until more recently.

What far too many cannot get their heads around is that in value-added selling, it's as simple as that when the salesperson offers the product or service to the prospect, they value-add by simply adding in something unique (at a special price or at no cost) to make that product or service appear more valuable in the prospects eyes. In fact, when used correctly, Value-added selling not only helps differentiate a product or service from the competition, it also helps motivate buyers to come you before they go elsewhere, or troll the internet to look for another supplier or even a better price.

In situations such as this, the kind of value the seller could add, can and will vary, depending on the type of product or service on offer. However, in all situations, an item deemed by the seller as a value item must be both unique (or at least unusual) and also be of worth to the prospect or customer in order to help motivate them to buy. But be careful what you chose as a value item (either prospect to prospect, or customer to customer) because that value-add item could be seen as either highly useful to buyers in one specific market but could seem worthless to buyers in another.

Now if you sell commodities, you need to be ever so cautious as how and what you sell, because commodities are perceived by many as the most difficult type of product to sell. Why? Simply because commodities are products or services that the buyer believes are the same regardless of which supplier or agent they choose to buy them from.

To put this into a better buyer/seller perspective, commodities are usually inexpensive products that have been on the market for a very long time. As an  example, petrol (known as gasoline in the USA) is a commodity, so someone looking to fill a car will normally go to the petrol station or service station (gas station) seeking out the lowest price. For that reason, many find it hard to compete on anything but price - except those that understand the basis value-adding - even with commodities.  And for that reason many service stations are service centres that offer anything from supermarket items, food, restaurants, tyres (tires) and repairs and service - all in the one location.

For this reason, those selling a commodity, are more than likely to offer certain kinds of value items that relate to lower costs and/or saving time - such as fast delivery, quick and easy replaceability, reduced fees, or they may be grouped commodity products to make a customized package that exactly fit a prospect's product or service needs, or add-ons that become packaged compulsive buy's. The concept of buy three soft drinks for the price of two at service centres are acceptable ways of doing business today.

On the other hand, many inexpensive products that can be new to the marketplace, are usually easier to sell because they haven't reached the commodity status yet. Most times, because the products are fairly cheap, most prospects won't feel it's a huge risk to purchase the products on offer. Another factor is that many value items for new and inexpensive products often focus on being trendy and an early adopter.  Value items may also relate to easy setup with low cost.

Another factor to consider is that generally accepted expensive products generally won't become commodities because they are such a major investment, many suppliers make an effort to strive to differentiate these products. But, because they are expensive, most count on high competitive pressure and a long sales cycle as buyers seek out the best possible price and/or service combination.

Cars are an extremely good example of this kind of best possible price and/or service combination. In a car dealership, (new or second-hand) Value items are extremely important here and will often revolve around customizing the vehicle and/or trading off lowering costs with Value items. For example, a car salesperson might suggest a variety of options so that buyers can get the exact features and/or add-ons they want. Then at other dealerships a host of other value items on offer (or as a part of the package) might include custom-designing a certain product to meet the buyer's specifications, which may include offering free services like maintenance and replacement parts, some kind of valet service, a period of free car washes and/or a fast and convenient delivery to suit the customers time-frame.

But one important point of warning as final word in this chapter. It should be understood that the products and services that are both new and expensive,  are usually initially become the riskiest of all from the buyer's point of view.  However, the same new and expensive products and services also offer prospects and customers the greatest opportunity. All the prospect or buyer needs to do is be coaxed into overcoming the fear pf change and may just find that they have purchased a great product that will serve them well. 

The more expensive Value items are the ones that are generally those that have embraced cutting-edge technology. Many times there is also a high manner of prestige associated with owning such products. The minute that is understood, it should also help to reduce the risk level in the buyer's eyes.  These are generally the goods and/or services that increase productivity, have longer guarantees, free training on product use, or are the new wave of modular systems that can be expanded or reduced to the customer requirements, and so on.

Most importantly whether the value-add item is really economical or super expensive to acquire, fully understanding what is in it for the buyer on a personalised customer level is paramount as to how it is marketed, added-on or sold. And in many of the markets and industries it is sold into, it's as simple as that.

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This Article is by Peter Collins - In a sales career spanning more than 50 years, Peter Collins has focused on helping and bringing out the best in others - whether it involves training or mentoring salespeople, managers, business consulting to SME’s. Since the 1970’s Peter has built a reputation as a Nationally and Internationally Published author, and of the 130 books he has written over the past 48 years, Peter has 65 Business Books to his credit, (but he is mainly known for one book based on the Audio Tape series of the same name, Over 50 Ways of Closing the Sale). Peter also has written 23 Christian books. One of Peter's books, sold almost 2 million copies in the late 1970's and is still selling well through second hand online marketers worldwide. In his personal life, Peter has been sought after as an encourager and motivator that has given of his time and talents freely despite his busy schedule. Subsequently, he has assisted churches, pastors, community and charity groups, as well as individuals through his teaching, training, development and on-going mentoring.

? Copyright Peter Collins, Profit Maker Sales, Sydney, Australia, 2002, 2007, 2011, 2015, all rights reserved.

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