Sales Influence Dictionary #7
Victor Antonio
Keynote Speaker and Author - "Sales Ex Machina”, Relationship Selling" & "Mastering the Upsell | Hall of Fame Sales Speaker |
M.V.P
A minimum viable product (MVP) is a term that was coined by Frank Robinson. It's essentially a product with just enough features to satisfy early customers and to provide feedback for future product development.
The goal of the MVP is threefold:
- Saves development costs by building only the minimum, thereby...
- Reduces the risk in case the product doesn't sell.
- It gets you to the market quicker and allows you to gather valuable insight from the market.
Instead of building out a product with all the bells and whistles, the business builds the minimum features into the product that will make it viable in the market. Then, based on feedback from clients, the company can then move forward into the next development phase. For example, they may want to add or subtract certain features.
If you're a start-up company, or a company that wants to minimize their risk into a new market, developing an MVP is a winning strategy.
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Buyer's Regret
People often confuse buyer's remorse with buyer's regret. Buyer's regret is when your brain has a hard time deciding between two or more options.
When the level of certainty is low, your brain doesn't know what decision to make.
In other words, you can choose between one or another, but what happens when you get home? You regret your decision. Or, if you don't make a buying decision, You regret your indecision.
Either way, the customer/ prospect doesn't feel good about their choice.
What is our job as salespeople? Our job is to guide the buyer to make a buying decision by increasing their level of certainty. So, when they make that decision they feel good when they get home.
Tell your customers how much money they will save, how it will make their lives easier, or how it will help them in the future. Quantify your product's value with exact numbers and figures.
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