Selling always has challenges, the change is how this generation of prospects are reacting to the economic headwinds and engaging new buying patterns. A 2021 Gartner survey of 989 companies gives insight of what prospects viewed as the “most valuable types of information in making the final decision”:
· 1st value assessments or business case development-related content
· 2nd modern content; videos, podcasts, infographics
· 3rd content specifically tailored to the prospect
· 4th traditional content: web sites, documents
As does a McKinsey study.
McKinsey B2B Pulse survey has been conducted since 2016, summing up the 2022 Pulse survey of 3,500 execs in 12 markets McKinsey Partner Michael Harney stated, “It’s clear in the last two years B2B has (caused companies to) completely change and rewire their organisms… (Companies) are much more focused on customers.” The view of the 400 sales leaders interviewed by McKinsey indicates these sales leaders, estimate maybe half of their reps can make the change (to be customer centric). Harney estimates that companies transforming themselves well enjoy 4x to f5x higher growth.
It is interesting how both studies are linked. Building a business case, performing a value assessment, providing tailored content, are examples of customer centric selling. To deliver on these items an account manager needs to understand the business value impact of their products they sell (not the feature/functions), enabling them to talk to the prospect in a consultative/partner manner.
What does customer centric selling have to do with Business Value Selling?
How are you going to articulate value to the customer if you don’t understand how your offering can bring value to the prospect, and how are you going find that value if you are not being inquisitive in the right way about their issues, and how those issues might impact other business areas (to get a complete value assessment). A solid business case addresses the departmental financial impact and impact on the overall company goals. The information gathering, assembly, and presentation is core to what Business Value Selling accomplishes. Business value selling radically enhances the typical discovery part of a sales cycle. I will talk about that in a future article post.
“You’re not there to sell or negotiate, but to support them – to help jointly find value.”
Michael Harney, McKinsey Partner
Why incorporate Business Value Selling into your sales methodology?
Some sample results help answer this question.
In a prior posted article on this site, I mentioned many companies that have embraced business value selling.
Business value selling brings together a major ask of the prospect and a major want of sellers. Prospects want business partners. A real business partner who knows their business and can offer up solutions with tangible value in terms of the prospects company, and sellers want a “customer-for-life” which requires account managers to think more like business executives of a small business (and the selling company to support them in that mode). Business value selling has proven it can accomplish both.
How do I get my sales teams to integrate Business Value Selling into their operations?
The figure below outlines the process The Frantz Group has developed to enable and make stick Business Value Selling in a sales department. The next article post will overview the topics and approach for each step in the process.
Next Steps
The Franz Group welcomes a deeper discussion on your sales challenges. We can help you visualize how The Frantz Group and Business Value Selling will help you make 2023 the best year ever.
To organize an initial discussion of your unique situation, contact The Frantz Group, message me here in LinkedIn or via www.thefrantzgroup.com contact me form. I look forward to our discussion.