Thoughtful Thursdays – Quantify your value
I have posted many times about the importance of value in the sales process, and a recent conversation with a new business owner reinforced that thought to me.
It goes beyond saying that buying your product or service will increase sales or save them time. Every good sales person will have that in their tool kit.
The language everyone understands is dollars and cents. Here are a few ways to quantify the value you bring to your customer.
- If your value is saving time, estimate the number of hours that are saved and multiply by the estimated hourly rate. If you are talking plant time it could be in the thousands of dollars per hour. Then extrapolate that to an annual dollar amount. You may be surprised how large the dollar amount might be.
- If your value is increased sales, estimate the incremental sales and annualize the number. You can also take that figure and extend it over the lifetime value of the new customers. Again, the number can be quite large.
There is a good chance that the dollars you save or bring to your customer will make your fees look miniscule.
Good selling,
Richard
Have a question about sales? Contact me and I will respond.
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