Switch It Up: Focus On Value Rather Than Price

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November 17, 2016 | Julie Thomas

Switch It Up: Focus on Value Rather Than Price

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Switch It Up:Focus on Value Rather Than Price

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© 2015 ValueSelling Associates, Inc. All Rights Reserved. © 2016 ValueSelling Associates, Inc. All rights reserved.

© 2016 ValueSelling Associates, Inc. All rights reserved.

How many squares?

Prospects are better educated

Salesperson involved later in the sales cycle

More people in prospect organizations involved in the buying process and want to influence price

The Price discussion has become more difficult in recent years because….

Crowded, noisy marketplace

67% of the buyer’s journey is now done digitally.*Source: Sirius Decisions


The Value Buying Process


PLAN

POWERVALUE

SOLUTIONPROBLEM

BUSINESS ISSUEDifferentiated VisionMatch™

CONFIRM

The flow of a business-centric sales conversation…

Value and price are not the same thing…

Without the value conversation, the only thing to talk about, when it comes to price, is how much it costs.


What defines a successful negotiation?A win-win outcome

Reached in an efficient manner

Preserves the relationship

© 2015 ValueSelling Associates, Inc. All Rights Reserved. © 2016 ValueSelling Associates, Inc. All rights reserved.


Deliverables

Terms and Conditions

PRICE

And the fourth dimension… VALUE

Dimensions of negotiation

Strategy #1: Trade-offsTrade off item in one category with item in second category.

Objective: Meet both party’s needs

How it might sound:

“If you want this product shipped to multiple locations, are you willing to accept different payment terms?”

© 2016 ValueSelling Associates, Inc. All Rights Reserved.

Strategy #2: EmbellishmentsEnhance items in categories other than the one where there is a difference


You may have deliverables that have little cost but large value…could you include them?

Strategy #3: CompromiseFinding middle ground in the same category

“If we can split the difference, can we move forward?”

“If…then?”


Poll

Which of these negotiation tactics have you used most effectively in the past…OR would you consider using in the future?


Author

I applied a disclosure with the correct date. It said 2015

Tradeoffs, Embellishments and CompromisesDefine your possible strategy for each negotiation category

CategoryProspect’s

Ideal OutcomeYour

Ideal Outcome Strategy

Terms & Conditions 45 days On receipt Tradeoff for

deliverables

Deliverables 30 licenses 35 licensesTradeoff for payments terms

Price $1,000 $1,500 Compromise

Negotiation Prompter®


Points to remember

Know when to

walk away

Maintain your

composure

Clarifywith lots ofquestions

Focus on issue,

not style

Don’t react,respond


Be sure that price is the real issue…


Be prepared.


Call to action for your next opportunityStep 1: Think about the Value that you bring and create questions to uncover it

Step 2: Wait... for as long as possible before engaging in the price conversation

Step 3: Use the Negotiation Prompter® to create specific strategies to prepare for and address your next interaction



The more you know…Value vs. Price = Leverage

Preparation


Can’t engage with executives without business acumen Investigate, predict and prepare for business conversations More conversations lead to more opportunities


Save the date!Our next webinar will be:

Beginning with the end in mind: Time Management Strategies for 2017

January 19, 2017 | 10:00AM PDT

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Thank you!Julie Thomas| President & CEO

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+ 1 (858) 759-7954

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Switch It Up: Focus On Value Rather Than Price

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