What Is Value?
Value is the personal, emotional worth of a product. It is subjective. Value is a perception.
Who Determines Value?
The buyer determines value, using their personal criteria. Just as beauty is in the eyes of the beholder, value is in the mind of the buyer.
As long as the buyer's value is greater than the seller's price, a sale is probable.
The Role of Stories
Stories can enchant your buyer and encourage them to act. If you are selling houses, you might tell a story of someone you helped earlier. You might show how a family was having trouble finding just the right house. You listened. You recommended the house that met their needs. Their search was over. They fell in love with the house, and they signed the preliminary paperwork on the spot.
Properly told, this story can position you as a Trusted Advisor. Trusted advisors don't compete on price. They compete on the value they bring to the buyer.
How to Structure Your Own Value-Building Story
The recipe is easy:
- State the goal of the buyer. What problem are they trying to solve?
- List up to three ways your product helps the buyer achieve their goal.
- Describe "what is" for the buyer.
- Describe the journey to "what could be," by using your product.
- Ask the buyer if that's the outcome they want.
- Ask the buyer to commit.
You can create several value-building stories this way, one for your company and one for each of your products.