Understanding the Value Selling Sales Playbook Framework
In B2B sales, there are only a few ways to accelerate a sales process and increase close rates.
One surefire way to get there is by having a sales playbook focused on Value Selling.
By instilling a Value Selling framework throughout your sales playbook, you can ensure everyone creates and delivers maximum value to customers.
In this article, we'll explore what a Value Selling sales playbook looks like and how you can use it to significantly increase sales conversion rates and, therefore, your top and bottom line.
What is a sales playbook?
A Sales Playbook is one central guide that gives your sales reps the tools they need to succeed. But more importantly, it's a framework that instills best practices and a process for selling.
It's a document that clearly outlines your company's unique sales process and how your reps should approach each stage of the sale - aligning all of your reps and creating a repeatable process that has proven successful.
The playbook should be tailored to your specific products or services and identify your ideal customer profile (ICP) and target market.
It should also be a living document that's regularly updated as your business grows and changes because what works today might not work six months from now.
Building a sales playbook from scratch can seem a hefty task, but it's worth the investment. According to SalesForce, Companies that follow a well-defined sales process are 33% more likely to be high performers.
What is Value Selling?
Value Selling is a sales methodology focused on creating and delivering maximum value to customers. It's based on the premise that customers are more likely to buy from companies that can provide them with the most value - directly associated with their needs.
ValueSelling differs from other sales approaches because it's not about pushing products or services. Instead, it's about taking the time to understand the customer's specific needs and providing a solution that meets them.
It's critical for any B2B organization. A recent IDC research report noted that ValueSelling at a cloud-based software company led to a 70% improvement in close rates with net-new accounts.
Why is Value Selling important?
Instilling a Value Selling framework throughout your sales and marketing teams is essential to success in today's competitive business landscape.
Customers are savvier than ever before and have access to an unprecedented amount of information. This means they can quickly identify companies trying to sell them something they don't need.
To be successful, you need to be able to connect with customers and prospects on a human level. You need to understand their specific needs and demonstrate how your products or services can provide them with value.
Understanding the sales playbook framework
The Value Selling sales playbook framework is built to help you do just that. It's a selling process focused on creating and delivering maximum value to customers.
The framework consists of several key actions. Let's take a closer look at each.
Identify the customer's pain points
The first step is to understand the customer. This means taking the time to research, listen, and understand their specific needs, pain points, and goals. You don't want to jump into selling mode too quickly - this is critical to the buyer-seller relationship.
Do your homework beforehand - research the customer, their industry, and their specific needs using Google, social media, and other online resources to learn as much as possible.
Then, set up a meeting or call with the customer. During this conversation, take the time to listen. Really listen. Hear what they're saying - both verbally and non-verbally. This step is about building rapport and trust.
If you don't take the time to understand the customer, you'll likely end up selling them something they don't need or want. It will hurt your chances of making the sale and damage your relationship with the customer.
Educating the customer on the value proposition
The second step is to define the solution and educate them on the value proposition - not sell them on it. This is where you'll take the time to explain how your products or services can meet their specific needs.
To do this effectively, you'll need to truly understand your products or services. You should be able to speak to the benefits, not just the features, and how they compare to other options on the market.
Salespeople often make one crucial mistake: feature selling - or trying to sell customers on features instead of benefits. Customers don't care about features - they care about how those features will improve their life, save several hours in a day, increase revenue, and/or cut costs.
Social proof such as case studies, testimonials, or before and after can be helpful in this step. Customer stories are always more relatable and believable than general claims made by the salesperson.
Act as a consultant, not a salesperson, during the sales process. The goal is to educate the customer on their options and help them make an informed decision - not to push a particular product or service.
Make it a collaborative sales process
The third step is to involve the customer in the sales process. This means making it a collaborative effort between you and the customer instead of a one-way pitch. Ensuring all stakeholders are involved and understanding how the product will benefit them is critical to success, no matter your selling.
To do this, you'll need to be organized.
Managing the process and keeping everyone updated on the project's progress can be challenging. However, sales enablement tools such as mutual action plans and customer success platforms can help keep everyone informed of the added value that your product will bring.
Fostering a collaborative environment is key to successfully selling to customers. It'll help build trust and ensure everyone involved is on board with the final decision.
Implementing a Value Selling Sales Playbook
For any business owner or sales team looking to improve their sales process, implementing a Value Selling Sales Playbook is a great place to start.
The steps may seem simple but are often overlooked. By taking the time to truly understand the customer, personalizing the process and your product or service storyline to their needs, and involving the customer throughout the sales process, you'll be able to create a more efficient and effective selling strategy that will improve your close rate and customer relationships.
Incorporate your methodologies and frameworks directly into your sales processes, bring more value to your team and buyers, and request a demo today.