Value is the secret sauce to everything when you price your offers. I am continually asked by media sales people all over the world, how do you work with clients that continually want to bring you back to price?
My answer is often “get over yourself”. If you do not understand how your customers values you and what you deliver, you are in BIG trouble.
Recognise that there are:
4 types of Buyers/ Advertisers.
1. Price Advertiser
2. Value Buyer
3. Relationship Advertisers
4. Relationship /Value Advertiser
One of the big mistakes that media sales people make is that they focus on using price to sell their product. They think they are always selling to the PRICE buyer.
They focus on selling price to drive the sale; the trouble with that strategy is that is a hard place to MOVE away from.
They do this for many reasons. Usually they do not have any sort of relationship with the advertiser, are not unique, and do not offer options.
Here is a specific example I came across with one of my clients.
She identified a client she thought bought on price, made an appointment and went in and presented a campaign, discounted, and with lots of flexibility.
The advertiser recognising that this was a PRICE sell, negotiated an even better deal with the sales person.
The sales person returned to the media company feeling as if the client had been unreasonable and had pushed her for a better deal.
I say good on them, the reality is that the sales person was purely focusing on using price to drive the sale.
The reason the sales person felt this way was because she positioned the PRICE before the story, if she had spent time going through a process of asking questions, the advertiser then gets time to ask an internal question. “Should I choose the person to help me or the PRICE?”
She got what she deserved.
SO, value is truly what advertisers want you to bring to the table; it’s the ability of that sales person to understand what the advertiser values. You have to ask a lot of questions to get to the core reason why your advertiser buys.
This is what I told that young sales person to do.
1. Offer options in your proposals
2. Try and create value
3. Offer levels of value, in other words ABC levels with value added.
4. Think about offering premiums- Gifts with purchase, Promotions.
5. Tell a story then present price.
6. Find out your differences and present these to your advertiser. They do matter.
You have to believe in what you are doing is right for the advertiser, if you do not believe that then there is no way you will survive long term.
You really have to, have to, have to, and understand what is in the head of those advertisers who are buying from you.
PHOTO – nathangibbs
Latest posts by Mike Brunel (see all)
- Are Facebook Ripping Advertisers Off? - September 5, 2014
- Five Things You Need To Know If You’re a Sales Manager - June 16, 2014
- 5 More Intriguing Things About Sales - May 29, 2014