“Price is what you pay. Value is what you get.” – Warren Buffett
In business, it’s easy to become engrossed in an arms race of features. Who has the most, who has the newest, who has the flashiest? But if there’s one truth that stands the test of time, it’s that features in isolation mean little. It’s the value they provide that truly resonates with customers.
Imagine walking into an electronics store to purchase a smartphone. The salesperson starts listing features: a 108 MP camera, 12GB RAM, 5000 mAh battery, and so on. While these might sound impressive, they’re just numbers and technical jargon to the average consumer. But what if the salesperson reframed it? “With this camera, you can capture moments in stunning detail, so vivid that they’ll transport you back in time. The powerful performance ensures you can multitask without a hiccup, and the battery? It will last a full day, even with heavy usage.”
See the difference?
The world witnessed a similar approach with Apple’s iPhone. It wasn’t just about a device with a sleek design or a responsive touch screen; it was about redefining how we interact with technology. It was about the experience, the emotions, the transformation in daily routines, and the new possibilities unlocked.
Similarly, Amazon didn’t merely offer a vast selection of products. They delivered convenience, saving you trips to multiple stores, granting access to user reviews to make informed decisions, and promising swift deliveries, making last-minute shopping less stressful.
In essence, shifting the conversation from features to value requires understanding the deeper motivations, aspirations, and pain points of your customers. It’s about painting a picture, evoking emotions, and showcasing transformations.
Action Step: Take a piece of paper or open a digital note. List down three primary features of your product or service. Now, challenge yourself. Next to each feature, articulate the tangible or emotional value it offers to your customers. Are you saving them time? Offering them peace of mind? Enhancing their reputation? Elevating their experience?
Mastering this shift from features to value doesn’t just improve your sales pitches; it strengthens your entire brand narrative. It ensures that when customers think of your product, they’re not just recalling a list of features, but the genuine value it adds to their lives.
To learn more about communicating value, and other ways to improve your sales strategy, be sure to check out our book of the week “SPIN Selling” by Neil Rackham.