As we've discussed in parts 1 and 2 of this series, Seller Deficit Disorder is caused by prospects’ preconceived opinion that you don't understand their needs. It's a disorder that can have many limiting effects on your sales success.
We've talked about the importance of asking two-sided questions, really listening to your prospects and gaining access to top decision-makers. Today, we talk about the third symptom of Seller Deficit Disorder – the perception that your solution is expensive.
Symptom No. 3: Your Solution is Perceived as Expensive
Above all, buyers are seeking solutions to their problems. Reciting a list of your product's features may make you feel like you're giving your prospect the broad scope of your product's capabilities, but many times it has the opposite effect. The danger of focusing on a laundry list of product features is that it makes things harder for the prospects to determine exactly how your product will solve their most pressing problems.
Some of those product features may not be relevant to the customer, so you’ll create an impression that your solution is more than the buyer needs and therefore, more expensive. Frequently this leads customers to focus on the price of the product, not the value, which means demands for higher discounts and negotiations based solely on price.
On the other hand, if you've listened to your buyers and asked the right questions, you can define the value of your product in the eyes of the buyers, and help them recognize that you have the perfect solution for their pain.
For example, if your product does A, B and C, and the prospects are only interested in B, they won't want to pay for A and C. However, if you can help them understand that B is better at solving the problem than any competing offer, the value of B will be high enough that they won't perceive the product as expensive. Rather, they'll see it as valuable.
Remember: the value of the solution is in the eyes of the buyer, not the seller.
What are your best tips for defining your product's value in the eyes of the buyer? Leave a comment or contact me directly with your ideas, feedback and questions.