Your Solution is Not A Commodity...Don't Let Your Product Be One!

If you jump to the product section presentation too soon your product will become a commodity. You'll be forced to compete on a price basis. You lose to the lowest bidder. 

Products

Now we can talk about your product. Now you have built a clear path that leads to a natural conversation about what you bring to the sales situation. 

You've mastered "dollarization" and can now speak clearly in terms that will move the listener to a buyer. You know their language as well as their problems/pains/pleasures.  

Note: When you have completed this lesson you'll be able to look yourself in the mirror and say, "I present my signature solution is clear terms that moves my potential buyer to take immediate action!" 

My Product

Your product is a supplement to your solution. If you present the product as the solution then it becomes a commodity. In a commodity market, all things being equal, you lose to the lowest offer. You never want all things to be equal. You want to hold the key to an unfair advantage in your favor. The unfair advantage is you and nobody has you, but you! 

Dollarization

Let’s think in terms of potential buyer currency. To do that we’re using the term Dollarization.

I love to use the term dollarization. Some people talk about the value, I call it dollarization. 

Dollarization comes from a term used to identify US dollars and how that aligns with the foreign country's currency. 

This belongs on the Value Pyramid because you see value as price, business owners rarely see things as price instead they see things as value. This cost me $25 a week but it saves 3 hours a week it is a great value. Three hours is worth $XXX (you need to know how much that is) to the business owner. 

What we're doing in a value conversation here is aligning those two things…our price and their value of time. 

Aligning their currency conversation with my product. 

Saying something like: "I help shop owners reduce the time (their currency) from a first coat to delivery of the product by a day and a half." I've just aligned my product with their currency. Their currency is time. 

While the competitor is talking about machines and costs, you are talking time. Who do you think has an unfair competitive advantage? You have tilted the field in your favor. 

Place Value on Everything

Don't let the product marketing department determine what is value. They really don't know how to focus on value. Unless they are nose-to-nose with buyers on a regular basis they won't understand real value. 

Recognize the sources of value

Begin at the bottom of the pyramid. What value do you place on the person to whom you are speaking? They are not just your market they are people fulfilling an important role in the world. They bring value to what they do. How are you going to help them do that? 

The next step in the pyramid is you. You're a source of value. Not just your product, but you have value. You're fulfilling your place in the world. The better you understand your market (keeping in mind the five things you must know) the better you can dial in your value. 

Your message is the next step in the pyramid. What value do you place on your message? Your message brings the pieces together. It captures the attention of your market and sets the stage for your offer. 

No Such Thing As "Value Added"

Every so often the term "Value added" will be inserted in the conversation about products. 

Don't believe it...It's a myth!

You might think you're adding value, but the market doesn't. That worthless promotional crap given to you by the company doesn't get your customer's attention. You taking their call at 9:30 pm on July 3rd when they are up against a deadline (and you know it) is value. 

Ultimately Your Success Depends Upon Confidence In...

Your Product - you must believe in your product! This is so important. You must believe that your product is the best solution to the customer's problem. You need to offer you and your product as the single best solution for the customer. Confident that the product will not fail at any point in the process and be what the customer needs to solve the problem(s) he/she is facing. 

Your Product Delivery - Imagine finding the perfect solution for your customer, agreeing to the terms of the transaction, and then never being able to deliver on the promise of a solution. You must be confident that the delivery is going to be easier for the customer than their current situation. The fear of change is the biggest reason people don't do business with you. Make sure your delivery process is fail safe. 

Your Customer Service - There will be issues that will require customer service. There is no way around that. Your customer service needs to be accessible (today that doesn't mean email), monitored, and friendly. Customers today expect to be heard.