Unique Selling Proposition

You then come back to reality with a thud when you realize you have completely missed the mark.

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Value is at the heart of every selling proposition. But value is not defined by the vendor. Value is defined by the customer. As salespeople, we need to understand what value truly means to our clients. Once we do, we can put together a killer selling proposition that will give us a chance to win every time.

You need to get inside of your customer’s head. You need to understand what their business goals and challenges are (at both a professional and personal level). Only then you will be able to formulate a value statement that resonates.

Value is multidimensional. As you formulate your unique selling proposition, there are three aspects of value you need to consider. When your customer looks for value, they consciously (or subconsciously) look to satisfy each of the three elements.

• Functional Value
• Economic Value
• Psychological Value

Functional value is simply defined as your product’s features and functionality. This can range across a variety of things like usability, speed, reliability and so on. The customer will attempt to connect your functional value to their business challenges. Your job is to help them make the connection.

Economic value speaks to the functional value your product delivers in terms of dollars and cents. This value element is generally assigned a price by the vendor. If the price is too high, the value equation will break down. If the price is too low, the customer may wonder about the quality they will receive. You need to be able to justify the price as it relates to the functionality of your product.

Finally, psychological value is the emotional benefits your customer gets from your product or service. This is the most difficult element of value to measure. You really need to understand your customer’s psyche. What interests does your client have? How will this purchase make them look in the eyes of their peers? Does the project they are working on have high visibility? In other words, what is in it for them?

If you connect your unique selling proposition to each of the elements of value, you will put yourself in a position to win ever time. Remember, value is all in the eyes of the customer. They define it. You cater to it.

Thanks for reading.

Good selling!

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