Early in my career I remember waiting outside a conference room where a potential customer's team gathered to hear my presentation. At that moment, my competitor was in the conference room making their pitch. I was completely confident in my offer, because I knew I had the better product.
Fifteen minutes before my presentation, the door to the conference room opened, and out walked my competitor. He pulled me aside and offered me his condolences. He was sure that as I matured as a salesperson, I would understand how and why I had already lost the deal.
Ha! I thought. “Don’t count me out yet buster”, I murmured under my breath.
I walked into the room and made a top drawer presentation. I was confident leaving the room that I would be celebrating the victory for the order in due time.
Several days later, I heard the news. What? Are you kidding? I learned the contract would go to my competitor. I couldn’t believe it. How could this have happened?
Over the next several years, I learned exactly why I lost the deal. I had focused primarily on the features and benefits of my product, while my competitor delivered a more robust presentation articulating his company’s Value Proposition.
I lost a five figure commission that day because I didn't understand my value proposition, and how to present it.
How strong is your value proposition?
Is your value proposition specific?
Is your value proposition succinct?
How obvious is your value proposition?
What will people remember about your value proposition?
Do you know why you win or lose against your top competitors?
Why should your prospective customers and (existing) customers purchase your product or service over your competitor's?
What makes your value proposition different from what your competitor just told them 15 minutes ago?
If you don’t feel confident after answering these questions, roll up your sleeves and get to work. Check out my post on How to Build a Winning Value Proposition.
Image Source: The Frisky