Did you like this? If so, please share it with everyone who is looking for the only way to communicate their value that is guaranteed to resonate with their prospects. – Matt
For most of us it's time to make a change in how we communicate with our clients and prospects.
I probably spend 75% - 80% of my time with clients teaching relationships. Which, if you think about it, makes perfect sense. Without the ability to build relationships, your business is dead before it even gets off the ground.
Why then do I spend so much time during my Windshield Wisdom talking about how to communicate value?
It's simple really. Because most people are actually pretty good at building relationships, they just have no idea how to leverage them to make business happen.
Let me illustrate the point by telling the story of a phone conversation that took place yesterday...
I was talking with a business owner who was frustrated by consistently losing potential clients to his competition. His solution? His pricing must be too high. It was time to cut profits.
After a short conversation I saw a different problem. He was up against a "Ten Percenter". That's what I call the 10% of business owners and sales people who make 90% of the money.
No amount of price shaving was going to help. He needed to out-value them, and, as any business owner will tell you, that's a monumental challenge.
His products were changing the lives of his customers, but they didn't know it. I suggested an adjustment. After a quick "master class", I suggested he instead communicate his value in terms of what his customer's change meant to them. It's called selling 'real benefit', and it's the big step that the "Ten Percenters" use to distance themselves from their competition who are still taking in the stale language of "feature/benefit".
Learn to communicate your value like the best-of-the-best in this week's Windshield Wisdom.
Hey everybody! How's it going? Matt Middendorp here with this week's Windshield Wisdom. I have to be honest. I've been dying to share this story with you for a several hours now.
I just got done speaking and attending a great event. The Eau Claire Area Chamber of Commerce puts on a sales conference every year, and I had a conversation at today's that is remarkable in what we accomplished in 3 minutes at the lunch table.
I want to share it with you, because I believe that this conversation can change your business as well...at least change the way you communicate with your customers.
Now, I work with Chamber of Commerce chapters all over the country, and I would put the Eau Claire Chamber up there with any of them. They're fantastic. They put on an event that is second to none, and it showed today by the way they set us up to network with people who were willing to share and have valuable conversations.
One conversation that took place, with a woman name Kathy, stood out. It went like this...
We were just talking about interest rates. She's a mortgage lender for a local bank, and she was frustrated. She had customers she could save real money every month who weren't interested because they didn't think it was worth turning in the 4 pieces of paperwork she needed to get it done.
There may have been a lot of reasons for that, but one specific example came up because she had just finished talking to him. She vented, "I can save this guy $150 per month. I can save him almost $40,000 over the life of the mortgage, but it's for his second home and he doesn't value that money." It wasn't enough for him to take the time to do what she needed.
In this case the solution was pretty straight forward, and the conversation turned to something I call 'real benefit'.
We've all been through Feature/Benefit training...this is what my product is, this is what my product does...I believe that classic training stops a very large step short.
Try this instead. Is. Does. How it changes their lives or business. That's real benefit.
We're talking about the real benefit of your offer to the people you serve. In this case, I believe all she needed to do to get the mortgage application was to not tell him she could lower his rate. Not tell him she can save him money, which is one of the classic benefit statements. The good news is she was a little more specific by saying how much she could save each month, then when that didn't work pirouetting to a lifetime savings. She likely would've gotten an application if she had instead said, "I know you're a big golfer. $150 per month, that's 4 rounds at your favorite course. You can go golfing 4 more times per month if you refinance your mortgage with me."
That's real benefit.
That's something that her potential customer could have heard, and visualized, and taken action on. He could've said, "Well yeah. I want to go golfing 4 more times per month! You're saying all I have to do is give you these 4 pieces of information?" That conversations would have been amazing.
Most people don't communicate that way. Most sales people think that way. I would like to challenge you to take your conversations a step further.
Don't think in terms of feature(what your product is). Don't communicate in terms of benefit (what your product does). Instead communicate in terms of real benefit (what your product does for THEM). Specifically for them, and how it changes their life. How, if you solve their problem, what happens to their business communicated in a style that you can articulate and they can picture.
Incredibly powerful moment, and one that I thought would help you guys be better in communicating your real benefit to your customers and prospects.
I hope it helps. It's my hope you learned a lot. Thank you for taking the time today to dig into this Windshield Wisdom. If you have any questions please, you know where to find me. Don't hesitate to call my direct line at (715) 897-0879. My email address is [email protected] I'm on Facebook as Sales Math. I'm on LinkedIn as Matt Middendorp. Your feedback means so much to me. Keep bringing it, and I will do my best to bring you information that will change your lives and businesses.
Until next week, go out. Make sales. Be happy. Be successful.
Matt Middendorp is a nationally acclaimed speaker and sales coach with over 20 years of experience turning connections into customers and advocates. In 2013, Matt founded Sales Math, and debuted his “Formula for Success” sales training system to bankers across the country. From the beginning, Matt’s clients have experienced learning that is fun, meaningful, and makes a difference in the real world. Today, Matt’s core philosophies of “Learn Together, Do Together, Grow Together” are taught through in-person coaching, online as part of the Cool Bankers Academy, and by his leadership of the Cool Bankers Club Facebook Group. His clients are making millions based on the confidence and skills gained from learning a sales process tailored to their individual personalities and businesses. For information about training and workshops visit www.Sales-Math.com, call (715) 897-0879, or email Matt personally at [email protected]
And I promise absolutely no spam!