Features vs Value. The Coaching Session that Transforms Sales Teams.
Today, we talk coaching.
I have coached 100+ salespeople in my career so far.
If you ask me what kind of leadership style I have, my style is a blend of compassionate leadership + coaching.
I'm obsessed with coaching, frankly.
Coaching is usually a must-have meeting on my meeting schedule. It is the most critical meeting.
Most salespeople, indeed those selling software or products in early-stage startups, focus on the features of their products.
There are multiple reasons for this:
It's easier to sell the features; features are visible, explained, and easy to understand.
They have been exposed to the founders, who are more inclined to teach you the features they built.
They tend to follow the customers' perspectives conversation, which is, by default, attracted by the features.
However, this is where most people fail.
This is where most deals fail.
I have seen this over and over.
Focusing on the features of your early-stage products it's a road to struggle.
By definition, recently launched products have limited features or can't compare with other, more established ones.
Focusing on selling those features is like digging your graveyard.
And I will tell you one secret.
People don't buy only features; they buy stories and brands, and most importantly, they buy the expected value.
Alright, let's dive in.
Sales teams need to be coached consistently on this topic.
It's like going to the gym; you must do it consistently to see results.
That is why I love the features vs values coaching session.
Credit goes to my friend and previous boss at Cloudbeds, Mark Bloomquist.
Mark was our sales director, leading Cloubeds' global sales team.
Mark was obsessed with features vs values.
He would always ask this question: "Tell me the value associated with X, Y, Z feature".
One day, he started running coaching sessions, which I implemented later with my teams.
The Features vs Value Coaching Session
Gather your team.
Open a blank spreadsheet.
Ask them to list your product features.
One by one.
After they do it, ask them to tell you the associated value that your prospect has from the features.
Challenge them; if they are too generic, ask them to be specific.
The goal is to mention the feature but consistently deliver its value.
Avoiding in this way to do what's called 'features selling' and move onto 'value selling'.
It's a different way of pitching your product and a whole mindset change. The focus is the prospect's view and what they gain.
Next time you think about feature X, explain the value Y associated with it.
Examples of values are:
Time-Saving
Efficiency
Cost saving
Improved communication, operation, etc
Cost Reduction
These are by far the most effective coaching sessions I have ever run.
Summary
Most sales reps keep selling the feature, forgetting the value.
While this is ok sometimes, you will lose your deals in the long run.
People buy features, but they also buy the value associated with it.
It's your job to have a value-driven conversation and make sure that you highlight it during customer interactions.
Features bring your prospects in front of you, but you must show them the value to close them.
I hope this helps; see you all next week.
