The Value Must Outweigh The Investment

Did you ever notice that when you decide to buy something your mind often conducts a conversation with itself? We ask ourselves questions like, “Do I really need this? Should I spend the money? Can I get it for less someplace else? Is it really going to do what I want?”

There are hundreds of these self-talk kinds of questions that ping away inside our minds. However, there is one question that almost always gets asked in some kind of way and that is, “Does the perceived value of what I’m buying outweigh the investment?”

Perception is reality at these moments. Nobody really needs a car that costs $250,000. But, the people who buy them perceive that the value for them (status, pleasure, ego, etc.) will outweigh their investment.

Your customers and clients do the same thing when you ask them to buy your product, service or even your ideas. They must perceive that what you are offering has enough value to offset their investment. Too many people try to sell someone without ever having created enough value so that when the customer’s mind asks that question, “Does the value outweigh the investment?” The mind answers back “NO” and a sale is lost.

How do you create value? You begin by asking questions and listening. It’s imperative to find out what people believe they want and need. You ask questions that begin with “Who, What, Why, When, Where and How.” Sometimes these are called interrogative questions. I call them Value Development Questions.

I like to think of an old fashioned balance scale when I’m listening to a customer. I know that by asking questions, I will be able to create enough value on one side of the scale to outweigh the costs and any possible objections. And, remember, never start selling and offering solutions until you have really listened and gotten all the answers you need. If you listen first and sell later, closing a sale will become the easiest part of selling for you. You won’t need any tricky questions or manipulative tactics. Put enough value on that one side of the scale and the customer will often say something like, “Sounds great. Let’s do it.”

By the way, creating value first will work for you whether you are selling multimillion dollar products, professional services, or an idea to your children.

We’ll talk more about asking the correct questions for your particular product or service in future editions of The Daily Doughnut.

Price is what you pay. Value is what you get.
Warren Buffett 1930-, American Investment Entrepreneur

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