Features vs benefits
Your solution may do a lot of things but ultimately you can deliver value to your customers in only three ways. You can reduce costs, increase productivity, or as a byproduct of those, increase profits. Those are the only outcomes that are possible.
But wait you say… my product does a lot more than that.
Yes, your product may include a broad range of capabilities, but those are features of your product, not benefits. It’s a common trap we see during many sales. Rather than talk about value, when pressed, a salesperson often turns to reciting a list of features. That makes sense since a lot of time is spent during sales training sessions reviewing how the product works and what it does, but it’s not the most effective way to close a deal.
You’ve put a lot of effort during the prospecting and sales phases into getting in front of the customer with your message. When you list a feature, you’re leaving it up to the prospect to link that feature to a perceived value for them. Make it easier for them and lead with benefits.
Take a look at the features of your product and see if you can put them under the three benefit categories. Your accounting solution may automate the monthly close, and it’s likely you spent time during sales training reviewing that feature but let’s present that feature as one of the ways you’ll help increase the productivity of your prospect’s accounting group.
For example, you could say: “There are 6 features of our solution that we’ve seen drive increased productivity for the accounting team, in most cases by more than 5%. These features include…” That’s all it takes. Every time you list a feature be sure to tie that to a benefit.
This little change in how you present the features of your solution will have a big impact on your win rate.