Posted by David Bennett
Wed, 07 Jun 2006 15:18:00 GMT
The Power of KNOW: It’s All About the Value Proposition
Yes, you CAN win any listing or sale … or at least get out of the unwinnable ones before you’ve invested too much selling time!
In a sense selling is so simple. Any customer who is even considering a purchase of a product or service has a value proposition in their mind, i.e., more than "need", a vision of the results they will gain from making a purchase. You sell successfully when you meet or exceed the customer’s expected value proposition. You fail when you come up short (your value proposition doesn’t align with or meet the customer’s) or the competition creates a better value proposition.
The key to offering a compelling value proposition is in knowing the customer’s expected value proposition, not just their stated needs. Too often as sales reps we ask a few need-type questions then take our value propositions (list of product benefits?) and pitch them to the customer, looking for a fit. We do it because it’s easy, quick, and doesn’t require us to do a lot of "knowing", i.e., exploring to find the customer’s expected value proposition.
Posted in Do Your Own Research, Consumer Research, Interviews with customers/clients, Know what the Customer Values
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Posted by David Bennett
Fri, 09 Jun 2006 17:01:00 GMT
If value is in the ear of the beholder, then listen to your own words from the customer’s perspective and realize it’s all about what they are buying, not what you are selling. The following guidelines will help you ease the transition into their world.
1. Start with Needs – Why do clients/customers engage your services? It is not because they want services such as a CMA or Internet advertising or contract negotiations. It is because they need to be assured the price they ask for their home is in the correct range; they need negotiating skills which, in turn, give them reassurance they are getting a fair deal, if not an excellent one; they need to sleep better at night knowing their risks are reduced through your expertise.
Think in terms of what client needs you can fill, not what services you can offer. Clients/customers may not always understand what your services are all about, but they certainly will understand how relieving their stress and worry or reaching their target return on investment impacts their lives.
2. Ask Your Clients – If you already have customers, then ask them why they decided to work with you in the first place. What is it that made you distinct in their minds when they chose you? What benefits did they gain from the work you have done? How would they describe your work to a colleague if they were to recommend you? (If you don’t yet have customers, find prospects and ask why they use your type of services.)
Listen carefully to your their answers. Listen for key words or phrases that are used frequently. Listen for the real hot button needs that evoke strong emotion or conviction. Suspend any preconceived idea of what you are about to hear. By listening with an open mind, you will most likely be surprised, and will discover the real value you provide.
Posted in Listen to what people say, Interviews with customers/clients, Consumer Research
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Posted by David Bennett
Wed, 14 Jun 2006 17:07:00 GMT
Listen to what people say in every one-on-one situation.
Talk to your office staff and your personal assistants regularly. If they are on the front line, they may be hearing comments that will never be expressed to you.
When you are in social gatherings and in non-real estate situations (even in doctor’s offices waiting on your appointment) take advantage of the opportunity to strike up a conversation and find out about what people think about the real estate experience. In the guise of a friendly conversation, you can glean a lot of detail. The key is not to become defensive. Just ask and then listen.
Have a session in your office where you all share complaints – no matter how they come in: letters, email, in person. This may tend to give you a view of your customers when they are unhappy and dissatisfied. But you’re better off listening to them when they are complaining, than not listening at all.
Posted in Continuous Feedback and Improvement, Listen to what people say
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Posted by David Bennett
Mon, 05 Jun 2006 15:16:00 GMT
The NATIONAL ASSOCIATION OF REALTORS periodically surveys homebuyers and seller to gather detailed information on the home buying and selling process. These surveys provide helpful information on the role of real estate professionals in the home sales transactions. The 2005 NATIONAL ASSOCIATION OF REALTORS Profile of Home Buyers and Sellers provides insights into what buyers and sellers’ expectations are and what they value with regard to the services real estate professionals provide.
Posted in Consumer Research, NAR Research
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Posted by David Bennett
Mon, 05 Jun 2006 15:09:00 GMT
In the 2005 Profile of Home Buyers and Sellers, buyers said the following are the most important factors in choosing an agent to assist in the purchase of a home:
41% said the reputation of the real estate agent was the most important factor.
24% said the agent’s knowledge of the neighborhood was the most important factor.
7% said the agent’s association with a particular firm was the most important factor.
4% said professional designations held by the agent was the most important factor.
24% named a variety of other factors.
Posted in NAR Research, Factors in Choosing an Agent, Consumer Research
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