The nature of selling is changing. The days of being able to blandly sell anything to anyone are over, and we need to adapt. In the past, it was enough to show up at a retail store or trade show and make a pitch. Now, people have so many choices available that they don't want traditional pitches anymore. They want value!
In a nutshell, that's 'transaction of value'. Selling (or the sales process) put in a package that's different from the traditional package. It's a mindset in which you see the world through a different lens thereby approaching the market in a different way. How often do we change our lens in which we view the world?
Value Is Subjective
Value can be anything that a customer perceives as valuable to them, and the value they assign to a product or service often has nothing to do with its 'actual' price.So how can you give customers something of value? First, make sure you're selling what you think you're selling—and not just the product itself.
If I'm buying eggs from a grocery store, for example, the price isn't what I care about; it's the convenience of buying them that matters most to me.
So if someone offered me better prices on eggs but required me to go pick them up myself at their farm instead then they're not giving me enough value compared with the former option.
But on the other hand, another person would prefer going to the farm to pickup the eggs, meet the farmer and interact with him/her. This is where the value is for that person.
Value Doesn't Mean Money
Value can be many things, but it's not necessarily money. It is a function of perception, the perceived benefit to the customer.How does this relate to money?
Traditionally, money is the most common form of payment for goods or services but there are also other forms. We all know money is not value itself—it's just a medium that facilitates transactions of value between two parties who perceive each other as having something valuable to offer each other.
You are selling someone value, it just so happens they give you money as an exchange.
You may be thinking "But this means I'm not selling a product or service".
If you think that, then you're right. Look at it this way: when you buy a meal at a restaurant, the waiter or waitress is giving you the food and drinks in exchange for your money. They are giving you the value of their work clothed in a product or service.
The Background Process
In business, we are constantly exchanging something of value for money. Be it trading our time, expertise or knowledge. In other words, you can exchange your time for money by working for someone else (time), starting a business (time) or getting a job (being in the right place at the right time).By understanding the difference between underlying value and perceived value, we are able to provide customers with a more 'robust' concept of what they are receiving in return. Robust in a sense that we can source what the value is.
In this day and age, businesses don't just sell products anymore—they help people solve problems and make their lives better. The result? Customers trust them more and buy from them more often.
Conclusion
There are ways to approach this idea of "Value" that is frequently transacted in the business world.If I could summarize it in one sentence: You are selling someone value and they are buying from you because they believe they are getting something in return that's more valuable than the money they gave you. That's basically when a transaction happens.
Thanks For Reading!
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