How To Market and Sell
Using Analogies
by
Paul Di Modica
When pricing your product or
service, often prospects do
not always believe your value
or worse they have a hard time
understanding it at all. Value
today must be marketed and
sold in a three-dimensional
format so targeted prospects
can absorb into their buying
decision process.
The words you use and don't use
when communicating your value to
prospects are "Visual Brochures"
that paint images in the minds of
buyers.
So how do you communicate
value and influence a prospect to
"see" and believe your business
value?
One way to paint the
"Visual Brochure" of your value in
the mind of the buyer is by using
"analogies."
Analogy
* resemblance in some particulars
between things otherwise unlike
: b :
comparison based on such
resemblance --
Merriam-Webster Dictionary
Often prospects need assistance in
understanding the value of your
offering as it relates to other
investments they have or will
make. By using business analogies,
you frame for the buyer a
reference point that helps them
logically identify how your
offering compares to the dollar
allocation they currently
understand. Often, the competition
you sell against is not just other
companies who sell but other
investments the prospect may be
buying which are not in your
industry.
To increase your prospects'
acceptance of what you sell and
its value, use analogies. When
developing analogies, use two
guidelines:
Examples of where
your investment range is
comparable:
-
Selling a $50,000 restaurant
interior design consulting
contract to a prospect:
"Your investment
with us is the same cost of
buying a new walk-in freezer,
yet it gives you and your team
increased opportunities to
grow your business revenue by
increasing your restaurant's
ability to seat more
customers."
-
Selling a $30,000 consulting
contract to a prospect:
"Your investment with
us is like hiring an
administrative assistant in
your firm, yet the value we
bring will increase your
corporate revenue ten fold."
Example of where
your offering is similar:
-
Selling a $25,000 CRM software
application to a prospect:
"Your
investment in our CRM system
is like investing in a contact
manager program, but gives
your company increased ability
to manage your prospect's
long-term values proactively .
. . instead of reactively."
How to Develop Analogies for Your
Business
-
Pick a price point of what you
are trying to sell.
-
Make a master list of other
investment examples that your
prospect invests in.
-
Create a story about the
comparison.
-
Determine how your investment
value is greater than the
analogy it is being compared
to.
One good investment analogy . . .
is worth five hours of
negotiation.
To
your success,
Top-performing organizations are
increasing their companies' revenue,
within a constricted economy by
investing in business growth
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