The Art of Value Storytelling: Bridging Value Selling and Outcome-Based Selling
Two popular methodologies are value selling and outcome-based selling, each with its unique emphasis and techniques. However, as the landscape evolves, integrating these approaches into a cohesive strategy is a core focus area. This is where the concept of “Value Storytelling,” plays a transformative role in bridging value selling and outcome-based selling. Value Storytelling not only addresses the intrinsic benefits of a product but also emphasizes the ultimate outcomes. This weaves a narrative that covers all bases—from addressing customer pain points to achieving their broader organizational goals.
Understanding Value Selling and Outcome-Based Selling
“Value selling” and “outcome-based selling” are two approaches in sales that, while they share some similarities in aiming to demonstrate the value of a product or service to the customer, have distinct focuses and methodologies.
Value Selling
This methodology focuses on the intrinsic benefits and features of a product or service that add value to the customer. The key aspects of value selling include:
Product Features: Highlighting how the specific features of a product or service can solve problems or improve the customer’s situation.
Cost-Benefit Analysis: Demonstrating the potential return on investment or cost savings the customer can achieve by using the product or service.
Differentiation: Emphasizing what makes the product or service better or different from competitors’ offerings.
The goal in value selling is to make the customer see the impact of the product as it stands, often highlighting how the product’s attributes align with the customer’s immediate needs.
Outcome-Based Selling
The outcome-based selling methodology takes a broader view by focusing not just on the product’s features, but on the specific outcomes or results that the product can help the customer achieve. The key aspects of outcome-based selling include:
Customer Goals: Starting with a deep understanding of the customer’s long-term goals and desired outcomes.
Tailored Solutions: Offering solutions that are closely aligned with achieving those specific customer goals, often involving customization of the product or service.
Evidence and Metrics: Using data and case studies to show how similar solutions have successfully achieved desired outcomes in the past.
Outcome-based selling is more holistic and consultative, often involving a partnership approach where the seller may work more closely with the customer over time to ensure the outcomes are achieved.
Value Storytelling: A Comprehensive Approach
Value Storytelling encompasses the strengths of both value selling and outcome-based selling. Here’s how it creates a powerful narrative that resonates on multiple levels:
- Addressing Customer Challenges and Pain Points
The first step in Value Storytelling involves a deep dive into understanding the challenges or pain points that the customer is facing. This aligns with outcome-based selling’s focus on the customer’s needs and pain points, positioning the narrative to address these issues from the outset.
- The Impact of Inaction: The Cost of Doing Nothing
A crucial part of our narrative is highlighting the cost of doing nothing. This not only underlines the urgency of addressing these challenges but also sets the stage for discussing the value our solution provides, a key aspect of value selling.
- Creating a Vision for a Better Future
Here, Value Storytelling overlaps significantly with outcome-based selling. We help paint a picture of what the future could look like with our solution in place. This vision crafting isn’t just about the end goals but also about the transformative journey the customer will embark on.
- Tailored Solutions: Personal and Organizational Outcomes
Our approach emphasizes customized solutions that are designed to achieve specific outcomes. These outcomes are both personal (affecting individuals within the organization) and organizational, showcasing our understanding of the various levels at which change needs to occur.
- Building Trust Through Evidence and Metrics
Finally, trust is a critical component of Value Storytelling. Similar to outcome-based selling, we use evidence, metrics, and case studies to back up our claims and show how we have achieved similar results for others. This evidence-based approach not only supports the value we promise but also reassures the customer of the achievable outcomes.
Value Storytelling is not just about combining two methodologies—it’s about creating a narrative that is deeply resonant and effectively tailored to meet and exceed customer expectations. By addressing the customer’s immediate challenges and the broader impacts of these challenges, while also outlining a clear and desirable vision of the future, Value Storytelling encapsulates the essence of both value and outcome-based selling. In doing so, it builds a compelling case for action based on trust and proven results, ensuring that the solutions provided are not just heard but felt and acted upon.
Learn more about how you might articulate your value story with our Value Storytelling Framework.
