Bob Burg is a best-selling author and popular speaker. In his books (with co-author John David Mann), The Go-Giver and Go-Givers Sell More, Bob explains the Five Stratospheric Laws of Success. The first law is The Law of Value.
Laws of Value and Compensation
- What is the best thing you can share about pricing?
- Unless your last name is Walmart, making low price your value proposition is probably not a good idea.
- When you sell on price, you are a commodity. When you sell on value, you are a resource.
- Can you unpack The Law of Value from your book, The Go-Giver?
- There is a difference between price and value. Price is a dollar amount.
- Value is the relative worth or desirability of the end result to the customer.
- Example: An accountant sets a price of $1,000 to prepare your tax return, saving you $5,000 in taxes.
- The accountant gave more in use value than he received in cash value.
- Can you unpack The Law of Compensation and connect it to the Law of Value?
- The more people whose lives you touch with exceptional value, the more money with which you will be rewarded.
- The third law is The Law of Influence.
- All things being equal, people will do business with those they know, like and trust.
- What is the difference between creating value organically and focusing on the specific value for the customer?
- Giving value because that is who you are (your character) is being congruent.
- Two types of value we communicate to a customer: intrinsic value and experience value.
- Five categories of value you can add to a product or service: Excellence, Consistency, Attention, Empathy, Appreciation
- When we are in a relationship with a customer, we focus even more on value.
The Role of Questions
- Kirk explains the books in the Go-Giver series.
- The Go-Giver is a parable about how a salesperson learns the Five Laws of Stratospheric Success.
- Go-Givers Sell More explains how to implement each of the five laws in-depth.
- What is one of your favorite questions to ask a customer?
- Selling is finding out what someone needs, wants or desires. You find out by asking questions.
- There are 3-4 questions you can ask each customer, depending on your market segment.
- Chapter 16 of Go-Givers Sell More explains feel-good questions.
- Feel-good question are designed to show a genuine interest in the other person.
- As an example: How did you get started in the _____ business?
- One Key Question: How can I know if someone I am speaking with is a good prospect for you?
The Role of a Salesperson
- How do you define the role of a salesperson?
- The person who helps another get what they need, want or desire.
- Selling at its core, and more profitably, is about giving (creating value).
- The English root word for “selling” means “to give”.
- What is a step someone can take today to starting acting like a “Go-Giver”?
- Pick one of the Five Laws of Stratospheric Success and take one step to implement it each day.
- Jared Easley, host of Starve the Doubts, connected Bob and Kirk for this interview.
- What is one of your best stories of creating value?
- Bob gets comments and letters explaining the value they have from interacting with his team.