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The Law of Value with Bob Burg

The Law of Value with Bob Burg – 030

January 27, 2015 by Kirk Bowman Leave a Comment

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.

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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.

About Bob Burg

  • Author of The Go-Giver and Go-Givers Sell More
  • Sold over 1 million copies of his books combined
  • Wall Street Journal best-selling author
  • Website: www.burg.com
  • Twitter: @BobBurg

Filed Under: Episodes Tagged With: Positioning, Self-confidence, Value conversation

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