In the absence of value, every single selling situation degenerates to one thing…PRICE.
The more value you build into your presentation, the more valuable your product becomes to your prospect.
Features + Advantages + Benefits = Value
The price we ask must be equal to or less than the value that we are able to establish.
Your prospect will pay a higher price for your products and services if they feel the value you built justifies your asking price. In the absence of value, all that’s left to negotiate is the price. A high value will justify a higher asking price; a lack of value will justify a lower price.
Are you familiar with FAB statements as they relate to your presentation? They are an incredibly powerful sales technique that will substantially increase your sales when you master using them successfully.
Your primary focus in selling must be to make it absolutely clear that what you are offering is of value to your prospect. You must explain how your prospect will benefit from ownership. The most effective way to do this is with FAB statements. FAB statements help paint the picture as to why your product or service is the most effective means of fulfilling your prospects’ needs. It connects the physical features of your product to the benefit the prospect wishes to receive. The benefit of your product is the reason why your prospect must own it.
Why use a FAB Statement?
- They build value in your product and increased value justifies the asking price.
- You control the direction of the discussion and presentation.
- You can better understand your prospects’ needs.
- They reduce the chances of you data dumping.
- The prospect will often reveal buying signals.
- You will address their WIIFM.
It doesn’t matter if you’re the largest, the shiniest or the fastest. How do you know if any of that is important to your prospect?
Your prospect will always be thinking WIIFM – “What’s in it for me?”
FAB statements are the most effective and valuable techniques to present your unique features, explain their associated benefits and build value in your product or service. Effective use of FAB statements will result in increased sales. When you present your products, always remember to translate your features into advantages and then advantages into benefits. The benefit of your product is the reason your prospect will buy from you, as it is the WIIFM that they will remember most. With practice, you will be able to turn that benefit in to a hook; a trial close that connects all the dots. Your hook gets them to confirm the benefit is important to them.
- Feature – actual components of the product (What is it?)
- Advantage – what the result of having the feature is (What does it do?)
- Benefit – how your prospect will benefit by having the feature (WIIFM?)
- Hook – ties the benefit into a trial closing question
It is not uncommon to have many different benefits associated with your unique product features, so adjust your benefit statements to reflect your prospects’ specific needs.
Following every feature and/or advantage you mention, transition into what the benefit to your prospect is.
- “What it means to you is…”
- “Providing you with…”
- “What this does for you is…”
- “Which means you will benefit by…?”
- “Therefore you will be able to…”
FAB Statement Examples if I were selling a hot tub
Built in Steps
“Our ‘easy entry’ cascading steps (feature) make spa entry and exit safer and easier (advantage). What this means to you is whether it’s your kids, Grandma or yourself, you will have the safest, most stable and secure way to enter and exit your hot tub (benefit). Do you think that safety is important to Grandma? Do you think she would use and enjoy the spa more if she felt safe moving in and out of it (hook)?”
The feature is waterfalls. The advantage is they create the sound of ocean waves or a babbling brook. The benefit is deep mental relaxation as your mind drifts a thousand miles away to a tropical beach.
“Mr. Prospect, one of our most popular options is our ribbon waterfalls (feature). They mimic the sound of a babbling brook (advantage). What this does is put your mind into an incredibly relaxed, stress-free environment. By simply closing your eyes and listening to the waterfalls, your mind will drift a thousand miles away to a tropical beach with the rolling waves in the background. The massaging jets will relax your muscles, while the waterfalls will relax your mind (benefit). Relaxation is important to you, isn’t it (hook)?”
“Mr. Prospect, please close your eyes for just a moment and listen to the sound the waterfalls create. How would that make you feel after one of your long stress-filled 12-hour days?”
Does that FAB statement sound effective in painting the picture? Would that detailed description help your prospect make an emotional connection to your spa as compared to you simply saying, “We have three waterfalls”?
What are your favorite methods to build value in your presentation?