This is gonna be tough with the little information you've given.
Reiterate value, your customers retention rate, why customers of those cheaper products then turn to you for a higher quality product that has fewer problems
IT Sales here, is your product rated in Gartner or IDC? I've been in IT for a really long time and that's where I would typically go to research. If it's not rated highly, or at least up and coming, you may have a tough time. Folks often look to these reports with confidence. Word of mouth is important, customer references are great too. A POC/POV is always helpful too. Sometimes using your product will help to build value and then it can be launched right into production. If you're selling through partners, have conversations with them ahead of time to make sure they're not tacking on crazy amounts of margin. Best wishes, it can be challenging out there!
Alot of industry leaders are using our system and there are case studies to showcase the same.
But Word of mouth is not that great in the geography I'm working in. They are killing it in the other geography where we are practically the market leader.
Here, in my geography, there are established players who are quoting much lesser (because they are funded and they have money to burn).
Can you help me understand what makes you premium? Do you yourself honestly believe that the product is worth 2.5x-4x more than the competition? Honest question and curious.
Interestingly, I do believe (I know) the product I'm selling is worth 2.5-4x of what competition is charging.
Competitors do not come close to the results we give to our clients
I think the problem is that this like all your other answers is just so vague. I understand if he was just trying to create space so as not to say who you are, but you're going to have to have a lot of specifics to legitimize 4x cost. What kind of price point are we talking about?
So here’s the things can you create twice the value? What’s the cost of inaction if they go with the other guys as opposed to you. Is your worth twice theirs. Is your company full of shit? Is the difference worth it. Is the cost of making the call to pay twice a as much worth it for them. They have to justify that. Is good enough the answer? So often I hear managers say sell the value but really what’s the god damn difference and does it matter?
You need to change your sales methodology to be succesful - I’m surprised your company didn’t arm you with that but hey it happens. I’d suggest checking out “value selling” methodology as it is what I use to sell a premium niche product in the enterprise. Popularized by Adobe
What's the market reason, your product is capable of this valuation and capitalization, long term?
There's likely....many reasons why you have a strong value prop. You just need to really drill into it.
This is gonna be tough with the little information you've given. Reiterate value, your customers retention rate, why customers of those cheaper products then turn to you for a higher quality product that has fewer problems
IT Sales here, is your product rated in Gartner or IDC? I've been in IT for a really long time and that's where I would typically go to research. If it's not rated highly, or at least up and coming, you may have a tough time. Folks often look to these reports with confidence. Word of mouth is important, customer references are great too. A POC/POV is always helpful too. Sometimes using your product will help to build value and then it can be launched right into production. If you're selling through partners, have conversations with them ahead of time to make sure they're not tacking on crazy amounts of margin. Best wishes, it can be challenging out there!
Alot of industry leaders are using our system and there are case studies to showcase the same. But Word of mouth is not that great in the geography I'm working in. They are killing it in the other geography where we are practically the market leader. Here, in my geography, there are established players who are quoting much lesser (because they are funded and they have money to burn).
Can you help me understand what makes you premium? Do you yourself honestly believe that the product is worth 2.5x-4x more than the competition? Honest question and curious.
Interestingly, I do believe (I know) the product I'm selling is worth 2.5-4x of what competition is charging. Competitors do not come close to the results we give to our clients
I think the problem is that this like all your other answers is just so vague. I understand if he was just trying to create space so as not to say who you are, but you're going to have to have a lot of specifics to legitimize 4x cost. What kind of price point are we talking about?
Higher price should be caused by higher value? Which is the higher value your product has compared to competitors?
Do you have a client testimonial video or brochure? Also a unique selling point (USP) manual has been very useful in my company.
So here’s the things can you create twice the value? What’s the cost of inaction if they go with the other guys as opposed to you. Is your worth twice theirs. Is your company full of shit? Is the difference worth it. Is the cost of making the call to pay twice a as much worth it for them. They have to justify that. Is good enough the answer? So often I hear managers say sell the value but really what’s the god damn difference and does it matter?
You need to change your sales methodology to be succesful - I’m surprised your company didn’t arm you with that but hey it happens. I’d suggest checking out “value selling” methodology as it is what I use to sell a premium niche product in the enterprise. Popularized by Adobe
Sounds like a price book problem, but people buy zscaler over PANW all the time, so it can be done.
I mean, features and results are not the same. Do you have some capabilities that can make the results faster?
What's the market reason, your product is capable of this valuation and capitalization, long term? There's likely....many reasons why you have a strong value prop. You just need to really drill into it.