If people buy on value, why are we losing to features?

Question kind of says it all but for context my firm pushes value selling hard, we have former Force Mgmt people in leadership roles so it's definitely in the kool aid. I agree with the principles and try to employ them as much as I can, but I find myself losing deals due to feature/functionality all the time. And it's not usually competition, it's usually "your product is lacking X" or "We can't move forward until it does Y"


Any thoughts on this? Have you dealt with something similar?

👑 Sales Strategy
📈 Closing
☁️ Software Tech
8
DaveGreen
Arsonist
3
Head of Sales
Hm, I don't know - maybe it is the product? If you're constantly losing deals over missing features/functionality you're either (a) targeting the wrong people or (b) your product just lacks those core functions.
mrsexyspizza
Politicker
1
Mid Market AE
So would you say value-selling only applies if technical requirements are met?
Justatitle
Politicker
1
Mid Market AE
If people define value by having a certain feature set then that is why you are losing. And if management can't see that or know it but won't accept it because they don't want to concede the point then that is fine as well but they're not being honest with themselves. You will win deals based on your salesmanship. 
mrsexyspizza
Politicker
0
Mid Market AE
Makes sense. What do you mean on your last point - salesmanship?
Justatitle
Politicker
0
Mid Market AE
the value you build for them through the sales process you walk them through is what I was referring to there. 
whathaveyousoldtomorrow
Opinionated
1
sales
People make emotional decisions and back them up with logic. What emotional connection did they have with the competition? 
mrsexyspizza
Politicker
0
Mid Market AE
Most of the deals we lose aren't competitive, they result in doing nothing or sticking with the current (paper based) process.
poweredbycaffeine
WR Lieutenant
1
☕️
You can have the best deal in town, but if the tool doesn’t do what I need it to, then I’m not buying. Undercutting your competition on price is not going to hide your product flaws. Sure, you have 12 features and they have 8…but 6 of yours are half baked and all of theirs are clicking on all cylinders all the time. Why would I pay less to only end up having a larger headache?
mrsexyspizza
Politicker
1
Mid Market AE
Yep I agree. So essentially, I need to be repping a better product? Haha
Kinonez
Celebrated Contributor
1
WR Enthusiast
Perhaps they are other competitors that offer those features and the client expects your product to offer them.

if not that feature of features could be their real pain, and your products doesn't solve it. 

when ever you get these type of calls ask your prospects why they need these features so you can understand better and see if they are essential or not and why!
mrsexyspizza
Politicker
1
Mid Market AE
So would you say value-selling only applies if technical requirements are met?
Kinonez
Celebrated Contributor
0
WR Enthusiast
For sure if I don’t need you product o service, I don’t care about your features. 

I  try to take calls with the mentality of “how can I help my prospect” every question I ask has the intention of discovering and understanding their pain to see if I can solve it. 
goose
Politicker
1
Sales Executive
People buy to avoid risk but... change is a risk.  Have to bridge that gap.  Doing nothing may cost extra but it's the safe play for them.  If your product or service isn't closing the gap here then you will continue to lose.
mrsexyspizza
Politicker
1
Mid Market AE
So would you say value-selling only applies if technical requirements are met?
goose
Politicker
0
Sales Executive
Tough to answer.  This site involves different sellers, different buyers and different scenarios.  What I think about value (selling it, leading with it, etc) is that it only exists in the buyers mind.  Value to one buyer may not be valuable to another.  Value selling works if you can quantify the buyer's idea of value and understand that this is what they are after.

Me?  I'd pay more if the risk was lower and the outcome was more certain in many circumstances.
AnchorPoint
Politicker
1
Business Coach
People buy from those they like and trust - however, your solution still has to solve their problem!
mrsexyspizza
Politicker
0
Mid Market AE
So would you say value-selling only applies if technical requirements are met?
JdiggityR
Valued Contributor
0
Enterprise Account Executive
If the customer VALUES the features you don’t have more you have to come up with something they value more. If it’s $2 or $2M it’s too expensive if I don’t value it.
RedLightning
Politicker
0
Mid-Market AE
They're not buying software just to buy software. They're buying it to get to a destination or do a job/accomplish a task. If you can't help them do either, then you may be running into targeting issues. 

On the otherhand, if it's something like an integration or something that's icing on the cake then they may be looking to haggle a bit or you haven't hit on the pain points strong enough. 
13

Product Pricing - What are your best answers for customers who would start with 90% discounted price while negotiating?

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Discounting your price=Discounting the value of your product?

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I think I was just told to bring them a new client so they can use our product?

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