Pitching Innovative Products: Overcoming the Low-Value Mindset

All right, here's a question. How do you present high value when selling an innovative new product the market has never seen before in a typical low value market? Now, it's an interesting question because like why would you develop a product for a lowv value market? So, I have to believe whoever developed the product had some high value in mind. So, I would challenge the notion it's a lowv value market. Even if customers are in a lowv value market, what do customers desire? Clients, companies to move into a highv value market. So if your product or service can help them move from low value to high value, that's where you begin your pitch. Number two, I want you to think about the value trinity I always talk about. Every company is interested in increasing revenue, reducing cost, or expanding market share. Let me say that again. The value trinity. Increase revenue, reduce cost, or expand market share. If your product can show them how to do one, two, or all three, then that's how you begin positioning the product. Again, even if it's a new product and it's innovative, right? If they see the value to increase revenue, reduce cost or expand their market share, they're going to be interested. That's the job. That's what you have to do. Number three, I would say it's risky, right? When you're introducing an innovative product into a market, it is risky. So what is your job? Your job is to try to mitigate reduce that risk. How could you do that? Now think about the iceberg analogy. I talk about this often. On top of the surface you see 10% of the iceberg. Below the surface there's 90%. Too often we spend most of our time talking about the 10% above the water line which is feature benefit advantage gain of our product. But underneath the waterline there's fear reasons maybe they don't want to do it. So our job is to actually address those reasons underneath the waterline. So for example, if they think integrating this new product may delay delivery time, how can you assuage them of that concern? If they think a new product will not be adopted, what can you do to ensure adoption? So again, these are some of the concerns, the unstated concerns that the customers might have. So you got a three-prongong attack here. One, every company wants to move from low value to high value. In other words, they want to grow. Use the value trinity to tie your value to how they want to grow. Do they want to increase revenue? reduce cost, expand market share, or all of the above? And the last part, again, find ways to maybe even interrogate them and ask them, "What are your concerns? What would hold you back from trying this new innovative product? " And they may tell you. Hopefully, if they trust you, they will tell you. Well, here's what we're concerned about, Victor. A B C D. Now, if you hear those ABCD reasons often enough of why people are hesitant to go with your product or service, then your job is to figure out a way to mitigate reduce the risk of actually buying this new innovative product. And that's how you sell an innovative product into a lowv value market.