Get Your Price!: Value-Based Strategy for Capital Equipment Companies

Get Your Price!: Value-Based Strategy for Capital Equipment Companies

by Michael Chase

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Overview

Get Your Price!: Value-Based Strategy for Capital Equipment Companies by Michael Chase

Capital equipment professionals, do you want more customers at higher prices? Are your customers treating your products like commodities? Are your competitors' getting more aggressive? Do you crave more persuasive marketing messages? Does your sales team need help defending prices? If you answered yes to any of these, then this book is for you. Get Your Price! is the first-ever book that shows you how to implement a value-based strategy in a capital equipment company. You'll learn how to avoid the commodity trap, create products with compelling value propositions, and secure value-based pricing.

Product Details

ISBN-13: 9781483565811
Publisher: BookBaby
Publication date: 05/09/2016
Sold by: Barnes & Noble
Format: NOOK Book
Pages: 222
Sales rank: 1,080,467
File size: 6 MB

About the Author

Michael Chase is a veteran of the capital equipment industry and the president of Tekcess International, a consulting firm that helps capital equipment companies grow and compete. Mike is also the author of "Equipped to Win" and publishes "Equipped", a monthly management newsletter for capital equipment professionals. To learn more about Mike and Tekcess International, visit www.tekcess.com

Table of Contents

Acknowledgements xi

Introduction xiii

Part I Value-Based Strategy Demystified 15

1 Value-Based Strategy Defined 17

Strategy Defined 18

What Makes A Strategy Value Based? 19

2 Why You Can't Sell Value 23

Roadmap to Selling Value 24

Rate Your Value-Selling Capability 25

The Secret to Selling Value 28

3 The Losing-On-Price Myth 31

Don't Believe CRM 32

The Only Time You Lose On Price 32

The Real Reasons You're Losing 32

What to Do 33

4 Value Selling: The Tail Can't Wag the Dog 35

The Value-Selling Prescription 36

Value Must Be Created Before It Can Be Sold 37

5 Seven Signs Your Value-Based Strategy Isn't Working 39

Value Propositions Don't Express Value 40

Price is Top Lost-Order Cause 40

Prices Are a Function of Cost 41

Prices Are Determined At Market Launch 41

Your Products Look Like Christmas Trees 41

Sales Is Uncomfortable Defending Price 42

Precise On Price, Vague On Value 42

6 Four Reasons You Need a Value-Based Strategy 45

Avoid the Commodity Trap 46

Lower Costs 49

Best Leverage on Profitability 50

Potential for Near-Instant Results 52

7 Capital Equipment Companies Have It Easy 57

Emotions Complicate a Value-Based Strategy 58

Capital Equipment is Pure Economics 59

Buyer as the Enterprise vs. Buyer in the Enterprise 60

Not All Equipment Is Capital 62

Part II How to Define Value 65

1 Customer Defines Value, Define the Customer 67

The Customer Defines Value 68

Define Your Target Customer 71

Focus On Value Drivers 72

2 How to Get Closer To Your Customers 75

Consequences of Not Being Close 75

Share Your Strategy 79

Become Part of Your Customer's Community 81

Seek Enduring Customer Collaboration 83

3 Value Is Relative, Define the Competition 87

Value Is Relative 87

Who Are Your Competitors? 89

What You Need To Know 91

4 How to Develop Competitive Intelligence 93

Where to Find Your Competitive Intelligence 93

Who Does What 94

Establish a closed-Loop System 96

How to Plug the Tough Holes 98

Why Sales Fails To Get You Competitor Data 99

5 The Value Metric 103

Introduction to the Value Metric 104

Capital Equipment Value Drivers 106

Capital Equipment Comprehensive Value Expression 107

Pay Attention to Units 107

Six Steps to Create Your Capital Equipment Value Metric 109

Value Metric Definition Example 109

How to Determine Capital Equipment Market Value 114

Value-Based Pricing Defined 115

Don't Be Seduced By the Value Metric's Simplicity 118

Part III How to Create Value 119

1 Set Your Value-Advantage Target 121

Anticipate Competitors' Future Value 122

Quantify Capital Equipment Performance 123

Find the Benchmark-Value Line 126

Account for the Cost of Change 129

Set Your First-Pass Value-Advantage Target 130

2 Run the Create-Value Algorithm 133

3 How to Create a Value-Based Product Roadmap 137

Roadmap Scenario 138

Start With A Value-Based Roadmap Template 138

Populate With Value Drivers 139

Enter the Current Situation 140

Forecast the Competitor's Capability 143

Determine the New Product's Target Value Advantage 144

Create a Product Scenario to achieve The Target Value 145

Iterate Until Feasible 147

Part IV How to Market Value 149

1 Introduction to Marketing Value 151

Value-Based Strategy Definition Sets the Framework 151

It's a Commercial Conversation 152

It's Not Selling 153

It's Substantiating Value throughout the Sales Cycle 154

2 When and How To Bring Up Price 157

When to Bring Up Price 158

What Price Do You Show? 159

Connect Price and Value with Comparative Financials 161

With whom To Share Price 163

3 The Positioning Statement 165

Before: Empty Platitudes 166

After: Precise and Concise Positioning 167

Anatomy of a Good Positioning Statement 167

Four Rules for Effective Positions 170

Why It's Critical 171

4 The Why-Buy Presentation 173

Don't Educate, Motivate 174

Why-Buy Presentation Flow 175

Connect Problem to Solution 175

Establish Unique Ability to Deliver the Solution 178

Translate Unique Ability into Financial Value 179

5 Embrace the Tension 181

"We'll Never Pay Those Prices" 183

"Those Financials Are Too Simple" 183

"You're Competitor Data Is Wrong" 184

"Don't Refer To Your Competitors" 184

6 Build Your Sales Kit 189

Going Ad Hoc Is Not an Option 190

Structure of a Capital Equipment Sales Kit 191

Sales Cycle Vs. Sales Kit Elements 194

The Presentation Deck of Cards 195

7 Don't Fail the Demo 199

When to Use a Demo in the Sales Cycle 200

How to Prepare 202

Conducting a Successful Demo 204

Recovering From a Failure 205

8 Develop a Sales Force That Can Sell Value 207

Know What You Want Sales to Do 208

Train To Solve the Biggest Sales Issues 211

Commit To Continual Skills Development 212

Align Incentives 213

About The Author 219

Ready to Implement A Value-Based Strategy? 221

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