What are benefits
When selling, a benefit is a positive outcome or advantage that a product or service provides to the customer. It is the value that the customer will receive from purchasing the product or service. Benefits are often used in marketing and sales to communicate a product’s or service’s value to potential customers. They focus on what the customer will gain by using the product or service rather than just describing its features. For example, a benefit of a lawn mower might be that it will save the customer time and effort in maintaining their lawn. A benefit of a car insurance policy might be that it will provide financial protection in the event of an accident. A benefit of a weight loss supplement might be that it will help the customer lose weight and improve their overall health.
Why buyers care about benefits
Benefits are significant to buyers because they provide a clear and tangible understanding of how a product or service will improve their lives. It helps the buyers justify the cost of the product or service and make an informed decision on whether to purchase it.
- Helps buyers make a decision: By understanding the benefits of a product or service, buyers can weigh the pros and cons and decide whether or not it is a good fit for them.
- Provides value: Benefits help buyers to understand the value they will receive from purchasing the product or service. This can help to justify the cost and make the purchase decision more appealing.
- Aligns with buyers’ needs: By focusing on benefits, sellers can align the product or service with the buyer’s needs and wants, making it more likely that they will purchase it.
- Differentiates from competitors: By highlighting unique benefits, a seller can differentiate their product or service from competitors and make it more appealing to buyers.
- Builds trust: Benefits help to build trust with buyers by showing them how the product or service will improve their lives. This can help to establish a long-term relationship with the customer.
Benefits are significant to buyers because they help them understand a product’s or service’s value, make an informed decision, and justify the cost. They also help sellers to differentiate from competitors and build trust with buyers.
Communicating benefits to buyers
There are several advantages to communicating benefits to buyers:
- Improved efficiency and effectiveness: By identifying and addressing problems, it’s possible to create more effective and efficient systems and processes. This can lead to increased productivity and better results for buyers.
- Cost savings: Addressing problems early on can save time and resources in the long run. Addressing problems as they arise can help prevent them from becoming more severe and costly.
- Increased customer satisfaction: By identifying and addressing problems, it’s possible to improve the customer experience and increase customer satisfaction. This can lead to increased loyalty and repeat business.
- Better decision-making: By identifying and understanding problems, making more informed and effective decisions is possible. This can lead to better outcomes and improved results.
- Increased adaptability: By addressing problems, it’s possible to identify and address potential issues before they occur. This can increase the organization’s ability to adapt to changing circumstances and stay competitive.
- Improved employee engagement: By addressing problems, it’s possible to create a more positive and productive work environment. This can lead to increased employee engagement and motivation.
- Continuous improvement: By identifying and addressing problems, it’s possible to learn from mistakes and improve over time. This can lead to continuous improvement in systems, processes, and results.
In summary, identifying benefits such as efficiency, effectiveness, and overall performance create a great way to dialogue with prospects.
What benefits do executives care about most?
Like any other buyers, executives are primarily interested in benefits that align with their specific business needs and goals. However, some primary benefits that executives tend to care about include:
- Increased revenue: Executives are often focused on increasing revenue for the company. Benefits demonstrating how a product or service can increase revenue, such as by increasing sales or reducing costs, will be of particular interest.
- Improved efficiency: Executives want to run their businesses as efficiently as possible. Benefits that can help to streamline processes, reduce waste, or automate tasks will be of interest.
- Competitive advantage: Executives want to gain a competitive advantage in their industry. Benefits that can help to differentiate their company from competitors, such as by increasing innovation or improving customer satisfaction, will be of interest.
- Risk management: Executives are concerned about managing risks that may impact the business. Benefits that can help to mitigate risks, such as by improving security or compliance, will be of interest.
- Return on Investment (ROI): Executives want to ensure that their investment in a product or service will provide a good return. Benefits that demonstrate a clear and measurable ROI, such as by reducing costs or increasing revenue, will be of interest.
- Scalability: Executives want to ensure that the solution can grow with their business and handle the increasing volume of data and transactions.
- Flexibility: Executives want to ensure that the solution can be customized to meet their specific needs and requirements.
- Innovation: Executives want to ensure that the solution is up-to-date with the latest technologies and can help the company to stay ahead of the competition.