And when I use the word “FAB” it’s not as in Fab Five. It has more to do with understanding the difference between features and benefits. Features (characteristics of a product or service) support the benefits or value to the prospect and his or her company. Benefits are often expressed in terms of dollars saved or enhanced, time saved or enhanced, and/or reduction of risk. It’s just that simple and not any more complicated.
So how should you think about this? Well, the customer value lies in the benefit but too often salespeople stay talking about the feature or at best about the advantage. So if you want to position whatever value proposition you have you need to grasp the whole concept of benefit. FAB is one model you can use to simplify this. Here’s hos you can think:
Because it has…..FEATURE
You will be able to…..ADVANTAGE
What that means to you is…..BENEFIT
Let me give an example. One of my daughters has gotten the hang of this. Therefore it’s not unusual that she on a Friday will say something like this:
–Dad, since it’s Friday shouldn’t we get some take out? If we do you don’t have to fix with dinner…
She knows precisely what she’s doing when she says this. She knows that I’m usually tired when Friday night comes. She likes to get take out and she know how to sell it because she can point to the benefit for me.
1. The feature: food.
2. The advantage: we could get take out.
3. The benefit: I don’t have to fix.
Here’s todays task for you:
- Take some time and think through what this look like for you with whatever you are selling.
If you do this task and identify the features and work out the FABs you’ll find both negotiating and selling will be easier. And that’s the heart of it.