Why You Should Create a Story-Benefit Matrix

Why You Should Create a Story-Benefit Matrix

Recently, in my post ”Never Underestimate the Power of a Good ‘Who I Am’ Story,” I mentioned the concept of building a good “story-benefit” matrix. I wanted to take a little time and drill down that concept.

Many salespeople are familiar with the concept of a features-benefit matrix – a handy little cheat-sheet that helps sales and marketing people translate product features into benefits for the customer.

Here’s how a features-benefit matrix works in a nutshell.

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4 Steps to Avoid the Commoditization Trap (And Justify Your Fees)

4 Steps to Avoid the Commoditization Trap (And Justify Your Fees)

Water is water, right? Everybody selling water is in the business of selling H2O. If anything was a hopeless case for commoditization and price collapse, it should be bottled water. Most cities in America can now deliver very clean, safe water right to the tap – at 0.0025 per gallon.

But bottled water companies like Waikea, Fiji, Aquafina and Desani have been tremendously successful in branding their products, affiliating themselves with target markets, associating themselves with positive lifestyles, creating a positive customer experience, and getting a premium price. Customers pay between 400 and 4,400 times more for bottled water than they do for tap water, and the premium water market continues to grow.

Financial advisors face a similar dynamic.

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Don’t Sell Me Things

Don't Sell me Things - Don Connelly's blog

Ever since you got in this business you’ve been told about features and benefits, you’ve been told to market yourself, you’ve been told that people want to know what we can do for them. Let me read you something written in the 1940s that sums up exact- this whole issue perfectly. It was part of a thing called Sears and Roebuck Adventures in Salesmanship. It was entitled “Don’t sell me things”. And it’s as poignant today as it was in the 1940’s.

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