Sales Prospecting 09.16.2021

Value-Based Selling

Shownotes

In this episode, Mark Banfield talks about value-based selling and how to enable your sales team to succeed in value-based selling. Mark shares insight into his role as a CRO, his approach and framework to value-based selling, and why it’s important to enhance not only the customer’s experience but the seller’s experience. Plus, he divulges the sales enablement tactics that he uses at LogicMonitor and the lessons he’s learned from quadrupling his company in three years.

About the Guest

Mark Banfield is a seasoned leader with a history of developing international go-to-market strategies for high-growth businesses. As Chief Revenue Officer at LogicMonitor, Mark is responsible for the company’s global revenue expansion efforts, building on his vast experience scaling world-class organizations.

Connect with Mark Banfield

Key takeaways

As a Chief Revenue Officer, Mark covers all of the global sales, pre-sales, sales and revenue operations, and channels at LogicMonitor.
The foundational elements to building a value-based selling system are understanding your unique value and differentiators, calculating value and ROI, and processes and tools.
Enhancing the seller’s experience is done through the right tools, training, inspection, and repetition. If the seller is well-trained and their success is heavily invested in, they’re going to be excited, accountable, and create the best ROI for your company.
Value-based selling won’t work and won’t be high-quality unless you live and breathe it.

Quotes

“Value-based selling is about linking what you do to the real value it provides to that organization and being able to sell around that.”

Highlights from the episode

How is your role as CRO structured?

Initially, my role was to take on everything related to the go-to-market system: pre-sales, sales, marketing, channel, revenue operations, etc. As we’ve grown, we hired a CMO, so I don’t do marketing anymore, but I still work closely with sales and marketing. Right now, I cover all global sales, pre-sales, sales and revenue operations, and channels.

How did you approach your value-based selling framework?

I first tried to understand the fundamentals of the business and the sweet spot for our sellers. We want to chase the best return, so Phase 1 was building a foundation for our go-to-market system, which started with segmentation design, understanding the ideal seller profile, designing territories for scale, and sales enablement. The foundational elements to building a value-based selling system are understanding your unique value and differentiators, calculating value and ROI, and processes and tools. You must get buy-in from your whole organization on the way you talk about your value.

Why is it important to enhance the seller’s experience?

The most successful salespeople are the ones who create the best experiences for the people they’re selling to. Very often, that’s because they follow the detailed playbook we’ve built. Enhancing the seller’s experience is done through the right tools, training, inspection, and repetition. If the seller is well-trained and their success is heavily invested in, they’re going to be excited, foster accountability, and create the best ROI for your company.

What lessons have you learned from growing your organization from 200 to 800 people?

Don’t have too much newness. If there’s too much newness, there are tons of challenges because everyone’s learning at the same time. It’s also important to embrace, live and breathe high-quality, value-based selling because it won’t work unless you live and breathe it.

Do you have any resources you recommend to the audience?

I love the book Crossing the Chasm: Marketing and Selling High-Tech Products to Mainstream Customers by Geoffrey Moore. It’s a great frame of reference.

Shout-outs