The other day, I ran into an old friend, who was very excited about their newly released product. “It is the Ferrari of our industry”, he proudly proclaimed. But he was wrong. And if you think your product is the “Ferrari” of your industry, you’re probably also making a mistake.
Many B2B companies take pride in presenting their product as the “Ferrari” of their industry. In my friend’s case, they had released a new, highly accurate and lightning fast research microscope. There is some merit to a comparison with a Ferrari, since the car is also fast and handles accurately.
But the fact that your product offers superior features and better performance than the competition doesn’t make it a “Ferrari”. Why? Because some products are simply their own best advertising.
When people see a super car like a Ferrari or an Aston Martin - or a prestigious wrist watch from Rolex or Panerai - they immediately want it. And once they take the car for a test drive or try on the watch, the urge to buy becomes almost irresistible.
Even with superior features, chances are that your potential customers don’t buy glossy magazines with pictures and reviews of your product to nurture their dream of one day owning it and showing it off. Chances are that none of your prospects look up the weekly Lotto numbers to see if they can finally make their childhood dream of buying your product come true. Chances are that nobody is standing outside your showroom wishing for just a single night with your product. If none of that is the case, your product is not really a “Ferrari”.
Your product may have superior features like a Ferrari. But the fact is that most buyers come to Ferrari already wanting their product. They then use the impressive list of features – like the carbon fibre-reinforced Silicon Carbide brake package - to justify the purchase to themselves, friends and family.
Calling your product “the Ferrari of your industry” tells people that you are proud your product’s performance. That is fine, but it does not make people want to buy your product. And therein lays the danger of overemphasizing the Ferrari comparison.
You – and your sales team – may start taking it for granted that people want your product in the first place. Often, the sales pitch will gravitate towards listing more and more features simply to prove that your product is a “Ferrari”.
But your product is not a “Ferrari”. You must make people care for and want your product. The answer is not in comparing your product to a car. The answer is relating your product and superior features to your customer’s needs.
Make sure that everybody in your team knows why people should want to buy your product.
Here is a simple formula to phrase the value proposition of your company, product or key feature:
To <insert type of customer>, <insert company name, product or key feature> is the best/most <insert category/solution> because <insert customer centric value>
e.g. To “companies with action driven sales”, “webCRM” is the best “online CRM-system” because “it makes it easy for you to follow up on all sales opportunities and ensures that you never forget to call your customers”
The question you need to answer is: What is your product really – to whom – and why?