You must learn to sell a must have product to be successful. Nice to have products are not sustainable products for any company. They have high churn rates, low urgency, and long sales cycles. Must have products are the opposite. You can’t live without them, they solve a problem every day, they fill a gap. The difference between having a nice to have product and a must have product isn’t the product, it’s you.
We hear this all the time, especially lately. We are in a discovery with a CEO, CRO, or some other leader in the organization and they’ll say:
“We have a nice to have product, our customers love our product, they think it’s a really cool product. They’ll call us up and tell us that they’re interested, we’ll do a demo, they say they loved everything they heard and then poof they’re gone. We can’t get them to buy, or it takes a long time for them to buy. Then 6-8 months down the line, after they’ve used our product, that’s it. They decide were expendable and they won’t buy again. We have a really high churn rate because it’s a ‘nice to have’ product. How do we create urgency, how do we take our product from nice to have to must have?”
It’s not the product.
It’s that your sales team sucks, period, bottom line. There is no such thing as a nice to have product. The idea that some products are nice to have while others are critical is a joke.
You have a nice to have product because you don’t understand your buyer. You don’t understand the problems, impacts, and root cause of your buyer or their problems. If you perceive your product as nice to have then you just do a product/feature dump and hope the buyer likes it. This is how and why you become a customer’s booty call.
The buyer on the other hand, if they do like it, they still don’t know what problem you are fixing.
They don’t know what problem they’re solving with your product. They could be using it improperly, they may not be tracking the right metrics, it’s possible they use it briefly and then just give up. They’re not invested in the product, nor do they care about using it properly because it’s not solving anything for them. When the time comes for them to re-up they decide they can live without it.
This is the symptom of a lousy selling organization. If you find a problem that the buyer is having, and your product fixes that problem you no longer have a nice to have product. You have a solution and a must have product.
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Let’s take this example:
A Porsche or any other luxury car for that matter are widely considered nice to have products. They’re not or they’re not to the right person. The 40, 50, 60-year-old guy who is going through a midlife crisis, who just got divorced, maybe a little overweight and isn’t super confident in his ability to attract women – a Porsche is not nice to have for that guy. A fancy new car is critical to his new self-identity, it is critical to his confidence level, it is a must have product.
Bottom line: you need to fully understand your buyer and how it is going to change their day-to-day life. You need to understand what they are going to struggle with, or what is going to happen if they don’t have your product. That’s how you take your product from nice to have to must have. If you don’t know that you’re dead.
If you or your sales team need help discovering problems you can solve, and taking your product from nice to have to must have reach out to our sales team to learn more.