From the course: Selling with Stories, Part 2: Stories Great Sales People Tell
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Adding value
From the course: Selling with Stories, Part 2: Stories Great Sales People Tell
Adding value
- Value-added stories are stories that add to the attractiveness of the product. Right, they literally make people willing to pay more money for it than they would without the story. Okay, here's an example. Andy Smith is a senior vice president of an investment brokerage firm that serves the financial industry. Now, that's a bunch of fancy words that means he sells bonds to banks. Well, listening to a bond broker talking to a banker can sound like a foreign language to an outsider. Now hey, I've an agency bond that's got a five year maturity at 2% coupon and the price is 1/8% above par. You interested? Now, sometimes that's enough information for a banker to make a decision to buy a bond, but even to a banker, there's nothing sexy or unusually effective about that kind of a sales pitch. And that's why Andy prefers to sell what he calls story bonds. And as the name suggests, these are bonds with stories behind them that make them even more interesting to a banker. Now he explains it…
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