Learn more = Advanced Selling Techniques
I have been using the FAB (Features, Advantages and Benefits) formula since I was introduced to it many years ago, it is easy to remember and even easier to use. A lot of people I talk to find selling and closing deals hard to do, but when you have a simple formula you believe in it takes the pressure off you and the dreaded price question and puts the focus back on the features.
The simple FAB formula is a tried and tested way of selling. Below we will go through what each means to you. Adding advantages and benefits when presenting each unique selling proposition of the feature of something is more than just saying the feature list. FAB is more than an explanation it is romancing the features and getting ready to close.
The Advantage in understanding and using the FAB formula is you will always have a way of answering feature questions in a presentation. By practising and learning the FAB of your features you will increase your knowledge and confidence when presenting those features. It grows prospects belief that you know and understands more than just mentioning the obvious features. You are starting to share your opinion and expertise on features and that is what prospects require and how they build confidence in you and your product.
The Benefit for you is a great product and its features have the ability to sell themselves when its features are presented with great advantages. Clients now know more than just the feature, they begin to understand themselves those advantages and the benefits to them. Once prospects understand and agree to the benefits they are almost, if not ready, to buy.
The end result has to end up with an increased bottom line in closing more deals. Prospects will become clients and will take the extra satisfaction that customers receive knowing they have purchased a great product full of features and benefits from an expert.
So what’s a feature, what are advantages and what are benefits?
What is a feature, a feature is a distinctive attribute or aspect of something.
A feature is can be defined as a distinctive characteristic of a good or service that sets it apart, a means of providing its advantages and the benefits to customers.
Customers want advantages and benefits and do not care much about the features that are touted by every supplier as unique or superior.
Features can be single or multiple features, but each feature will require its own advantages and benefits or else they lose their opportunity to be a unique selling proposition and set it apart from the competition.
Some people will buy from features alone (ie great size), and some will see the features as a negative (ie too big), but most prospects will want more information (ie why this size good).
Let me explain FAB in detail.
An advantage is more than just the feature; this is where you talk more about a feature and you take a prospect’s understanding of the feature to the new level.
Advantages can be described as a condition or circumstance that puts something in a favourable or superior position to others.
This is where the selling starts and you take prospects on a journey to making their decisions.
Features all have advantages and if they are unique advantages to that product then even better. By describing the advantages of any features you begin to raise awareness and possibly more questions and involvement from a prospect about features.
So talking advantages is a condition giving you more chances of success.
Some people will buy from advantages alone (ie great size, I need the size), but most prospects will still want more information (ie why this size for me).
What’s the difference between advantage and a benefit?
In selling, an advantage is something about the feature itself, whereas a benefit is something that is of benefit to the prospect if they buy the product and its features.
Benefits are where you make it personal; the benefit of a feature is the help a prospect with those advantages or profits that a prospect obtains from a feature.
Prospects begin to buy from features and advantages but benefits are where a prospect begins to believe this is for them, as benefits are about them, you combine benefits for them with the advantages of the feature.
An example of FAB in real estate could be; This properties kitchen has a great aspect to the sun, an advantage is that in winter it is warmer when the sun shines into the kitchen in the mornings and the benefit to you when you wake up in the morning in winter for breakfast you have this beautiful sun to enjoy while you have your morning coffee plus the heating costs are much less due to its warmth.
Feature? A feature is a feature.
Advantage? The advantage is the positives of the product.
Benefit? The benefit is the positives for the prospect and what the prospect receives out of the feature and its advantages.
Therefore using the FAB formula makes you think about your products or services in detail, what is it, what makes it great and why does someone want it.