Overcoming Price
Where do you think price ranks in the customer’s minds?
First?
Second?
Try again.
It ranks around sixth most important consideration.
A price objection is a quick way for a client to get rid of a salesperson. Yet top salespeople are rarely the lowest bid. How can that be?
Often, price is more of a problem in the salesperson's mind than the client's.
Clients can sometimes be price aware in the beginning of a presentation, but become more value aware towards the end of it. And value is the mix of Price, Quality, and Service. Your job as a salesperson is to is to influence customers as to why they are better off with the benefits and values your company offers.
Here are some tips to lessen the influence of price.
"What's in it for me?" - Clients are always asking themselves this question. The answer is not in the features of your products. The answer is found in the benefits and reasons to buy. Rarely is any one feature worth the price. But it is possible that one Benefit IS worth the price.
"Cost benefit ratio" - Their decision will be based on perceived value in relation to price. Values and benefits are not in the product. They are in your clients minds. You have more control over perceived value than you do price.
"Buying is emotional" - The strongest emotions often are based on past service or quality. Ask questions to find out past dissatisfaction, and show how you can be better.
"Justify your price" - Your price can be higher than the competition, as long as the client feel the value justifies it. The best way to justify price is with more benefits. Rarely will price be the most dominant.
"Pre-empting price" - If your price seems high, you can soften it by pre-empting it. That is, you bring up the subject as a benefit and justify it before the complaint.
"Don't lose composure" - If a client starts pressuring about price, calm down. It may be a defense mechanism. You may not have shown enough value to justify the purchase. Remember, price is sixth on the list. In other words, "I like it, but I need help finding more reasons to buy it"
"Price alone makes you vulnerable" - All you would need to lose the sale, is for someone to come along with a lower price, or show some value. There is no reason to sell on price alone.
"A more satisfied customer" - When you sell value, you will have a happier customer than if you sold on price alone.
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