The Price is Right!
What do you do when the sale comes down to price? First, you should probably ask yourself, “How did I let it come to price?”
In basic economics class, we learn the sprit of capitalism. Charge what the market will bear. This means that if find a diamond on the ground and pick it up, that I shouldn’t simply sell it for $1.00 just because it was free to me. The object has value and it is entirely fair and ethical for me to charge what the market “buyers” will pay me for it. Even, if that means selling it for thousands of dollars!
Before going into your presentation and talking 80% of the time, ask them lots of questions first. You want to know what their situation is, how long it’s been that way and what they want to accomplish with you or any other vendor. Is your product or service a part of a larger strategy that you may possible to offer something entirely different?
By uncovering the needs of the prospect, you are creating value. This accomplishes two major wins in your direction. 1, the customer is thinking about their situation being better with your product or service and 2, they are beginning to believe that you are sincere in helping them look good to their superiors. Even top executives have to answer to someone (i.e.: shareholders) and everyone wants to look good to those they answer to.
When you are asked, “How much is it?” or “What’s your price?” you should confidently tell the prospect the amount. Do not hesitate, obviously the prospect will sense your uncertainty and will lose confidence with you and worst of all, your offer. Customers buy from people they trust and like. Even in a bid situation, the customer will feel better about paying a higher price, if they believe in you. Sell value, not price.
Show Me The Money Says:
It’s only worth what someone is willing to pay for it. You can make what they’re willing to pay for it higher when you build value behind it.
Posted on February 4th, 2009 at 9:48 am
Sales Training Says:
As you say: “When you are asked, “How much is it?” or “What’s your price?” you should confidently tell the prospect the amount. Do not hesitate, obviously the prospect will sense your uncertainty and will lose confidence with you and worst of all, your offer.”
As stated in the comment above, people are willing to pay more when value is built to support whatever you are selling. Confidence is extremely important to building trust and value.
Posted on February 4th, 2009 at 7:09 pm
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Posted on September 6th, 2010 at 8:03 pm