This is all about concentrating on your product or service and the benefits, not how much you’re selling it for.
This is essential in most businesses, especially those with hungry competitors willing to sell for below cost to win the business. It’s also important for businesses that charge more, yet have a much better product or service to justify the high price.
We need to get your client focused on the benefits of the product and not the price. This is very important when dealing with bargain hunters or when selling higher priced and luxury items. To use it effectively, skip over your customers price queries by immediately coming back at them with a benefit.
Remember, if you are no different and no better, why would a customer pay any more to deal with you.
Remember too that, surprising as it may seem, most people buy on Value, and not price.
Buying is an 80% emotional decision, and only 20% logic. Appeal to the benefits, (usually emotional if you think about it), your client will get when he/she buys from you.
Everyone, even you, wants a good deal, and not necessarily the cheapest. They will be happier spending the money to get something that does exactly what they want, rather than spending less on a service that only does half the job.
When you get a price challenge, or even up front, (raising it before they do can be really effective), explain why some people charge less, and what the prospect will miss out on if they do it on the cheap.
A good way to go about this is to write all the benefits down so you have them clear in your mind. You might even consider printing these on a fact sheet which you can then hand to your prospects. Don’t simply write ‘This is why we’re better than they are …’, be a little more subtle but still make sure that your clients know that they can’t get the same quality and service from your opposition. Avoid attacking your competitor directly i.e. by name, it’s not big and it’s not clever, and will be frowned upon and viewed as unprofessional, to say the least. There are many subtle, and fun, ways you can do it without naming names.
Things such as one-on-one skills, technique building and specifically designed programs are a good starting point when you’re listing your benefits.
Identify the areas that the customer may have concerns about and then demonstrate how, by dealing with you, they won’t have those problems.
Spend some time on this, it will be well worth it….