How many times have you heard that old buyers' complaint: " Your price is too high and if you don't come down, I'm going to buy from your competition" ? Have you told yourself that if only your prices were more competitive, you would sell a lot more?
Overcoming a price objection is easy if you know your value. Here's a good approach.
Differentiate from low-price competitors by adding value to your basic product or service. And then communicate the benefits of the value you're adding to your customer so they can understand and appreciate why yours is the more cost-effective solution.
The best value you can add is any service or enhancement that makes the product work more easily or effectively for the buyer: implementation guidance and assistance, extended warranty or support, performance enhancements or guarantees, 24-hour user hotline, extended or special payment terms - something they can use to justify paying you a higher price should someone in their own company question the transaction.
How do you find out which value added service would level the " price playing field" for them? Ask them for their thoughts and ideas. They will tell you what is most valuable to them.
What a radical idea.
More next time on why you should never play the low-price game in sales.
Sales Tip and Practice
Analyze your own product or service and determine how you can substantively add enough real value, so that you will never again lose another sale to anybody who understands it. Be very specific. Don't just say " I give the best service." That's what everybody says. Get real. Ask your best customers for help. Good luck. Add value until it hurts.
Copyright 1998 Mentor Associates Inc.