Have you ever heard somebody say (or said yourself) something is either overpriced or affordable? We can all understand or relate to these terms based upon our own previous experiences. I have been thinking about this lately because it relates to my business, mainly my sales team. I also speak with many other business owners and often price comes up about their services or ours. The reason it relates to my business is because some sales reps will diminish price in seconds, reducing price with “special offers” to clients immediately after they show sticker shock. This can be a problem as it could reduce value of your product overtime. It can also reduce your sales teams confidence and your bottom line.
We now have a problem to solve. We must come up with a way to not deter from our offerings to the marketplace. But, how do we do this?
Price definition:
verb
- 1.decide the amount required as payment for (something offered for sale).
noun
- 1.the amount of money expected, required, or given in payment for something.
So basically price is an amount of payment for something offered in exchange. Basically price is a man made transaction happening every single second of every single day. In today’s economy, usually the payment is in terms of dollars. The dollars we use for purchasing are only valuable because we the consumers value it. Do you think most Americans know it is not backed by gold or is only “valuable” because we think it is? Most consumers really believe the dollar is worth a dollar.
Myth definition:
noun
- a widely held but false belief or idea.
Money could be considered a myth and so can price, because in these terms we are talking about money being used for payment of a price. I understand, this is stretching the idea, but I really wanted to open your eyes and make you think. We must all realize that the dollar and price is made up and can be altered or controlled at any time if we choose too.
So how do we stick to our price & sell for more?
This is simple. Anytime value increases, price does too. The first step to selling for more is to find the customers values. Do they value time, money, freedom or something more? Sales teams often focus on features and benefits, when in reality they are hearing their bosses voice talking about value in the background. Selling the features and benefits comes easy because it’s easy to talk about. It is something you’re doing every single day. Every customer is different in terms of what they value, so this sale will be harder & take more time. But if you understand and get this, you will see a higher close rate.
It seems too simple, I know. You are probably thinking…there has to be more. I am a firm believer in simplicity. So I like to keep this concept simple too. Just find out what they value and show how your services / products benefit their values. Do this and you will succeed!
Actionable Tips
– Make your meetings investigative. Ask many questions & take tons of notes.
– Ask them bluntly, “what do you value? Is it time, money, family?”
– Keep It Simple (remember that old sales saying?)
If you use these every single day in every single meeting, you will see a higher close rate. If you are doing this already, then try to find a way to make it more efficient.
In the comments below, tell me some of the ways you seek value & pitch to customers.
Contributing Editor
Chris Ake
Lec Garcia Media 