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When Your Prospect Says Your Price Is Too High
How often do you hear this familiar response? If you’re like most salespeople you hear it far more often than you would like to hear it. Unless, of course, your price is so low that your customers don’t want the secret to get out!
Everything has a price. The question is simply this: What is someone willing to pay to get it? But there are other, more important questions, too.
· What are you willing to comfortably ask for your product?
· Are you really sold on your product, its price and value?
· Are you prepared to – and capable of – defending your price?
· What is your product’s perceived value to your customer?
· What are the benefits and the long-term payoff of ownership to your prospect or customer?
· Who are you selling your product to…do they appreciate value…or are they purely a commodity buyer?
· How capable are you of presenting your product in such a way that it will never be seen as a commodity?
· Are you entering accounts too low…so low that every purchase decision is driven by price?
Let’s take a look at some basics as they relate to your ability to present, justify and ultimately withstand the inevitable price assault that will be made on you and your price.
Here they are:
· Never prematurely present your price until you are in a position to justify how its’ perceived value exceeds your asking price. If you prematurely or incorrectly present your price you will never be able to justify it to your customer.
· Unless you’re sold, no one else will be either. Bottom line? If you don’t legitimately, 100%, all of the time, believe your price is fair for what you are offering you will never present it with conviction.
· Never give the impression that your price is negotiable or that you are not presenting your best price the first time for every customer.
· Always be ready to justify and defend any assault on your price. Be in a position to explain how the benefits of ownership far outweigh the initial price of acquisition and the cost of ownership.
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Copyright © 2002, Bill Brooks
Copyright © 2002, The Negotiator Magazine