Many people believe that price is the leading and at times the ONLY factor in a customer’s buying decision. This is not true. Not to downplay the importance of price, but there are other factors that come into play as a customer’s makes a final choice for a purchase.
Most consumers today do their homework before heading out to shop. With the internet at their fingertips, it only takes a few clicks to find out more BEFORE they contact you. With a customer that approaches your business having done their homework, it’s important for you to identify and speak to those things that are important to their specific expectations. It just makes sense that a person searching for something will respond positively to a clear explanation of what you are selling and how it meets their personal level of satisfaction.
This shift in the consumer’s decision process has changed the landscape for many company sales processes. It requires the sales person to work a lot smarter and a bit harder. Here are some statistics that support this approach. Studies show that 25% of customers want a good product for a low price, 50% try to buy on better value for a reasonable price, and the other 25% want the best product money can buy?
Here are some helpful tips on how to sell effectively to these three buying options:
This customer looking for the “good” choice is shopping on price and wants to spend less now hoping that that they won’t have to repair or replace before they move out of their home. While he might not want to hear all of the other options, it’s important that you walk him through the differences of the three and you may be surprised when he chooses the other options!
The customer looking for the “better” choice represents the largest number of buyers. He is looking for a balance of price versus value. This customer is your bread and butter. When you take the time to sit down and educate them as to the fundamental pros and cons of all options—good, better, and best— it’s very likely they will settle on this option.
This “best” choice customers is your long-term investor and will be loyal to your brand if expectations are met. The customer wanting the best expects you to be the expert, the educator and will develop a trust in you to tell them what’s best for them. When you achieve this connection, you can be confident that they’ll be quick to ask “Where do I sign?”
When you focus on the benefits of your product in comparison with your competitors versus the price it not only educates the customer but will empower them to make a decision that they believe is the ideal investment for their satisfaction AND walk away with trust in your expertise.