One thing that we often hear from our clients say is, “We lost the job because we got beat out on price!” Price will always be a determining factor, but in most transactions it isn’t the “only” factor for the customer. We have some tips to help you overcome this challenge:
Ask The Question
Ask about the importance of price right up front. Here’s a great question to ask: “On a scale from 1 to 10 – How important is price to you in making this purchase? – with 1 being “it’s the only thing that matters:” – and 10 being “it’s not a factor at all in my decision.”
Simply broaching the subject of price with a scale, this will not only ease the tension in the conversation, but will encourage the customer to relax and think of additional things that come into play with this decision. For you, the answer will quickly identify if your price will be a deterrent knowing the competitors out there, or more likely you can steer your conversation to highlight product benefits that are important for them to know– along with your price.
Let The Customer Ask Questions
Make it easy for the customer to ask some questions and express their expectations as well as any limitations especially when it comes to price. It’s amazing what you will learn from them as they zero in on the things that they find important. Not only does this help you but also empowers the individual in the sales process.
Be Confident In Your Product And Your Price
If you are truly confident in your product and have priced it according to its value, there is no need to apologize or feel like you have to defend it. This is the perfect opportunity to review the value and benefits that support your price point.
Speak To What You Do Best
Transparency, information and honesty on your part as the business owner or the sale professional is the key. It’s important to remember that your price must support the excellence and integrity of the investment that your customer deserves.
In conclusion, a two-way conversation with your customer can go a long way to overcoming the “price” obstacle – especially when you provide the expertise many customers value over price!