Standing behind value — not price
We all love a deal! How many times have you received and compared three different quotes for a product, service or a project and then selected the lowest bid? How did that work out for you?
Equally, some people associate paying higher prices with getting higher or better value or quality. Surely if you pay more, you’re likely to get a better product, service or outcome, right? Well, not always.
Low pricing can be so appealing that it can make us forget how we have previously mistrusted it — and have often had to pay twice for the mistake.
High pricing is also hard to ignore when you are bombarded with consistent promotional messages, cool branding and the perception of high-value services or better quality products or tradespeople.
Do you feel like you or your business is being paid less than what you or your products or services are actually worth?
One of the most important strategies in business to remember is that money isn’t the only factor in a negotiation. Negotiation is not just about the money. It is also about deadlines, quality, customer service, satisfaction, expertise and after-sales care.
The more variables you can negotiate when selling, the higher the probability that both you and your customers will feel like winners. If you don’t sell value and other variables first, you will always be defending the price.
When dealing with customers who only want to buy on price, remember:
Price is rarely the only deciding factor — concentrate on value and other variables.
Project the right image — make sure you come across professionally and talk about the benefits of dealing with your business.
Customers want to feel special and looked after — sell your expertise, credibility and after-sales service.
Customers typically buy from people they like — listen, smile, be engaged and sincere.
Don’t compare you products or services with your competitors — focus on the value, features and benefits of your own offering.
Anyone can compete on price. The problem with this strategy is it becomes a race to the bottom with a lot of economic grief along the way.
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