Price is a Mindset
Updated: Dec 19, 2021
Price Will Always Be An Issue
No matter how good the price is, someone will always want a better one. Why?
Its a ritual. If you set the price high or how low, we have been conditioned with sticker shock. On top of that, consumers are walking around with budgets that were given to them on the last purchase they spent too much on.
You stating the product costs $100.00 set them off and they automatically think it needs to be better in order to justify it.
On the flipside, when you tell your price to customers, do you get nervous? After you quoted them, do you feel like calling them and sweetening the deal?
How do we get past these mindsets and close more deals?
1. Raise Your Price
Do you believe that the customer would complain regardless if the price was $20 more? If so, raise it $20. This gives you that much more control.
Now if they complain, you are able to lower it, and if they don't you make more profit. The amount you have set was a number you thought of. How was the price made and justified?
When you present it. Since it was made up, just add to it.
2. Close the Deal Quicker
After the quote stage, you need to close the deal. Immediately. The more time someone has to think about the price you gave them, the less control you have.
Trust me, the only reason you have not asked them to start with you today is not because you do not believe the price is justified.
No, the real reason is your mind is weak.
You do not know how to tell the person what is best for them. You know your product or service can benefit them. You know its better than your competition, or else you would be working for them.
Foe those of you in B2B sales, your customer does not go around giving discounts left and right or doing free work. Neither should you. Your price is 100% justified. Let it show. Get them to sign on the line.
3. Prepare a Discount To Present When Price Is an Issue
Are you anticipating a person to haggle you from the get go? Why wait for that moment. Have a discount in your arsenal, but once it is presented, refer back to #2 on this list.
Close them and do it quick.
You already gave them what they wanted. Now its time for you to force the value on them.
Let's assume you have a $500 product. You just reduced it to $450. Is your product still worth the $500? Of course! This means the customer is getting a screaming deal. If you allow them to, they will feel the product is only worth $450 and that they got what they deserved.
Your price just went down in their heads. Turn the situation around and control the outcome of the sale.
4.Add Value, Don't Deduct Price
Customer asks for a discount and you do not have wiggle room. Do not lose the deal. What else can you offer?
One of the biggest items we do not use is time. What else can you provide to them with your time that would be cost you nothing but would be a cost to them?
See doing this will allow you to keep your target on the dollar amount you wanted. You can no longer sell the small item you gave to them for free, but you can keep directing them to the bigger ticket items.
Your main goal should always be to remain in control and confident in the price you put. It is a number you deemed worthy. Sell yourself and your team daily on this number.
You Are Always In Control, Not The Customer
No matter what direction you decide to go, remember that you are the person that delivers price. How you choose to do it will determine the customers reaction.
At the end of the day, your company needs to see the value that you provide to customers and effectively announce it to the world.
We have over 10 years in B2B and B2C sales. Need help learning more about prices, marketing, and sales? Send us an email to email@example.com.