Value Selling (Pricing) Questions Sales Advice
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Ladybug from Michigan writes: My competition is constantly beating my price, no matter how low I go, they still are beating me. Any ideas on how to sell value so I can beat them. Every time I go up against them I lower my price to the bone and they still beat me, what’s going on? HELP!
Sales Advice: Well Ladybug, you have fallen in a trap that many salespeople are in. You must not engage your competition in the price wars. If you do, you are doomed to failure. Even if you win some, you make little or no commissions and still loose.
Enough of that, let’s do something about it!
First, go right to this class on pricing against your competition, right now, before you read any further. Your sales life is at stake! Go from
Value Selling to Pricing Training
OK, that was just a start. Understand the pricing game numbers. Out of 10 deals, let’s say you sell 9 of them and make $100 each. Or, out of 10 deals, would your rather sell 2 of them and make $1,000 each? As you get a better understanding and practice of value selling, your close ratio will go up to 3 out of 10, 4 out of 10 and so on. This is how the pros make the big bucks.
Eventually, you will realize that people rarely buy price, they almost always buy value. More than that, they buy perceived value. Since the value is an abstract, it is entirely their perception of value that influences their decision.
This is good for us salespeople because we are the ones that influence that perception. That’s our real job, to influence the clients perception of the value of our product or service that equals or exceeds the price that we are charging for it. WOW, did I just say that? HMMM. Think I'll add that to the book!
Finally, I leave you with this value selling advice:
It is so important to compare yourself against the clients current cost, never compare yourself against your competitions price.
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