Thoughtful Thursdays – Believe in the value you bring…
…because if you do not, your customer will take advantage at your expense.
A common dilemma new business owners face is balancing the desire to make sales with maintaining the bottom line. In other words they are willing to make a deal just to get the order. In the long term this strategy inevitably does not work out and they come face to face with increasing prices. We will talk about price increases another day.
In my experience, it comes down to believing in the value of the products and services offered and having the confidence to stand firm. A price objection, it does not necessarily an invitation to open negotiations. In many cases it is a call to reinforce the value of dealing with you. The natural response is to work the price. Price concession should be the last resort, not the first response.
You must believe in the value you bring and be able to demonstrate it. Poor preparation is often the reason for the lack of confidence to stand firm. It is true you may not get the business, but if profitability suffers to the extent that it is not worth it, maybe it is better to move on.
Sell to the people who appreciate the value and can afford to pay for it. If you are consistently faced with losing orders strictly on the basis of price, you may need to review your target market. If your competitive research is sound, it is unlikely that your prices should be that far out of line.
The thought for today is to believe.
Good selling,
Richard
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