Thoughtful Thursdays – Your higher price doesn’t necessarily make it more expensive
Before making any decisions about reducing your price to address a price, quantify the value the product brings to your customer.
- If your product increases productivity, put a dollar value on the added capacity.
- If your product lasts longer, put a dollar value on the reduced handling, fewer orders, reduced labour
- If your product saves time, put a dollar value on the time saved
Next, demonstrate that value to your prospect. Your higher price may in fact be less expensive when taking a holistic point of view.
Be prepared to take your value discussions to higher levels if your contact is measured solely on material costs. You may need to talk to the people whose responsibility includes looking at the bigger picture. the ones who consider systems savings versus individual items.
Be sure you are being compared on value, not only the price.
Good selling,
Richard
Have a question about sales? Contact me and I will respond.
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