Thoughtful Thursdays – A lower price may get your foot in the door
Today’s Thoughtful Thursdays sales topic is about not letting your foot get it stuck in the low price door.
It is a common to employ a price strategy to get the to get a prospects interest. Tactics vary, however the bottom line is that a lower price for similar goods and services will more often than not get your the foot in the door for an extended conversation.
At that point it is key to have a solid plan that will enable you to keep your foot from getting stuck in the low price door. Without exception your prospect is looking for the best value they can attain for the goods and services they purchase. The operative word is “value”.
Once a lower price establishes a higher value, there little chance of turning back. That is when your foot is stuck in the door.
Before you get to that point consider the following ideas:
- Establish price breaks attached to volume purchases
- Place a time limit on your offers
- Look and ask for opportunities to supply other products and services with higher margins that you offer
- Review and establish your competitive advantage
Remember that unless you are the lowest cost supplier, it will be difficult to sustain a lowest price position.
Price is a slippery slope to navigate and can lead to a lot of pain if not well managed.
Good selling,
Richard
Have a question about sales? Contact Sakanashi and Associates Inc. and I will respond.
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