Although many salespeople feel their competitors or
suppliers cause any price problems they experience, our
company has found that there are many other factors from
our own beliefs, to the words we use to timing and more
that actually cause our price challenges.
In this article, I wanted to raise an important question.
Do Mercedes salespeople stay up all night worrying that
people will discover they can buy a Kia for about 20% of
the cost of a Mercedes? I mean those Kia people are
selling for 80% less! Man if that gets out, no one will buy
a Mercedes right?
I am sure you will agree that statement is wrong. Mercedes
salespeople are well aware of the value they provide that
is far different from Kia, Ford or used vehicles that cost
far less. I think you will find these salespeople are very
confident and that they sleep like babies.
If you had a competitor that sold for 80% less than you
would you be as confident? You should be, because studies
show that no matter what customers tell you, only 14% buy
due to price alone and not value. You don't buy for price
and neither do your customers. Take your home as an
example. Do you live in the absolute cheapest home you
could buy or rent in your town, despite condition,
neighborhood safety, size, schools etc? I doubt it.
Do you have on the cheapest shoes you could have purchased
at the lowest cost thrift shop in your county even if they
are not your size or don't match? Again, probably not. You
do not buy exclusively for price, but for value and so do
your customers.
You are probably wondering why price objections come up so
much if price doesn't matter. The answer is that consumers
know it is the easiest one to use. Our training for our
clients covers many objections and many ways to deal with
them but price is definitely a consumer favorite. It is the
objection many salespeople actually agree with (deep down
inside) and the one salespeople give up with the easiest.
Let's look at one way we may cause our own problems with
price...the words we use.
Have you ever said something like "the list price is". As
soon as we say that, we are telling the customer in code
that we don't really expect that price. If we say the "list
price is", it implies that there is another (lower) price.
Try not using that phrase and you will see an immediate
difference in how much price objection you face.
Another foot shooting phrase might be "we just got a new
price list and of course, everything is going up with the
price of oil." The problem with this phrase is that it is
depressing. It makes the customer feel that the price you
are going to quote is high. No one wants to pay a high
price. Now, imagine if you said, "I have very good news.
Everything we talked about today is only $XXXXX.XX." It's
not a big difference but I hope you agree that the feeling
imparted is much better. It's more optimistic. It's a price
there is more of a chance the client will want to latch
onto.
Timing is important too. As we say in other articles and
videos, Never Tell Them The Price Until They Fall In Love
With The Product. Telling the price too early is very bad.
Timing is extremely important and so is the control it
takes to reveal the price on your schedule.
This article is designed just to make you realize that
having competitors with low prices is not affecting you any
more than it affects those Mercedes salespeople. There are
lots of techniques that will make a difference and they are
certainly worth spending the time and effort to master.
Few objections come up as regularly as price objections.
How much training have you had from experts on how to turn
those objections into sales? We hope you agree it will be
worth the effort.
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Sales training article discusses how to deal with price
objections and how Mercedes salespeople are not concerned
about competitors. It teaches how to sell for more and
technqiues required to close more and overcome price
objections. For more information on our DVD visit
http://www.pricedoesntmatter.com
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