For years I’ve seen many small business owners and solopreneurs back themselves into a corner based on one false belief. In fact, I’ve seen many businesses fold because they’ve allowed this one false belief to dictate their whole business with some disastrous results.
So what is this false belief?
That people will buy or not buy solely based on how expensive you are.
It’s rarely just about the price
The fact is that yes, money and your pricing does make an impact on the buying decision. But it’s not the only impact, and there’s a very easy way to help your customers see all of the other benefits that you bring to the table, regardless of your pricing structure. At the end of the day, people pay for results and convenience.
Just think about it; all those millions of people buying online and having products delivered right to their doorstep. Why do we do it? Because it’s convenient! Why do people spend hundreds or even thousands on fitness equipment, nutrition or personal training? Because it guarantees results.
So how does this apply to selling?
Let’s set the scene. You’re in a meeting with a potential buyer / customer and everything seems to be going well. they love the product/service and its features. But then comes the killer line…
‘“I like it, but for me the price is crucial and you’re not the cheapest.”
or something to that effect.
Don’t let this kill the conversation! Now is your chance to open up an extremely important dialogue with the purchaser.
Come back to this point with something along the lines of “I totally understand that the price
is important to you and that you need to secure the best deal you can.” (change the words to suit your style)”.
What else is important?
Then ask them “Just to be clear, as well as price, what else is important to you with this product/service?”
Now is the time to really pay attention to what other factors are important to them when making a buying decision. Examples may be things like speed, reliability, quality, customer service or more. If they stall or aren’t saying much, ask “what else?” (always a killer open question by the way) until you get a fairly comprehensive list.
What we’re doing here is trying to release their attachment to price a little bit. By bringing to the forefront other issues that also influence the buying decision, the theory is that the price will start to fall lower and lower on their list of priorities.
Include your strengths
Make sure you write down the list. Also, if you know you have a specific skill or advantage (for example a next day delivery service or a super easy returns policy) then ask them how important that is to them. Then you can find out if it’s a strength you can play up or if it isn’t really on their radar at all. If it is, add it to your list!
Next, take the first thing they mentioned after price – for this example let’s choose
speed of delivery – and say something like “speed of delivery, what’s more important to you, price, or speed of delivery?”
The idea behind this is that it will really start to bring home that price isn’t the only factor here. Repeat the process until you have a new hierarchy of criteria. What you will usually find is that price falls somewhere behind other factors – results and convenience usually! Usually, this technique will bring your proposition back into favour, or at the very least have them rethink the decision they may have previously come to.
Try it out the next time you hear price being mentioned as the reason they can’t or won’t make a decision in your favour. We’d love to hear how you find using this sales technique in our comments below.