Do you find Yourself Haggling over Price too Often?Posted on 06/04/2014 in Value Selling Skills
Haggling over price is not what any sales professional should be doing. Unfortunately, when tight budgets dominate, the conversation circles back to pricing much too frequently.
Move away from haggling over price, to explain instead the value that you, your company, and your product or service provide. Differentiation is key to justifying to your customer that you are worth the higher price. In some cases when you communicate your value you will win the tie-breaker between you and a competitor at the same price.
How do you sell value when communicating with your customers? First, use benefit language. Average sellers talk in features whereas successful sales professionals use benefit language. It isn’t a benefit unless the customer understands the WIIFM (the "me” in What’s In It For Me refers to the customer). A benefit is a clear statement about how your company and your products/services can help the customer. For example, suppose that your company is a global manufacturer. What is more persuasive? To say, "We are a global manufacturer” (feature) or "Because we are a global manufacturer, we can supply all of your worldwide locations at minimal shipping expense to you.” (benefit)
Second, whenever possible, quantify the value. Your sales message will be much more compelling when you can demonstrate to the customer the quantifiable value that your company and products/services can provide. For example, highlight the cost reduction, time savings, or other relevant financial and time-related measures. For example, "Based on your annual usage, the performance advantages of our product will save you at least $500,000 per year.”
For more information visit our Selling on Value Workshop and Selling on Value Not Price Sales Meeting Kit pages.