Don't Let Price Be An Issue
With the economy in the state it's in, everyone running a business or managing their personal finances, are starting to tighten the purse strings. Inevitably that means that many of my clients are either not buying as much or not buying at all. One of the reason that I've heard lately, is that the price is just too much. The funds used for the products I usually provide, are being used in other places.
In order to combat the issue of price, I have developed the following steps to move past pricing objection:
- Be Prepared: The most valuable aspect of your business is always planning. Just as I am struggling to keep my business running, so are my clients. I have prepared myself before hand that my customer will most likely have price objection. Feeling blindsided is not a good position to be in, so be prepared to explain yourself thoroughly.
- Be The Teacher: Knowing that your going to get questions on price, I always try to educate my clients on why the price is what it is. At the same time, I don't feel it's necessary to explain each and every task. Keep in mind, that your the expert and they are paying you for your expertise. Remind them that all products and features aren't created equally. Make sure you explain differences clearly, and that they understand where the value is, not where the cost is going.
- Good, Better, Best: When I present to a customer, I always give them options. This usually allows the customer to see different price points and various quality. I then help them make a decision and explain the advantages and disadvantages of both. Be careful when it comes to options though. Too many options can overwhelm them and make them feel as though their options are limited.
- Show Value: Not only are you showing value in you as a person and your experiences, you also need to show the value in the product. Help the client understand differences and tell them what you would do as a business owner. Keep in mind that the better choice you help them with will ultimately define future orders from this client. Try to put yourself in their shoes.
- Be Sympathetic: Understand that this is a tough time for you client. Don't get to emotional over their situation and certainly don't get defensive with your price. If you try to manipulate the situation you aren't building a quality relationship, which is always your goal.
Posted on: Jan 27, 2010
Filed in: Business, Customer Service, Customers
Tags:
Pricing, Resistance
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