Sales Approach Number 3
Selling on Price
The old business maxim is: If all else fails, sell on price. Unfortunately, too many salespeople apply this rule too quickly in the sales process. Instead, they should be helping the buyer understand their product's or service's features and benefits as well as how they better the competition.
Rather than sell on price, salespeople are more successful if they sell on value. Value is worth. Your product or service costs more because it is worth more. After saying so, you must back it up with facts, then review the unique features and benefits it offers the buyer. If you are selling tires, for example, you can point out that:
· The cost per thousand miles-driven is actually lower than cheaper tires.
· Included in the price is free repair of flats for the life of the tire.
· These tires have the highest safety rating of all consumer tires and safety is important.
· If budget is the issue, these tires can be purchased on a no-interest payment plan.
Unless you are selling a commodity, a widely available product, avoid the temptation to sell primarily on price. It will reduce your employer's profits (where your salary comes from) and encourage the buyer to attempt discounting future purchases from you. If you are authorized to offer price reductions, do so as necessary to make the sale, but don't sell on price alone. Instead, help buyers understand the value of the features and the benefits they will derive. Your buyer will be happier if she or he understands the value of what is purchased.
Whatever you sell, you should know what your competitors charge for it. Put your buyer hat on and visit their business as often as possible, checking prices, service, and other factors that draw buyers. If your buyers also purchase online, check out your online competition as well. What can you as a seller or your employer do to minimize competition?
Sales Approach Number 4 [...to be continued]
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