Price versus Value
Are you uncomfortable asking prospects to pay the price of your products or services? If you are, you have a serious problem.
Resolve it by doing your homework. Get out a pad of paper and start listing the benefits that contribute to the price and value of your product or service.
Maybe your product is the only one that automatically calculates and presents data. Perhaps it is the only one that automates an otherwise lengthy manual process. When you think about it, your products or services have unique features and advantages. These features provide benefits for your customers. Benefits save your customer time and or money. Benefits may increase productivity, safety, convenience, or revenue. Take time to list the features and benefits of your products and services and how they impact your customers. Add to the list as you work with customers and new ideas occur to you. Unique benefits that impact the customers of your customers provide an exceptionally powerful punch when it comes to justifying your price.
If your product incorporates advanced electronics, customization, or a high-tech ceramic coating, this technology adds value and boosts the price. Buyers of Swiss watches and luxury cars know that components and workmanship add to the price of the watches and the cars. Enumerate the unique advances incorporated in your products and services as well as the benefits for your customers.
These may not be so obvious to your customer. Use your benefits to create targeted questions to uncover areas for your customer where your solution could have a significant impact on their business. Help your customer understand why they are important and how they can be of benefit.
You are your customer’s link to your company and are always there to help; however, there may be field service personnel or customer support groups as well. What social media resources exist for your products and services? Document how these resources assist customers. Use testimonials from satisfied customers.
As you write about your product or service, read what you have written aloud. Where you have any trouble is where you need to edit the language so that it flows. By doing this, you are practicing your presentation to your customers. Only when you understand and believe in the value of what you sell can you convey that value to customers and prospects. Sales Concepts Financial Justification course helps you justify your price with value.
Price is what the customer is asked to pay for the product or service. Value is what the customer thinks the product or service is worth. Sell value, not price.
