Streetfighter Selling for Sales Professionals
  • Mar
    12

    Pricing in Turbulent Times

    Filed under: Uncategorized;

    Low price doesn’t always win the sale. But go ahead and ask your customer their most important criteria and they’ll often say “price, of course.” They’re not lying. But they haven’t been sold yet, either.

    When it comes to price sensitivity, consumers come in three clusters. The first
    is the low-price cluster. Some estimate this group to be about 15% of all consumers, business and consumer. They may have a directive to be frugal with the company budget, may have less means financially, or just a deep-rooted desire to get the most in any bargain, even if it results in a win-lose scenario.

    Another, although smaller cluster, will always pay the higher price. They may want the best quality, and know that you get what you pay for. They may want the prestige that goes with owning the best. Either way, price, alone, is seldom an issue.

    The third cluster, estimated to be nearly 75% of all buyers, live in between the low and high-end. They’re waiting to be sold. They want quality, they want service, and they want a good value. But, if there’s no clear distinction among their options, then the default buying decision becomes ‘price.’

    To avoid becoming compared to others based on price alone, find their definition of value. Ask questions that will uncover their most important buying criteria. Sometimes, a basic question like “aside from price, what will be your most important criteria?” helps you find the way to differentiate yourself from your competition.

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