No one would argue that prospects seem more focused on price today than twenty or even ten years ago. The question—and perhaps the secret to your sales success—is why?
The answer could lie in the amount of look-alike products and services that exist in today’s market. If multiple companies can meet your needs fairly well, price can easily become the deciding factor.
Or maybe it’s because today’s buyers are more risk-averse. No one wants to lose their job over a bad vendor choice, but decision-makers in particular won’t want to stick their neck out for a company that is also the most expensive.
Customers may be focused on price because your sales team takes them there. Comments like, “we’re looking at other vendors” or “we’re not sure we want to spend that much” or “the decision is on the back burner” too often send reps to the proverbial pencil sharpener so they can offer a lower price… but did the prospect really ask for one?
Value is the key to pricing power. It’s not enough to tell a prospect about the benefits—the rep must help the buyer focus on the specific financial impact that the solution will deliver or what buyers will lose if they fail to act.
Being able to calculate the impact of your offering is the difference between a peddler and a salesman.
Which are you?
Quote of the Week: “You must not become a mere peddler of words. The thing to learn is what people are thinking about, not what they say.” — Sherwood