Written by Sean McPheat |
Many of our clients have products and services they are proud of, and we are proud to work with them as clients.
Many of their salespeople have been on our programmes and have proved themselves to be effective at improving their abilities in many areas.
There’s one specific area, as you can guess, that always requires attention. It doesn’t take much imagination to know that the biggest challenges for salespeople who sell quality products is price-justification.
Much discussion has been made on how to sell expensive products, or products that are perceived to cost more than the competition.
They all revolve around increasing the value of the product to the prospect’s company or themselves. Of course, value is determined by the perception the prospect has of what they will achieve in the future with the product or service. If they see that the product will improve their productivity, lower costs, increase profitability or something similar, they are more likely to see the value in choosing it and be able to justify the price.
If a prospect claims that your product is ‘expensive’ it means they haven’t yet been able to justify why they should pay the asking price for it.
People will basically pay the price you ask if the prospect can justify in two specific ways; one, they need the product or, two, they want it.
If they need it, it can be justified around the future benefits it will bring them or their business. However, if they want it, it now involves emotions and desires.
We are more likely to see the value in something if we want it, more than if we need it. Even if something was priced at 50% off, if we don’t want it, we won’t see the value of it.
Increasing the desire is the catalyst that will increase the value in the prospect’s mind.
By making the person want what you are selling, you increase your chances of them justifying the initial outlay.
You do this by asking questions that highlight the emotional impact of the decision they are about to make.
It could be something like: “How will it feel to save 20% in overheads over the next 6 months with this product?”
Or: “What will your family think of this new addition?”
What you’re doing is involving the emotions in making a decision. When you increase desire, price doesn’t have the impact in the decision-making process that it would have if you were appealing to purely the rational brain.
Remember…everything is expensive…until you want it!
Originally published: 8 July, 2014