I read a fantastic blog post this morning by a sale coach and strategist Doyle Slayton. He talked about the big issue we all have in times of economic downturn, and that is PRICE.
Doyle says that it’s unrealistic to think that price doesn’t play a factor. Everything hinges on the prospect’s pain, need, and/or their perception of your company’s brand/reputation.
Pain – If the prospect is happy with their current product, you can expect the buyer to have a “money talks” attitude. Getting beyond price means finding a significant area of frustration. - Either find the problem/pain, or your may well have to look at your price.
Need – Sales people, especially those who are generating their own leads through cold calling efforts, will push and push and push just to get an appointment. As a result, they often meet with prospects that don’t necessarily have an immediate need.
Is your service going to make-or-break the prospect’s ability to improve their business, make more money, or be more efficient? Your ability to create a need will determine whether the purchase is “worth it.” Build more value into you Marketing pitch
Brand/Reputation – This is where the underdog struggles most with pricing. Prospects know this and often use the little guy to negotiate a better deal with their current provider.
If you are the underdog, focus on building your brand and your reputation for being different and better in areas where your big name competitors are weak! Build your brand
At 2UK we work with our clients to help improve their brand and marketing mix to become the best they can at what they do. As a rule we try and help business increase their prices as they increase their marketing effort.
This strategy of high profile businesses offering high end products has help many of our clients achieve the success they have always wished for. Please see our Outsourced Marketing page for more information. Or alternatively Contact Us
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