When professional sellers tell me they have lost sales to price, it’s like hearing nails raking down a chalkboard. Especially if it has happened over and over.
Some people only buy on price. That’s reality. It is possible to minimize the number of people just buying on price though.
Here is what to do
Price is a part of every buying decision. It’s important to realize that it can be less of a factor though, if the goals of the first three steps of the selling process are met:
– Get people to like you
– Establish trust and rapport
– Unlock the box by discovering the wants and needs of the probable purchaser
You create value because of your preparation and what you bring in terms of solutions to your probable purchasers needs. Effective questioning builds on that value. It is value creation that keeps price as the fourth factor in the probable purchasers buying process.
Can you picture a doctor? They ask: “What hurts?” To be sure, they have a “prescriptive intervention” to make that go away. Your doctor will ask open ended questions. You should too.
You will create value by asking the next level question of “Why is that important?” in response to your probable purchaser’s answers. This is digging for the emotional reasons behind a purchase. They are the real reasons. It’s been said that buying is an emotional process that needs to be rationalized. Think about that…And focus on helping your probable purchaser get to emotions.
In effect, without you creating value, probable purchasers may tend to short circuit their buying process and thus your selling process by proceeding directly to “What’s your price?”
An Important note
If you don’t do anything to set yourself apart from your competition, your customers will do it for you by trying to differentiate on price. Has this ever happened to you? What are you doing about it?
Remember that the value of your product or service must exceed your probable purchaser’s investment in it. Effective questioning around rewards of making a change and consequences of doing nothing will provide you with necessary information to develop the probable purchasers Return on Investment.
Keep digging down until you get to emotion. This is the concept of going “vertical” with questioning as opposed to staying “horizontal” or just on the surface. If you don’t get emotion, you don’t get the real buying motives. Buying is an emotional process that needs to be rationalized. Selling is a rational process that needs to be emotionalized.
You control the process by asking questions…the right questions. Accordingly, if you are doing more talking then your prospect is, they are in control. Control is something you never want to give up!
To learn more about these concepts and minimize lost sales, contact me. I love to talk sales!