By Chuck Sink
Money is often the last thing that comes up in business dealings because many people are afraid of broaching the subject. Why? Because before price is discussed, eyes are wide open to opportunities. People are eager to talk about the mutual benefits of working together, or they can envision how a new product will perform for them. Potential customers usually have a price range in mind, even if they have no idea what it will actually cost. When the eventual price revelation is above the perceived range, tension or mutual disappointment enter the room.
Both seller and buyer fear the eventual price revelation because it can sometimes shatter expectations and render a hoped-for deal just a pipe dream. There are plenty of exceptions to this scenario, but anything of very high value comes with a high price. As long as others in the market pay the cost and show benefits from the investment, the product or service settles at the highest price point the market will bear. That is the only way that profits are sustainable in a competitive marketplace.
My point isn’t economics 101 but rather a solution the the price “objection.” This is really worth a further look!
I was struck by a recent post by Lee Salz. It had one of those must-read headlines. “Never encounter the price objection again, guaranteed!” If you or your company sell anything (all of you), you need to find out what he’s really getting at, don’t you?
After I read Lee’s piece, a number of successful business dealings ran through my head and I realized he was on to something, something big when it comes to sales.
Examine your own buying behavior. When you want something that can help your business, you naturally have concerns about shelling out the money. Could it be invested somewhere else? Will the value of this product or service actually work for you? Your concerns are completely legitimate. Very often you’ll “bite the bullet” and you’ll pay, maybe with reluctance at first. Eventually you’re glad you made the purchase decision as you reap benefits.
As a seller, you know there’s high value in your product and it’s worth the price. You can prove it by testimony and real data. Your confidence brims about dealing with price objections (concerns to the customer). Then, if you’re not careful, hubris overshadows your attitude and you attempt to counter the price objection. It becomes either a tense negotiation or worse, a conflict. Nobody wants to go there.
What if you approached price concerns with the same positive energy and enthusiasm that you and your potential customer had before price was broached? When price is the issue, try rolling up your sleeves and becoming a customer’s teammate instead of opponent. Make their concerns your concerns. In most businesses, there are delivery options; customized product configurations and service levels to provide for the customer’s needs and still make you money. Several of my good clients were won over by this approach and have given me referrals. I don’t know where my business would be without them.
Now please, let me offer you this concept concerning your purchased marketing services. Chuck Sink Link offers unique and customized service packages that deliver very high value at price levels that might surprise you – opposite of “sticker shock.” Maybe we leave money on the table, but that’s okay. My sales and marketing experience spans decades. My personal and company brand enjoy fine reputations and my clients are successful.
Some of you may be asking, what do you get from Chuck Sink Link? Working with a senior brand strategy consultant and master copywriter, your business will have new life breathed into its internal and external communications. Your marketing executions and public relations will be designed and written to resonate with your your exact target audience. For a fraction of the cost of an internal marketing director or fully staffed marketing agency, you will increase your brand equity and better support your selling efforts. You will enjoy having a partner who shares your business concerns and helps you achieve your growth goals. Let’s have a conversation.