How much does it cost? 55% of customers want to know before they talk about anything else. “It” is the product or service you’re selling. And since the beginning of time, people hate to part with their money. Ideally, the customers would see the value in your product and do everything in their power to pay whatever you ask. So how do we make the world a little more perfect? You need to plan your work and work your plan.
First off, let’s be clear. You can’t deliver a price until you know exactly what your client should purchase to fill their need. Subsequently, you can’t give them a price until you’re ready to make a recommendation about what they should purchase.
Educating customers on the value of your product makes or breaks your sale. You need to establish worth instead of cost. Start with discovery questions to establish the need and urgency of the buyer. You’ll need to learn about your customer and their needs, wants, and short and long-term goals. Why are they in the market? Are they replacing an existing solution? Learning what they like and don’t like, what they are comfortable with, and what concerns them will help you make a strong recommendation.
Use that to build your foundation. You’ll present your offering to the prospect in terms of their desired outcome to build their understanding of the value. Show how the product provides that outcome. Make it sexy, or at least visceral. Use words that engage people at a gut level. If you’re talking about a powerful car engine try, “thrust,” “power,” “masters the road.” If you’re talking about banking try, “relax”, “strength,” “security”, and “knowledge.” Discuss the product as if the customer already owns it. “Now you’ll have the security you deserve.”
Do Additional Discovery
After the foundation? Ask additional discovery questions keep the customer engaged. Respond to their answers by personalizing benefits of ownership. Learn how your customer is meeting their needs right now. It’s important that when the customer is focusing on price, the sales professional is directing their attention to the value instead. Listen to their explanations carefully. Be clear in your own mind exactly what information your buyer needs to make a decision. Additionally, pay close attention to their questions – and answer as simply as possible. Don’t overwhelm them with info. If they want to know more, they’ll ask another question!
People believe and remember information that they receive in multiple ways. Make sure that while you’re speaking you explain the and details that paint the picture you want them to have. The more the customer can picture themselves using the product or service, the more engaged they will be. This keeps you in control of the sales process. Is the picture you want the customer to have complete? If not, keep building – presenting – the benefits that will create a complete picture of their desired outcome.
When it’s finally time to talk price, stack the benefits like pancakes. “For the hand-built mahogany frame, the wool blend upholstery, the door-to-door delivery service, and the 5 year warranty, it’s $549.” Since stacking reminds the customer of the details, it emphasizes value over price. Move directly to an assumptive closing question: “Would you like us to deliver on Friday or Saturday?” You’re guiding the conversation, and directing the customer to picture themselves owning the product. The value and satisfaction of owning the product will outweigh their attachment to their money. That’s when they buy. Your confidence that the customer wants the product often leads to the customer owning the product.