The key to selling value is to build the value up to the price in the prospect’s eyes, rather than bringing the price down.
Everyone wants to get a great deal when making a purchase, but there is more to a great deal than achieving the lowest price. If you do not have the lowest price for a prospect and other vendors are involved in the prospect’s buying cycle, you need to be selling value. The key to selling value is to build the value up to the price in the prospect’s eyes, rather than bringing the price down to the value the prospect wants to assign.
When prospects are searching for the lowest price and attempting to negotiate your organization’s price down, they will often throw out an objection along the lines of “Your package and the other packages we are looking at are equal, except for price.” However, both you and the prospect should know this is not true; if it were, the prospect would not be trying to negotiate your price down and would take the easy route of accepting the lowest price. Help your prospect see how your offering is better through:
Risk and the desire to avoid it is a major factor in buying decisions, and usually ranks as more important in prospects’ minds than the lowest price once they have an opportunity to analyze it. When you are selling value, try to help your prospect see your offering as the “less risky” option compared to competitors. You can do this by:
When a prospect is truly hesitant on whether to accept your offering or the offering with the lowest price, he or she may need more than your assurances that you are selling value. Even if you may have relied on references towards the beginning of the sales cycle to get your foot in the door with your prospect, you can use references and recommendations again for selling value. Find references and recommendations that are as similar to the prospect as possible, and consider:
Selling value should become a regular component of your sales toolkit so that the lowest price becomes less of an issue. Learn from these and other tactics for selling value so that you can avoid last-minute price objections.
Rhys is a tenacious, top performing Senior Sales Recruiter with 11+ years of focused experience in the Digital Media, Mobile, Software, Technology and B2B verticals. He has a successful track record of headhunting top performing sales candidates for some of the most exciting brands in North America. He is a Certified Recruitment Specialist (CRS) and has expert experience in prospecting new business, client retention/renewals and managing top performing sales and recruitment teams. Rhys enjoys spending quality time with his wife, son, and two daughters, BBQing on a hot summer day, tropical vacations and cottaging.