Secret Selling Tips - Article
 

Proactive strategies to minimize price objections
by Bob 'Idea Man' Hooey

 


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A "Secret" note for Business Owners and Sales Managers

Proactive strategies to minimize price objections

  • How do you compete when you know you aren’t the least expensive in your area or industry?
  • How do you compete in an increasingly competitive global market?

Here are a few areas that will help in this regard.

Conduct a Strategic Value Analysis:

Taking the time to find out a bit about these four areas will help you build a strong foundation and relationship to better service your customers. Better relationships will take the pressure of the price factor in the buying decision. The more you know, the better you can apply that knowledge in serving those who need what you provide.

Market Analysis
• Competitive Analysis
• Self-analysis
• Customer analysis

Positioning Strategies - to create barriers:

The more successful companies have carved out a position as the quality leader in their field. This emphasis on quality or value moves the evaluation process away from price.

Outsmart the competition:

Use your brains and look for ways to better service your customers. Find ways to provide services or value-added products that your competition doesn’t.

Use all your resources:

Being lean and mean in using your resources helps you to keep your overhead in line and keep your pricing competitive. Using your resources fully allows you to better serve as well.

Decide on all organizational needs:

Invest the time to streamline your operation and its processes. Keep it simple! This will help your staff provide the best service possible. It also allows your customers to see firsthand your commitment to giving them value for their dollar. Think repeat business!

Work to generate end-user support:

If you are in the position of being a supplier – your customers are really your ‘customers’ customers (end users). How can you help your customers by working to reach and teach the end users? Become a drawing point or success partner for your customers.

Value-added Checklist (10 minimum - go for 20)









Point to Ponder:

"The individual (the customer) percieves service in his or her own terms."
Arch McGill

Bundling:

How about making what you offer more valuable by combining products or services to allow your customers lots of options. What types of bundles can you offer? Take a moment and brainstorm.




Proactive probing:

Invest the time to find out what moves your customers? What keeps them up at night? Ask questions and respond to what you learn, by adapting or changing your business. This is one way of keeping what you offer current, valuable and viable.

Reinforce value:

Everything you do should be focused on reinforcing the value in what you offer. What is the true value of what you offer? Warranty, service, selection, delivery, options?

Sell intangibles:

Often the true value of what you sell is based on things that can’t be shown or proven until needed, as above. Do you have a better warranty? Do you offer better terms? Do you offer a better selection or stocking? Do you offer expert advice or consulting? Do you offer delivery and installation? Let them know!

Don’t be shy about sharing your unique value proposition. If you are shy – you’ll die in a competitive market.

Presentation ideas:

When you get an opportunity to present or share about your business or products – I’d suggest looking for ways to incorporate the following areas into your sales process. You can be a great spokesman if you do. This will also be a tremendous assist in helping them decide to deal with you – closing can be a challenge. But these hints will help you be more effective in signing up additional business and retaining clients.

How can you…?

• Demonstrate earnings
• Cut their costs
• Go for agreement to product first
• Carefully choose your words
• Use proper sales terms instead of jargon
• Sandwich the price - focus on value (good, better, best!)
• Price with benefits summary
• Cost as a 'mere' fraction
• Minimize the cost-to-own
• Analogize – not apologize
• Use relevant testimonials where ever possible
• Think and talk 'long-term'
• Present deal in its best light

These critical impact areas are essential to being a value based customer service business. Look for ways to build them into your business.

The effort you invest will pay off – BIG TIME, and long-term!

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© 2007 Bob ‘Idea Man’ Hooey www.ideaman.net All rights Reserved. Used with permission of the author.

Bob ‘Idea Man’ Hooey is a productivity strategist and creativity catalyst who regularly writes for North American Consumer and Trade Journals, on-line magazines and company intranets. He is the author of 10 books including 2 on selling; and the 48th person in the history of Toastmasters International to earn their coveted professional level Accredited Speaker designation. He is a professional member of the Canadian Association of Professional Speakers and the International Federation for Professional Speakers. Visit his website for additional articles like this one: www.ideaman.net

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2/12/08


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