Do your prospects want the cheapest price, or the cheapest price for what they want? Think about it. When was the last time you heard, “Hire me the cheapest brain surgeon you can find!”? Here’s are examples why the want is so much more important than the price, and how you should change the way you sell because of it.
The Most Important Step in the Sales Process
To truly answer the question about where price ranks in the overall buying process, check out the example in the video below.
To get you started asking the right questions to close more sales faster, download our free sales tool, Sample Fact Find Questions from the B2B Sales Connections Free Download Centre.
Is it the Cheapest Price or the Cheapest Price for What They Want?
Another good example was the last time I bought a new smart phone. I had absolutely no intention of getting a new phone when I walked into the store, yet I still walked out with one.
How did this happen, you ask? Solely because of the professionalism of the sales representative!
Before you say it, no, I'm not an impulse buyer. In fact, anyone who knows me will tell you I'm quite the opposite. I was only there to buy a car charger!
When I walked into the store, I was promptly greeted by a very friendly sales representative. He asked questions about why I was there and then showed me exactly what I had asked for. Most sales representatives would have stopped the process right there, and sent me off to the cash machine to pay for my new car charger.
How Salespeople Deal with Prospects Who Think They Want the Cheapest Price
Not this sales representative, though. He didn't stop. He kept asking me questions. The salesperson probed deeper into how long I had had my phone, what I use it for, how much I was paying for it etc. He finally said, 'You know, for only $20.00 more than you were going to pay for that car charger anyway, you can have a brand new phone that will allow you to take those better pictures like you wanted to.' The first thing I thought was, 'Tell me more!'
Sample Fact Find Questions to Win More Sales Faster
The Right Questions to Deal With Price Objections
As I said, I'm not an impulse buyer. I didn't sign the contract right then. I had questions. Yes, you could even call them objections. Objections like:
• How much is the screen protector, carrying case and memory card going to cost? It all has to be more than just $20 up and above a car charger.
• How are you going to get my contacts from my old phone to my new phone because I certainly don't have the time to re-enter them all.
• I want to stay with my current carrier. They are very dependable in the rural areas where I frequent (i.e. the golf course).
• What about the car charger? That is why I came in today, after all!
This sales rep had done his homework though. He knew about all the current promotions from his store and my carrier. He was able to deal with all of my objections, one by one. It really was only $20 more than the car charger. Granted, my new plan was going to cost more per month, but with all the extra services I was going to receive, it was going to save me money in the long run because I won't have those overage charges any more.
No, Prospects Really Don’t Want the Cheapest Price
Wait, did I just say I had agreed to pay more than what I was paying when I walked in? I was only there to buy a car charger, and now I had bought a brand new, shiny phone with all these fancy bells and whistles, on a moment's notice, no less? More importantly, I was (and still am) feeling absolutely wonderful about the whole experience. I guess it really is true; we all want the cheapest price, but the cheapest price for what we want.
When I look back, I realize, he didn't sell me anything. He simply made it very easy for me to buy the solution that was right for me. But isn't that what the best sales reps always do? Like I have always said, 'Better the fact find, happier the customer, better the paycheck!' More motivational quotes here.
Do Prospects Want the Cheapest Price? – The Bottom Line
Statistics show that price is an important purchasing criteria for all buyers. However the right price is not always the cheapest price.
For detailed information on how to develop questions that create value and differentiate you from the competition, check out my book, Action Plan For Sales Success. As one reader stated, 'I’ve never read a book quite like it. It’s basically got everything you’d ever need to know to be a sales person and it’s all in one place.'
However if you still think prospects want the cheapest price, check out the book, Why People Don’t Buy Things: Five Five Proven Steps To Connect With Your Customers And Dramatically Improve Your Sales. It’s on the B2B Sales Connections Recommended Reading List. I will bet dollars to donuts that you will change your mind right after you read the chapter, “Rita Buys Her Dream Car”.
“… what I can tell anyone, is simply this – If you want to learn and understand sales, talk to Susan.”
Do you have a question about sales? You’re not alone. Most salespeople have questions like this on how they can sell more. For the right answers, check out my book, Ask the Sales Coach-Practical Answers to the Questions Sales People Ask Most.