You can sell at higher prices without losing customers; here’s how.
We live in a very fast-paced society. We use drive-through windows to pick up lunch and next-day delivery for much of our mail. Your clients don’t have time to waste. So, if your client is spending time talking to you about a project, it means he or she wants to buy from you. If your client is constantly telling you, “I can get it cheaper down the street,” but is talking to you, don’t worry too much. If they weren’t interested in what you have to offer, he or she would be getting it down the street instead of making the investment of time to discuss it with you.
Price is always more important in the mind of the SELLER than in the mind of the BUYER. Your clients speak about price, but they really care about the quality you represent, the service you stand for, and the personal connections you’ve made. Your clients speak about “price, price, price” because they know that you’re a little unsure of yourself when it comes to discussing price; you’re sometimes a little afraid to discuss price because your price implies that you are making a profit and “profit” can be a dirty word.
Your clients will make you believe (and it’s only a game) that your price is the supreme decision-making factor. Why? Because your client likes to save a buck or two, and if you’re willing to cut your price, well, why not ask for it?! But if you’re not willing to cut your price, that’s okay, too. Your clients want to buy from you; they wouldn’t dare buy from the cheaper dealer down the street because they wouldn’t be as sure of getting your kind of service and your kind of quality. After all, the Mercedes dealership never gets nervous when a Kia dealership opens up in the same town.
I am sure that no one has ever gotten fired for paying $100 too much for an order of services or products. But lots of people have gotten fired for trying to pay too little, for foolishly trying to save a few dollars and having the job done incorrectly or too late to be of value.
When someone asks you, “What time is it?” you say with conviction, “It is a quarter past three.” (After all, you know you can’t change the time.) But, when someone asks, “What will this order cost me?” we tend to answer with phrases like:
- “How does $900 sound to you?”
- “Well, my price is about $550.”
- “I think this is the lowest price in town.”
- “I’m going to try to give you one heck of a deal.”
- “Am I in the ballpark?”
- “Tell me where I need to be.” (worst of all)
We often give signals to our clients that our price is flexible; we practically invite our clients to “beat us up” on price.
If you really do have one of the few customers that is truly a price buyer, remember that if you get a client based only on price, you will eventually lose the client based only on price.
Don’t be afraid of your pricing. You deserve to make money; you need to make money. Let your clients know that your price is fixed. Start your conversation with your price; don’t end with price as though you were afraid to finally let your customer know. Once price is out of the way, you can direct your conversation to how quickly you can have the order produced or how beautifully you can make the imprint look. You’ll begin to negotiate your services, industry knowledge, and supplier contacts, instead of your pricing. And you’ll make more money!!