Moving the Conversation Away From Price
Selling consultatively and building value will be the most effective approach, and continuing to prospect preparing for the pent up demand that is being created is imperative.
Remember, value selling is the idea that customers buy your product or service because they anticipate enjoying something special from it that they wouldn’t have if they didn’t buy from you.
In other words, people don’t really buy products and services; they buy the results they perceive the product or service will provide them.
It’s important, then, that your team moves away from price-focused conversations and toward expressions of value, especially in the post-coronavirus world when buyers will probably be more cautious when it comes to getting back in the swing and making buying decisions.
When you focus on value, price becomes less and less important. If you don’t focus on value, the prospect will default to price each and every time!
The truth is, any price, no matter how low, will always seem high to a prospect if their perceived value of your product or service is low.
What kind of conversations are your sales reps having, value-driven or price-driven?
If too much emphasis on pricing is plaguing your team, and salespeople are not revealing how your organization can help prospects achieve one or two of their important objectives, here’s what we anticipate is happening:
Salespeople are uncomfortable having discussions about money.
Salespeople lack the natural Sales DNA to pick up on put-offs and smoke screens and don’t push back and challenge the prospect on their objections to price.
Salespeople are not connecting with the decision-maker, perhaps focusing their time on someone from purchasing, a department that is solely price-driven.
Salespeople buy that way themselves -- the lowest price rules -- and anticipate the prospect will, too.
Salespeople react to price objections emotionally and lose control of the sales call.
Salespeople have not uncovered what’s driving the prospect to focus on price.
Salespeople are not comfortable with the approach of removing elements of the deal to proportionally lower the price. This approach helps the prospect keep the price in perspective and realize there are key elements in the deal they cannot do without.
That’s not an exhaustive list, but you get the idea.
But, here’s the good news: You can turn around a team that’s focusing too much on price and not enough on value.
Identifying who will buy your product, what their most pressing issues are, and what benefit you can provide is step one to honing your value message.
Proper training and coaching of reps on articulating that value -- through role-playing and practice calls, new guidelines, and proper accountability -- is step two.
We’re here to help you get started on the process of messaging your value so that you can immediately begin to close sales when this crisis ends.