“Why should I buy this from you when I can get it cheaper from someone else?”
Have you ever been asked this question? I have. Although this question tends to feel like a curve ball, it is a very reasonable question, and it would be even more reasonable to prepare a response. The key is focusing on value. Aside from the product, what value can your company provide?
Great Products Solve Problems.
I know we’ve all heard this ten million times but it is something great sales professionals keep in mind. “What benefit would this product provide to the purchaser?” “What is it about this product that will make their lives easier?” These are the questions you should be asking yourself. Obviously it is extremely important to conduct research on your competitors, but I strongly discourage determining your value based on competitors price points. Selling on cost comparison alone is a big mistake, and you will end up losing. Once you have built a brand, you can sell based on your value. Value is all of the things that can’t be quantified on a price tag, so this is where you come in.
The Big Four: Reasons People Buy Things
According to Inc. 5000 and Lewis Fogel, an expert in overcoming price objections, these are the four main reasons people make purchasing decisions:
- They are experiencing pain in the present. Something sucks and they want it fixed immediately.
- They are expecting pain in the future. They anticipate that something is going to suck, so they want to plan accordingly.
- They want to fulfill a need immediately.
- They seek to invest now so that a need can be fulfilled later on.
Why is your client buying?
Which one of the four reasons above is your client focused on? You need to understand which reason it is so that you can properly tailor your pitch. Consider this, if your prospect is purchasing something in anticipation of the future, they probably have some time to shop around. Rather than focusing on urgency, wouldn’t you want to focus on the value your company provides so that it’s engrained in their mind should they decide to shop around elsewhere?
Focus on Value
Period. When a client asks you “Why should I work with you when I can get the same thing from someone else?” Respond with the value or added benefit your brand provides. Forget the blanket statements that can’t be proven and be straightforward.
Read the full article by Inc. 5000 below
If a Customer Says Your Product or Service Is Too Expensive, This Is What You Should Say
There is a big difference between selling your cost versus selling your value. Companies that sell on cost comparison end up losing in the end. It’s very difficult to build a profitable and sustainable company when your primary strategy is to undercut the competition–because what ends up happening is you nickel and dime yourself to such a small margin.