Enhance value: There can only be one lowest price
What are you doing to enhance value in the marketplace? How skilled are you at identifying what the buyer is trying to accomplish? Can you demonstrate with full conviction, that your product is worth well more than the price you’re asking? Are you committed to helping your buyer and do whatever it takes to solve their problem? Do you know how to make sure if you’re on the right product or not? Do other people have a hard time getting money from you? These are the questions and challenges, Grant Cardone is asking in his Weekly Strategy.
In sales, money will find what people perceive as valuable; not the lowest price.
If a prospect isn’t completely convinced of the usefulness of your product or service, that person will elect to do something else with his or her money.
A lower price won’t necessarily sell your product. A lower price will not get your clients to buy your product if they aren’t fully sold on its value, excited about it, and confident that it will solve their problems and/or make them happy.
Unless you are Wal-Mart or The Dollar Store, whose entire business models are built around very small margins and high controls on their inventories, the “lowest-price” approach will fail you. Selling on price is an indication of a weak-minded and poorly trained individual or organization. Plenty of organizations that have used the lowest-price model have filed for bankruptcy or closed their doors.
Grant has 5 free ways to enhance value…
1. Do a better job of identifying what the buyer is trying to accomplish with your product. “What is the number one thing you want this product to do for you or help you do?”
2. Demonstrate how your product’s worth is greater than the price you are asking for it. Take the time to creatively build value that exceeds price and ensures that the prospect is making the right decision.
3. Demonstrate how your product will sufficiently solve problems and why the customer will love it. People buy for two reasons: (1) to solve a problem; and (2) for love and to feel good. If they don’t believe one of those two things, price will not matter. “On a scale from 1 to 10, how would you rate this product?”
4. Be sure that the proposition you are presenting is within your customer’s financial means. Having too much of a product is the fastest way of forcing you to cut your price.
5. Become thoroughly versed in the fact that price is a myth—one that is disproven every day when people give up their money for something they desire.
Check out Grant’s book, Sell or Be Sold, in which there is an entire chapter on this topic of the price myth, how it is a destructive belief, and how it is destructive to creating your own economy. You can find it here.