Written by: Vickie Sullivan | September 26, 2019
How to Deal with Bargain Hunters
Many buyers do their homework before they reach out to us. They talk with colleagues or search the internet, believing they know how much their solution should cost. If your price is higher than the bargain-basement options out there, you are in a position of weakness.
The problem is these prospects have just enough information to make them dangerous. Here are two ways to re-educate the decision makers during a sales conversation.
• Create a label for the difference. Here’s where clever wordplay gets strategic. Sales conversations don’t have the space for complex explanations about why folks should pay more. Instead, have a label that describes your impact or track record. (This is why “guarantees” work great.) An analogy will work, too. Something like this: “We’re an insurance policy against XXXX.”
Listen: How to Get the Buyer Out of Sticker-Shock mode
• Show the impact of the difference. It’s not enough to expect buyers to pay for “quality.” They have to know the impact of the difference you bring. Phrases such as, “Here’s what the low-cost providers don’t have…” and “Let’s see if you really need this…”, will put you in the educator role. If the buyer decides they do need the extra help, then they can justify the larger fee.
In many cases, buyers don’t know what they want until you present what they can get. (That is why so many buyers say they need one thing and then buy something very different.) Change the mental picture buyers have about price, and premium options can look more attractive.
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