Archive for July, 2015

Do you find yourself shying away from price?  Are you almost apologetic discussing price with your customer?

Why don’t you value the price?

If you’re struggling with price then maybe it’s time to discover the why of your product. Once you understand the why pricing becomes justifiable.

Forget features. What problem is your potential customer trying to solve?

structural-steelDo they need a hole? What size of hole? Where is the hole? Why do you need a hole? How many holes do you need? How fast do the holes need to be drilled?

This came very evident when I recently spent a weekend helping a friend, Read Young, who owns Idaho Custom Iron Works fabricate a number of steel beams for a big project.  He needed over 480 holes drilled into 3/8″ thick steel beams.  As we were setting up the drill press, he said, “Hold on, let’s switch the drill bits. I purchased a set of drill bits that will cut faster and last longer.  These little babies costs over $300 but they will cut your time in half.”

Read understood the value of the more expensive bits. Could a cheaper bit of delivered the hole? Absolutely, but at what costs in additional bits and more importantly in time.

Remember, get into the mindset of your customer. Understand what they are trying to accomplish. Discover what challenges they currently are working to over come. Anticipate new challenges they may encounter.  Are there limiting or prohibiting factors that your product can solve? Once you fully understand this issues discussions will center around solving problems, providing new opportunities and price will become a minor part of the discussion.

Quit apologizing. Understand your customer. Understand their environment. Understand what they are trying to do. You’ll discover that in the process, you’re not selling, your problem solving. When you reach this point the sale takes care of itself.

Ultimately if you don’t see the value of your product how do you expect the customer to do the same?

Have a great week!
Jody Sedrick
Follow me on Twitter: @jodysedrick and @zenewareinc
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