Do you sell your product or service as if it’s a commodity? If so, stop.
A commodity is a good or service that has no qualitative differentiation across the market. When there aren’t qualitative differences among products that people want, purchasing decisions come down to just one factor: Price.
Many salespeople assume they must sell their product or service on price. But this is one of the biggest mistakes in sales -- one that will prevent you from ever surpassing your sales goals. If you sell on price alone, your prospects will never take you or your product seriously, which means you won't win much business.
Ready to move beyond a price-driven sales approach? It's possible! There are proven alternatives to help you create more value to close more sales.
If you implement the following three strategies, you’ll never sell on price again. Watch the video below to learn the keys to creating value in a product or service that seems like a commodity:
1) Stop selling a commodity.
No, this doesn’t mean you should stop selling what you currently sell. But it does mean that you should stop acting as if you’re selling a commodity. When I say “stop selling a commodity,” I mean stop focusing on price as the primary reason for why someone should buy from you.
Unless you’re Wal-Mart, you won’t ever make money this way. Quit selling yourself as the lowest-price provider. Remove all language that uses cost as a selling point from your sales process altogether. Once you do, you’ll be amazed at how much stronger your sales presentations sound -- and how much better prospects will respond to your proposals.
2) Focus on value.
Take some time to think about why your current customers bought from you. Hopefully, they were drawn to you for more reasons than just your low prices. What value do you bring to your prospects that makes them choose to buy your product or service?
If you can learn to articulate the intangible benefits that compel customers to buy from you, you’ll find it easier to focus on value rather than price in your sales meetings. When you emphasize the specific value you bring to prospects instead of the low price you offer, you’ll inevitably increase sales.
3) Solve your prospect’s challenges.
Prospects aren’t interested in your product or service -- and they’re certainly not interested in your low prices. All they care about is how you can help them solve their biggest frustrations. But before you can appeal to this concern, you must first understand what your prospects’ challenges are.
Ask your prospects directly: “What’s the greatest challenge faced by your organization today?” Let them tell you about their most difficult problems. Then, craft a solution that can fix those problems. More prospects will buy from you when they see you offer a specific solution for the issue they’re facing. This is a much more compelling reason to buy from you than price -- and prospects will be willing to pay more because of it.
Have you been discouraged by selling your product or service on price? Implement these three keys to never selling on price again, and you’ll watch your sales increase. Check out this free report on three closing questions you must ask to close a sale, and transform your sales approach even further.
Originally published Oct 14, 2016 7:30:00 AM, updated August 27 2018