As a typical everyday consumer, you may have trouble routinely determining the price of many products and services purchased in today’s economy. It’s becoming increasingly difficult to determine whether you’re getting ripped off, so most people really dislike having to navigate this topic. It breeds mistrust, and gives folks a lousy feeling about the entire process. Here are some examples and pet peeves to many consumers:
When it comes time to buy or lease a car, dealers seem to go out of their way to hide the actual pricing numbers. That experience is scary because it is virtually impossible to determine the true price of a vehicle.
I also cringe when trying to make a decision about where to buy my Internet and TV services, because they don’t seem to have firm prices at all. It’s like arm wrestling or playing Let’s Make a Deal with the sales rep, just to try to figure out what I’ll end up having to pay.
It’s the same routine with financial stuff. The last time I got a mortgage, they started by offering me one rate, but then they said if I did thus and so they would change it to another rate. Then there was a caveat that could alter that one to even a third rate. There were so many variations that it seemed as if I was blindfolded, trying to hit a piñata. That totally frustrated me and caused me to be unsure of what to do.
I really wish sellers would just lay out their best price, and let the chips fall, period. Tell me how much it is and I’ll make a buying decision one way or the other. I know how to compare the pro’s and con’s, but I really don’t relish complicated, tennis-match style negotiating conversations, where I feel like I’m being nibbled to death by a duck over every single option offered. Just give me your best price.
It should be pretty easy to feel my frustration as you read these comments. As a salesperson, you need to be aware that a large percentage of consumers and virtually all your buyers harbor many of those same feelings.
Buyers want the best, at the best price, but even when they find the deal acceptable they almost always question something just to double-check the deal. For that reason alone, you shouldn’t expect to complete a sales call without some resistance. You just need to realize that not all questions are objections and not all objections are a deal appeal.
Deal appeal is how buyers are reassured before making commitments, so make sure you are able to recognize them when you hear them, for example:
You: “Mr. Throckmorton, it appears the service and warranty I’ve presented are what you need, right?”
Throckmorton: “Yes, this looks like a good solution.”
You: “Great! With your signature approval, I’ll call my service department and get an installation day and time locked down for you.”
Throckmorton: “Okay… (hesitating), but I’m just wondering is this the best price I can get?”
You: “Yes sir, that’s why I wanted you to work through my company’s pricing protocol with me so you could see the numbers for yourself. The only way I could discount below that is if you also bundle at least one additional service, but you already said you didn’t want to do that at this time.”
Throckmorton: “Yeah, yeah, I remember now. That’s fine. OK, where do I need to sign?”
This is deal appeal, just a checking question from your prospect and not an objection. Just make sure you respond to every price question with a value or benefit statement, like the example above, or a deal appeal could easily grow into a full-blown objection.
————Have You Heard These Facts? ————
Employees who have been consistently coached:
Outperform their peers by 27%, are significantly (25%) more engaged, are 25% less likely to leave, are 11% more promotable, apply 18% more effort, and retain four times the amount of information after training. To help your salespeople attain improvement like this, Doug has some very inexpensive coaching solutions you can learn about here.
Sources: Sales Executive Council, Gallup, Hay Group, Harvard University, Goleman & Boyatzis
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