3 Ways You Can Conquer Customer Price Fixation | Jeff Shore

Salesperson: “Welcome, and thanks for stopping by.”

Customer: “What’s your price?”

Salesperson: “Well, we will certainly get to that. How’s your day going?”

Customer: “What’s your price?”

Salesperson: “Okay, I’ll be happy to answer that but can I ask you a few questions first?”

Customer: “What’s your price?”

Salesperson: “Well, we actually have several options at various price points – from $ to $”

Customer: “Your prices are too high.”

What is it about customers that causes them to fixate on price? I mean, you have a great product and outstanding service – don’t they care about these things?

Many factors are actually at play in this situation. But for this discussion, we’ll look at three key issues, all of which come in the form of cognitive biases – or mental inclinations.

Conquering Price Fixation

1. Defer the price conversation until after establishing value

The single biggest problem with price discussions in the sales conversation is when they occur too soon in the process. The earlier you talk about price, the less likely you will get the sale. Did you catch that? The earlier you talk about price the less likely you will get the sale.

Why is this the case? Two reasons…

First, an early price discussion has no value basis. Without a sense of the intrinsic value of the product, any price conversation is simply speculative.  I’m discussing the price of an undefined concept.

Second, early price conversations connect the customer to their logical/analytical brain. That’s a problem, because purchase decisions take place much more strongly in the emotional side of the brain. This is an extremely powerful characteristic of the purchase process!

The one-word strategy: defer.

You simply cannot get into a detailed price discussion until after the customer has ascertained and shown an appreciation for the product.

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3 Ways You Can Conquer Customer Price Fixation.