Why
Should I Buy From You? ... and ...
Give Me the Lowest Price or I'll Spend My Money Elsewhere
Think about the two questions above. If you can answer
the first effectively, you will never need to deal with
the second.
To begin with, we suggest an approach where you are
not just providing a listing of your products, price
and contact information. Rather, you are really helping
your target market understand why it is that your product
can help them and why the best place to buy that product
is from your establishment.
It is important to recognize the need for consumers
to feel good about their purchases. They need to feel
like they've made the right decision and have received
excellent value for their money.
Why do people deal with price as the single most important
issue when buying most products? Could it be because
they don't understand enough about the products to understand
what the true value of it is?
It is absolutely crucial for you to bring out that
true value of your product, service or business so that
your prospects understand what they are buying. Fail
to do that and you fail to be able to charge adequately
for your value.
Let's use lawyers as an example.
Mary is looking for a lawyer to handle her divorce.
She speaks to two different lawyers and asks them what
they would charge her. She asks this because she really
doesn't understand what the issues are from a legal
perspective or what is involved and so can only relate
to that 'cost of service' perspective.
The first lawyer responds that he charges £250
an hour and would be happy to handle her divorce…asks
when would she like to book the first meeting.
The second lawyer responds by first asking a couple
of questions about Mary's situation. He then describes
to Mary that his practice is a little different from
most family law practices, especially around divorce
proceedings. Their goal is always to reach the most
amicable and fair settlement for both parties. In so
doing, they have found that over 70% of their clients
have been able to achieve a good ongoing relationship
with their ex. They generally move past the divorce
and on with their lives more quickly, on average, than
the norm. (And they have testimonials and survey data
to prove it)
This positive approach has made it easier on both their
clients and their ex-spouses, but especially so for
any children who are involved. This lawyer explains
that they have developed several special approaches
in helping achieve this goal. Also, due to this positive
approach, they are able to finalize divorce proceedings
25% faster than then norm. Finally, he shares that his
rates are £300/hr.
Who do you think will be chosen? My bet is that most
reasonable people will choose the second lawyer. He
helped educate Mary on the special value that the firm
offers and what the benefits of those services are.
Clearly the fact that the firm's rates are 20% higher
can be offset by the shorter billing times and the added
'quality of life' value realized by the clients.
If lawyer #2 had not taken the time to educate this
woman and left it up to a comparison of hourly rates,
they likely would have lost the opportunity. This law
firm presents this same educational information on their
website, in their promotional materials and in any public
speaking engagements that they do.
All of these venues provide opportunities to educate
their target market on the unique value of the firm.
How do you educate your prospects on your
unique value? Do you know what your unique value is
and is it strong enough to offset price comparisons?
Did you find this article useful? If so why not see how Andy can help your sales team
by contacting us for a free telephone consultation?
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