Read on Twitter
How To Get Customers To Buy High Priced Products Without Resistance
Have you ever heard a customer say but (insert competitor's name) is cheaper?
Next time it happens, here's how you could respond to close a sale
A Thread
Have you ever heard a customer say but (insert competitor's name) is cheaper?
Next time it happens, here's how you could respond to close a sale
A Thread
Believe it or not, no one wants to part with their money
And when they do, they want to be sure they are getting value for the price they paid
But what about when the price is high and they are reluctant?
This simple technique could be applied:
And when they do, they want to be sure they are getting value for the price they paid
But what about when the price is high and they are reluctant?
This simple technique could be applied:
You: Mr Paul, you say this price is too expensive, may I ask you few questions
Are you for price or cost?
Customer: I don't understand what you mean, aren't they the same?
You: No! Not at all! Price is a one-time thing, while cost is a long-term commitment
Customer:
how?
Are you for price or cost?
Customer: I don't understand what you mean, aren't they the same?
You: No! Not at all! Price is a one-time thing, while cost is a long-term commitment
Customer:
how?
You: For example, you want to buy a car and you're given two choices
Option 1: New car with great engine priced @ N5m
Option 2: Second-hand car with 4yrs depreciation, repaired engine @ N1.5m
One is expensive for now, the other is cheap
But cheap is expensive in the long run
Option 1: New car with great engine priced @ N5m
Option 2: Second-hand car with 4yrs depreciation, repaired engine @ N1.5m
One is expensive for now, the other is cheap
But cheap is expensive in the long run
You:
when you buy the second-hand car for N1.5m and it requires you to visit mechanics monthly to repair the engine and other things
If each visit cost you ~N10k per month - N1.2m/yr
That means in three yrs you'd have spent N3.6m repairing & maintaining
Is it worth it?
when you buy the second-hand car for N1.5m and it requires you to visit mechanics monthly to repair the engine and other things
If each visit cost you ~N10k per month - N1.2m/yr
That means in three yrs you'd have spent N3.6m repairing & maintaining
Is it worth it?
You: is it worth risking your life and wasting your time just for additional money now?
Won't it better you pay at this price for better value and less cost of ownership?
Note: at this point, Mr. Paul should be persuaded and ready to pay the N5m
What you did was...
Won't it better you pay at this price for better value and less cost of ownership?
Note: at this point, Mr. Paul should be persuaded and ready to pay the N5m
What you did was...
Amplifying the value of the product that justifies the price
and demonstrating the cost of owning a product that is inferior and cost more in the future
Note: the higher priced product must be justifiable with inherent benefits it offers
and demonstrating the cost of owning a product that is inferior and cost more in the future
Note: the higher priced product must be justifiable with inherent benefits it offers
Selling is persuading a prospect to see value as a measure of price rather than a figure to pay
Remember: No product is too expensive, it's either:
1. Customers can't perceive the value or
2. The price doesn't justify the value the product embodies, or
3. Customers can't pay
Remember: No product is too expensive, it's either:
1. Customers can't perceive the value or
2. The price doesn't justify the value the product embodies, or
3. Customers can't pay
Because no one goes to a Ferrari car dealer saying:
"But a Toyota is cheaper"
Cc: @sarnchos @Ebuka_Raph @seunavic @TosinOlugbenga @kanmyexcellent @jamesagada @andy_mukolo
"But a Toyota is cheaper"
Cc: @sarnchos @Ebuka_Raph @seunavic @TosinOlugbenga @kanmyexcellent @jamesagada @andy_mukolo
