How often do sales reps come to you, their manager, complaining they’re losing business because they don’t have competitive enough prices? Any using the excuse “We lost that bid because we weren’t the lowest price?”
The Internet has made it easier to find competitive alternatives to anything you want to buy…and the more competitive options you see, the more of a price-sensitive buyer you’re likely to become. Look how most use Amazon today. After the ads they list everything by its price. Any of your reps feeling this increased price sensitivity from any of their prospects or buyers?
How you sell against lower-priced competitors has been a challenge to sales teams since ancient times. It’s been proven and reaffirmed ever since that price-sensitive buyers also tend to be low awareness buyers. If they don’t see any difference between your products (or services) and your competitors, then of course, they’ll make their buying decision on the only differentiator left…and that’s to select the lowest priced alternative.
It’s a simple solution, isn’t it? We need to increase your team’s ability to communicate, and validate your added-value and unique attributes you offer compared to your competitors. The more of a differential in value and benefits you can show, the more of a price differential they will pay.
Join me on this video talking about this low-price challenge and what you and your team can do about it, including how to use the four most proven reasons buyers choose one competitor over another to explain how and why you are a lower total cost (even if you are a higher price).
Are your sales reps challenged selling a higher priced, higher value solution to your buyers? Then this is a great video to show at your next sales meeting to start a discussion…so they can sell even more!