Yes, what’s your sales pitch worth? Not your product, your sales pitch…..is the value of your sales pitch in line with the value of your offering?
Let me explain – the risks involved in selling something valued at and costing 99 pence are marginal, therefore the effort put into selling that product can be equally low-level….
The same could be said of other products. In the main, any sales person is fighting to balance the scales in the buyer’s mind regarding value and price, and the balancing force that most sales people will have to use to address this is risk.
Minimise the risk in buying – maximise the price/profit
Minimise the risk in buying – maximise the sales conversion rate
Is your sales pitch sufficiently robust to minimise the risk, maximise the value and to therefore make the sale without compromising the price or discounting?
The price you are charging is competitive…when the buyer says it’s too expensive, have no budget, can’t afford, then the most common response from many sales people is to look at discounting the price, to do a deal.
Often what the prospect is really saying when they use price as an objection is that they can’t see the VALUE in what you are offering. Dropping the price and discounting at that stage just proves to the buyer that he was right. Not only this, it kills your sales credibility, minimises your sales conversion rate and causes you to have to work doubly hard to reach your targets.
When the buyer mentions that price is an issue, that is not the time to discount. Instead it is the time where the sales person absolutely MUST restate the value of the offering and re-address the benefits that the buyer will experience, as well as reviewing the ROI.
Please note – restate, re-address, review. These words all imply that the sales person is simply going over whet they have already covered.
So often the sales pitch will fail or be extended needlessly or the offering will be sold so cheaply that it makes no sense, simply because VALUE was not demonstrated during the presentation.
Why is this important?
Selling the value after the price objection has been raised seems desperate and will serve no benefit
Selling without demonstrating value will mean your close rate will be down to luck not judgment. One you can’t control, the other you can control entirely
Selling by exploring value is better for your prospect – it’s either a win – win or no sales, remember
Only by exploring value can you understand about the benefits that the prospect can gain and their level of need, and therefore this is the only way you can price commercially…failing that your pricing is based on intuition, and again this fails the objectivity test.
To protect your own career and your profession – selling it cheap? Why does your organisation need a sales team to do that?
For further insights and information regarding how to sell based on value and how to avoid intuitive pricing then call Carol on 0779 002 1885 for a confidential chat or email firstname.lastname@example.org
Carol Griffiths – Lead Consultant and Director
Morton Kyle Limited