Leverage ‘value’ vs. ‘price’ in your sales efforts

For years we’ve been fooling ourselves about price. The long-held belief was that if you were a good salesperson, you could convince the customer to pay more. This was called the “hard sell,” but that’s the way many retailers rolled. There was an assumption that price didn’t really matter.

Let’s face it: price is a huge issue, especially given the state of inflation today. So, what can you do? Here are some ideas that will change the customer’s perception of who you are and provide your sales team with some ideas to build better relationships with your customers.

1. Understand your industry and what your competitors offer in terms of installation. Identify why your competitors may appear cheaper. Do they bundle services, such as installation, with their offerings? Consider whether presenting prices per square foot or square yard enhances perceived value. Whichever you choose, you should be consistent in your offering.
2. Competitors who focus on price tend to use language that suggests lower quality instead of highlighting value. Utilize terms like “professional grade” or “for professionals” in lieu of “commercial grade.” Emphasize certifications, endorsements and accreditation to elevate the perceived quality of your products and services. Highlight “quality service” rather than simply “after-sale service.” Educate customers on the differences between products and why the superior option is worth the investment. Tailor your approach to match their needs and priorities.
3. Use persuasive storytelling to articulate why your products command higher prices. In a nutshell he explained to the customer the reason why copper is the only material he uses for pipe. “It costs more money because it saves money.” Remember, premium products save customers money in the long run.
4. Display certifications and endorsements on your showroom wall and talk about your training.
5. Focus on building relationships with customers rather than viewing transactions as mere business deals. Start by understanding customers’ expectations and assisting them in meeting those needs through informed decision-making. Building rapport involves understanding customers’ priorities.
6. Present your products in innovative ways, moving beyond the conventional “good, better, best” hierarchy. Highlight your most extravagant offerings in a way that enables customers to boast about their premium purchases.
7. Simplify the purchasing process for customers by handling calculations and room measurements. Offer compelling bottom-line figures and demonstrate how their investment will pay off. Emphasize custom installation and prioritize customer satisfaction.
8. Lastly, implement discounts strategically, emphasizing their time sensitivity and presenting them in tangible dollar amounts rather than percentages. Offer incentives like direct discounts or gifts with purchase.

Bottom line: Challenge the status quo by reframing the conversation around value rather than price. Outperform competitors by enhancing services and emphasizing the unique benefits of your offerings.

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Lisbeth Calandrino has been promoting retail strategies for the last 20 years. To have her speak at your business or to schedule a consultation, contact her at lcalandrino@nycap.rr.com.

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