"All my competitors are selling on price and I have to meet their prices or lose the business.”
What if your competitor was giving their product away FREE? What if there was very little quality difference between your product and the “free” product? What if their method of distribution was much more efficient than yours? Could you sell against that kind of competition?
Someone was given a sales challenge to sell against that kind of market condition. And they are very successful. The product is bottled water. How do they do it? Do they lower their price and try to compete with tap water? Do they badmouth the water company and tell their customers “yea, it may be free, but look at what you get!”
Is bottled water really any better? I gave it the ultimate taste test. I put two bowls of water in front of my dog – one from a bottle that I paid over a dollar for – the other from the sink faucet. My dog tried both of them. Which one do you think she preferred? The tap water! Did I switch to tap water? No. I still pay an outrageous price for a bottle of water.
Why? Somehow the perceived value of water in a bottle is a strong enough benefit for me to fork over my hard earned cash.
Every item you sell has within it a huge perceived value for the customer or you wouldn’t be selling it. All you have to do is find it and present it to your prospects.
What is your perceived value? What does a customer experience when he or she is interacting with you and your company? For example quick resolution of problems, achievement of a desired outcome, fulfillment of a need through a purchase; a feeling of confidence following the purchase; or satisfaction with post-purchase service.
It's not just the price; it's this perceived value that goes along with the product or service that makes a customer choose one vendor over another.