When your prospects are considering purchasing from your organization, price will inevitably be a factor, but what is likely more important to them is a high quality product and the value that accompanies it. The ability of your sales team to outsell lower-priced competition is vital to maintaining your bottom line in an overcrowded marketplace—that’s not big news, but how do you make it happen?
The key to maintaining higher margins falls into the hands of your organization’s sellers and their ability to justify your price by offering value that can’t be beat. Here are 7 things your sales team can provide to your prospects other than lowest price.
1. An Effortless, “No-Brainer” Relationship
If your salespeople can provide your prospects and customers with a relationship in which they get what they want, when they want it, they will be willing to pay a premium price. Make sure your team is doing whatever it takes to make your customers’ lives easier. A little bit of convenience goes a long way in adding value.
2. Reliability and Dependability
People like to do business with companies they trust. It’s not likely that a customer will choose to partner with a less credible provider just to save a few pennies, so having a sales team that communicates dependability is a must. A solid history of reliability and dependability can be the differentiating factor when your prospects are comparing you and your competitors side by side.
3. Predictability
Your customers, like the rest of us, like to know what they’re going to get (and pay for). Previous behavior is a pretty decent predictor of future behavior, and this affects the way people choose to buy. If all of the interactions your customers have had with your sales team have been consistently professional, effective, and efficient, your organization will acquire that reputation. Just be sure that your customers always receive the same excellent service they have come to expect from you.
4. Reaction to Their Needs
If your team can find ways to acknowledge your customers’ uniqueness and be flexible and responsive to their specialized needs, your organization will be seen as a strategic partner that is worthy of investing more resources in. If your price is higher than your competitors’, your salespeople must provide a customized experience that builds value in the eyes of your prospects.
5. Breadth and Depth in Quality
Providing quality products and services will strengthen customer satisfaction, but your sales reps can really demonstrate the value your organization provides by ensuring that customers are getting the most out of the dollars they are spending with you. Are there benefits that are going unused by any of your customers? Allowing clients to maximize your services will show them that their investment is well worth it.
6. Knowledge, Competence, and Follow-Up
We all like to know that we’re in good hands. Salespeople who are serious about following up on orders, making sure that everything’s right, and are thorough in processing, expediting requests, and being available after the sale is made, find that these activities give them an opportunity to sell at a premium price…and the opportunity to make more sales to their existing accounts.
7. In-Depth Knowledge of Your Product Line
Your customers want to feel confident in the fact that they are actually receiving the best solutions, and in order to instill that trust your salespeople need to be experts on your product offerings. While customers are paying your organization for the products you provide, they are also paying for advice on how to find the best answers for their unique challenges. When this knowledge and consulting are high-level, it adds value and legitimizes a higher price.
The bottom line? Your prospects are realistic enough – and smart enough – to know that they are going to get what they pay for. They know that if they buy from your lower-priced competitor, they will probably be setting themselves up for problems. Instead of competing on price, make sure your salespeople are focused on selling value.
NOTE: Our sales training tools are designed to make your life easier. Use them to your advantage.
How to Sell Against Lower Priced Competition – 5 Ways to Beat Price-Cutting Competitors
You must sell your product or service on the basis of some competitive advantage. That advantage will boil down to one or a combination of 5 fundamental things. Fail to choose one and you’ll be doomed to be seen as a commodity.
