What do you do when your competitor’s product is cheaper than yours?
Today on Sales From The Street, we talk to Chris Ibezim about what happened when he realized his prices were too high, and how changing his mindset helped him overcome the challenge.
Begin with research
Chris’ biggest challenge in sales was figuring out how to handle selling a product that was significantly more expensive than his competitors’.
He started by researching why his product cost more, with a goal to determine what made his product different.
He discovered that the way to demonstrate value was to understand the differences between the two products.
Compare your product to your competitors’ product so you can understand what makes yours different. Don’t use the word better; instead, let your customer decide that.
Educate your customers
If a customer has an opportunity to buy a car for $5,000 or a car for $10,000, it’s easy to assume you’ll buy the cheaper car.
But what if the more expensive car is a Ferrari? Although it’s more expensive, it has far greater value.
Your job is to educate your customer about your product, and explain why it’s worth the price.
When you’re confident in your product, when you provide the right information, and when you set the right expectation, you’ll find the right customer.
We’re all in the relationship business. Everything comes after you build the relationship because people buy from people they are comfortable with.
“My Prices Were Too High” resources
You can find Chris on Instagram: @klozemore and on Facebook.
Learn how to lead your buyers instead of being subservient. The book Stop Selling & Start Leading, offered by our friends at Wiley, provides a blueprint for your customers and what they are seeking. Read an excerpt of the book here.
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