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.
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.
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.
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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Donald is the host of the popular sales podcast,"The Sales Evangelist". He is the founder of The Sales Evangelist Consulting Firm where he helps small companies develop killer sales process to scale their business and increase growth.Donald is also an award-winning speaker, sales trainer, and coach. He's a big fan of traveling, South Florida staycations and high-quality family time. Donald has a belief that “anyone” can sell if they have the desire and receives the proper training.