In Education Based Marketing, Pricing, Sales Training

Christopher Ibezim, Donald Kelly, The Sales Evangelist

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.

Check out the Video Jungle podcast, your source for marketing and selling your brand using video. Plan, create and share your way to better content and strategy.

The podcast is part of our newly-launched Sales Podcast Network, designed to provide specialized sales content for sellers of all levels and all industries. To learn more, email us at SPN for more information.

Leave us a review wherever you consume this content, and share it with someone else who might benefit from our message. If you haven’t already done so, subscribe so you won’t miss a single episode.

Audio provided by Free SFX.

Recommended Posts
Shared Vision, Prospecting, Adding Value, The Sales Evangelist PodcastDonald Kelly, Building Value, Price