How To Sell Expensive Products To Cheap People
Most of us sell something that’s not the cheapest product in our market. I’ve never worked for the “cheapest” employer. Every sales job I’ve had, has been selling products at market price or above. When I sold mortgages our fees and rates were not the lowest. When I sold car washes, our washes were the most expensive in town. Yet, the banks and car wash I worked for closed more deals and washed more cars than any of their competitors.
By nature, people want a deal. It feels good to save a dollar or to negotiate an additional perk. Some people take this practice to the extreme. For the sake of this article, we’ll just call them “cheap people” or “cheaple” for short. Their very existence is to get a deal and get over on a company or salesman.
These are the same folks who hold up the line at the grocery store in order to use coupons and save a few cents.
Don’t think for one minute that you can’t convert the cheaple into clients, no matter what your price point is. Cheap people splurge every day. They don’t give coupons at Ruth’s Chris when they go. When their kid wants a present for the holiday and there’s no coupon for that gift, they still buy it at full price.
People pay full price when their problems are solved, and their needs are met, not when they’ve been sold.
The first step to sell expensive products to cheap people is to clear your mind. I know it’s hard, but you can’t pre-judge any prospects. You can’t assume that because you’ve encountered someone similar in the past, that those in the future will be like them. Even when they show up and say the same stuff.
Just because someone shows up with a coupon doesn’t mean they have to use it. When I sold cars, people came in every day with the ads we ran in the newspaper. You know, the ones that say “new car $15K” or some crazy offer to drive traffic to the store. Ninety-nine out of 100 times those people would leave paying more than the $15K that got them there. If you just assumed they were all the same, you’d lose out on 99 upsells.
You’ve got to open your mind and treat every sale individually. Never shortcut the road to the sale. If you’ve done your job correctly, each sale will be a reflection of that. If you make assumptions going into sells, you’ll lose commissions. That’s a fact. Free your mind, charge what you’re worth.
The next step, after freeing your mind, is to find their problem. Problems know no price limit. When you have a problem with your body and you go to the emergency room, if they tell you it’s $50,000 to fix it, you pay that sh!t. You don’t ask for a discount and you don’t want a deal. You want your problem solved. The same applies here for cheaple.
If you sell cars, it’s your job to find out why they need a new car. What life-changing event happened that triggered them to want to spend thousands of dollars on a new ride. If you sell mortgages or real estate, it’s your job to find out why they need to buy or sell. It’s not about commissions, rates or fees, it’s about why they need a new home.
When you sell a solution, not a product, you close more sales.
Once you uncover that problem/need for your service, it’s your job to demonstrate the ability of what it is you sell to solve that problem and fill that need. By demonstrating the ability to fix their situation, you build massive value in not only what you sell, but yourself as an expert, too.
People pay big money to therapists and counselors just to listen to them. We all know therapists and counselors don’t solve problems, it’s bad for business. As a salesman you get to play the role of a therapist with an immediate solution and plan of action. Listen to their problems, find out their motivation, close over objections.
I view myself as more of a problem solver than a salesman. As soon as I get into a sales conversation, I’m looking to help. I’m a natural born problem solver. I’m also a natural born bonder. I want to bond and help people as much as I can. I believe these two qualities are what has got me to where I am today.
When you have what they need, they will pay what you want for it
One last thing to remember. If you ARE expensive and you’re not the cheapest or discounted, you need to offer amazing service. If you make people feel like a million bucks every time they spend a dollar with you, they will come back for the positive experience alone. You can get a good steak anywhere, people go to The Chop House because they make you feel good about spending the money.
Think of Nordstrom. They sell black slacks that are no different than the ones Kohl’s sells. You literally can’t tell the difference other than price and name tag. Yet Kohl’s charges $30 and Nordstrom charges $300. What’s the difference? It’s not quality of goods; it’s quality of service. At Kohl’s, you’re lucky to find the pair of shoes you want on the shelf. At Nordstrom’s, they won’t let you get your own shoes; they are more than happy to get them for you and even put them on your feet.
These days, most places take your cash, treat you like sh!t, and expect you to come back. When you stand out among the average, people won’t ever want to go back. I used to buy American cars. The dealerships make you wait 2-3 hours to get the deal done, they offer sub par service, etc. When I started buying luxury foreign cars, the price went up, but the service made me never want to go back to American again.
If you’re not the cheapest, you need to be the best. Doesn’t matter what you are the best at, just be the best. You’ve got to be one up on the other competitors out there trying to get their hands on your prospects.
You’re a professional mind changer. Act like one.
Don’t let a prospect control your sale. Don’t let them dictate your terms. Follow the above strategy and I promise you, cheap people will happily open their wallet up like a mouth for a dentist.
Lastly, registration is now open for Break Free Academy. Come spend two days in Dallas, Texas with me. We will work hand and hand to create a lead generating sales funnel and set up killer follow up systems in place to maximize the most out of every lead the funnels gets you. You can apply at www.breakfreeacademy.com