Five (5) Ways to Sell on Value, Instead of Price

Posted on June 23, 2021

Brian McKittrick

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1. Be Unique

Unique can be in a product or service that no one else has, or just being different in your approach. If you don’t have a unique selling point, then be unique in how you conduct business. If there is nothing that differentiates you from your competition you become common, and the only thing that will make you different is the price.

Look at your skill set:
Are you a specialist, or an expert?
Is there something different about you or your company?
Can you harness a technology to stand out?

2. Choose Your Clients Carefully

You need to very carefully craft an avatar of what your ideal client looks and acts like. To begin controlling your business, write down the attributes of the people you want as clients and then go out and get them with targeted marketing. Get very specific on this, but the top priority should be to attract people you want to do business with. It’s a tough road constantly working with clients you don’t like. Have a referral partner that you can send clients that do not fit your criteria.

3. Set High Standards

Working with just anyone actually lowers your value. If you have a process to qualify prospects in order to work with you, then you increase your value in the eyes of your clients. Have ways to evaluate your clients for their intention to buy, timeline to move on the deal, and income qualifications, then you are elevating the quality of your offer by positioning yourself as only working with a certain stand of clients.

4. Create Value In The Eyes Of Clients by Providing what no one else offers

Sales professionals are slowly being removed from the buying process. This is happening because by and large, salespeople have not been showing clients the value they bring to the transaction, or the salesperson made the transaction more difficult. If you educate the prospect on what you have done to make the deal happen, or the steps you have taken to make the sale easier for them, you will show them a glimpse of what value you are bringing. To take it a step further, if you can do something that your competition doesn’t that adds value, definitely tell them about it. If no other competing business offers any of these benefits, then a client that wants to work with you must pay what you ask.

When prospects do business with me, they get a complete outline that explains my process from start to finish. It also includes samples, a list of service providers that could be involved in the process and much more.

5. Compete On Value, Not Price

It doesn’t take any special skill, experience or knowledge to compete on price. If you are the cheapest, then you will win the price game. But this is a game you’re not really winning. In order to maintain low pricing, you must continually cut into profit margin. If you gained a client because you were the cheapest, you will only have them as a client as long as no other competitor undercuts you. The moment someone else has a lower price, your client will jump ship. The way to get paid what you’re worth is to visibly demonstrate your value to your clients. Competing on price does not create value. Reject price shoppers. Studies have shown that just over 15% of shoppers make their buying decisions based on price as the primary factor.

A THOUGHT ON PRICE

“It is unwise to pay too much, but it’s also unwise to pay too little.
When you pay too much, all you lose is a little money.
But when you pay too little, you stand a chance of losing everything. Because the thing you bought is incapable of doing what you bought it to do.
The common law of business balance prohibits paying a little and getting a lot; it just cannot be done.
So, when you deal with the lowest bidder, it is wise to put a little something aside to take care of the risk you run. And if you do that, you can afford something better.”

John Ruskin, English Philosopher, 1819-1900

Don’t forget that real professionals earn their money by helping clients maximize value, minimize costs, save time, and much more.

 

If potential clients don’t appreciate this then feel free to refer them to a partner that will service them. To be successful, you don’t need every prospect, and you certainly don’t need every buyer. If all someone wants is a cheap transaction, send them to a vendor who competes on price.

Key Points to Remember About Value
1. Time as a monetary value
2. People Buy People – Not Products or Services
3. Find Common Ground and Build Rapport
4. Every piece of the sales process is equally important
5. Do not skip steps in the sales process
6. Set the expectation in the paperwork or completion of the sale
7. Make sure you and your sales environment present a professional image – this is your office or online
8. Get customer involved in sales process
9. Have Fun – if they can laugh, then you have set yourself apart
10. Assume everybody is a buyer – they will buy from someone & somewhere at some point.

Remember to keep it simple. #itaintrocketsurgey
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