enx magazine
Phone: 1-818-550-7547 Toll Free: 1-800-850-4949 Fax: 1-818-550-7527
The #1 Sourcing Publication in the Document Imaging Industry
The Price Question
September 2005
by Ann Barr
Has this ever happened to you?
You call a prospect and introduce yourself, your company and your products. But before you have a chance to ask qualifying questions, the prospect asks:
"What's your price?"
One of the biggest mistakes new salespeople make is quoting price too soon.
If you quote a price too quickly, you risk losing the sale.
It is the customer's job to get the best solution at the best price, and if this is your objective for the customer, you and your customer will be working toward the same goal.
Focus on the customer's issues, then put the price in the context of the value and quality solutions you provide.
How to answer the "What's your price?" question
(Without quoting your price too soon.)
—”I can quote the best price for you when I know more about your situation," or ...
—". . . when you tell me what results you are looking for," or . . .
—" ... how many you usually buy," or . . .
—" ... whether you are looking for branded or generic," or . . .
—" ... which type of service you are looking for."
This way, you will learn what their needs and objectives are, and you can talk about the value they will get with your solution …
… BEFORE you quote the price.
When you think about it, we buy things because the price we pay for something is perceived as being less than dollar value we attach to the result.
Whenever you give someone a price quote for anything you should know at least two things:
—"What is your criteria for making a decision on this?"
—"If we meet that, will you buy from us?"
You don't want to waste your time with price shoppers. What is important is building relationships and getting repeat business. Ask questions like, "Aside from price, what else are you considering in your decision?"
Beware of serial price shoppers
If you find you are dealing with a real price shopper, be willing to walk away. If the sale is based on price alone, the buyer will stay with you only until s/he finds someone who is willing to quote an even lower price.
Profile Archive Issues
Free Tech Tips All Articles are also in word document Printable Versions - PRINT40,000 COPIES MAILED OUT EACH MONTH * FREE SUBSCRIPTION TO IMAGING INDUSTRY PROFESSIONALS * COMPANY & BUSINESS PROFILE MONTHLY FEATURES