The famous marketing statement is "No one wants to buy a quarter-inch drill. They want to buy a quarter-inch hole." The customer's problem is that they have a piece of wood, and they need a hole in it. What's the best solution to that problem? A drill, of course. So the customer [...]
Sometimes sales people will negotiate harder with the home office about pricing than with the customer. They will make nice with the customer and then fight tooth and nail with the boss to get the price they've already agreed upon with the customer. I've seen many situations where a sales person [...]
My clients often fear charging more than their competition. I ask them, "Are you better than your competition? Can your competition do what you can do?" Almost always, my clients are aware of many ways they have advantages over competition, but they tell me their customers don't recognize this competitive advantage or [...]
Who is more price sensitive? The customer you already have who loves you or the prospective customer who doesn’t know you yet? The prospective customer of course! Why? The reason is that the existing customer knows you’re worth it. They know you will do what you say you’ll do and [...]
Never reduce your price without reducing your offering. If you tell a customer that the widget or service you sell costs $50 (or $5000) and they counter with $40 (or $4000), do not change your price without changing your offering. If you are going to compromise by reducing price, you [...]
We do a lot more than just talk about pricing with clients. We focus on everything that helps you sell your value more effectively. We help you identify that problem which you solve uniquely and better than anyone else out there. But don't take our word for it... Here is [...]
In my last post, I talked about value selling. I could write a book about this topic, and someday I will. In the meantime, I want to address something that comes up with some clients: please do not confuse feature selling with value selling. Here’s the difference: “Our widget is [...]
#3 Value-Based Pricing, Part 1 If you charge less than your customers are willing to pay based on the value they derive from your products, you are letting your customers keep your money in their pockets. Here are some things to consider when looking at your pricing through a value-based [...]
#2 Price Sensitivity & Segmentation, Part 3 This is the next in a series of blog posts that will dive deeper into strategic pricing tips posted on 8/14/14. We'll continue with more detail for #2: Price Sensitivity & Segmentation: Understanding what your customers care about is really important. We are used to thinking of [...]
#2 Price Sensitivity & Segmentation, Part 2 In the last post, I shared that price sensitivity is not constant by customer, product, or order. In addition, price sensitivity is context-specific. Here are a few examples from everyday life: You will spend $9 on a beer at the ballpark, $3.50 on [...]
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