Do you know what price wars mean? If not, it is happens when you find yourself in the middle of a conversation with a client, and that said client mentions ABC competitor. Also, the quote coming from your competitor is usually lower than yours. However, the client you are conversing with says that he really wants to work with you; the only catch is if you come down in a price satisfactory and advantageous to him. Also, there will come a time that he would want to throw something extra such as additional products or service without any charge or fee so that you can increase your rank compared to other companies.
Price wars can really be a lousy place to get involved. However, every time you discover yourself caught in this situation, there is greater possibility that you will still win the war even though you don’t have any prospects.
Get To Know Yourself
Smart selling requires that you should know who you truly are. Before you have any conversations started with other clients and before you find yourself in this situation, you should never forget to understand and identify its real value since you are just another option to the eyes of one prospect with many competitors. You are considered as a commodity, thus, you need to have a healthy competition by competing with the price so as to avoid any damage to your results and brand equity.
The advantage of you knowing your value can create an escalation that will not sound like most people only interested with income or cash. Once you have identified your value and difference, you will now be ready to create thoughtful, meaningful, and exceptional conversations around price wars.
In order to a hang of smart smell, you should develop a trait to address the different price objections without any excuses. Your prospects or clients deserve to know the objections and disagreements right up front. You can even encourage your client to go and choose ABC company if the pricing is really that important for them. By doing this, you will be able to disarm any clients that will only drag your business down. Also, it is worth remembering that you should never beg, plead, or even argue with your clients or prospects. Arguing can sometimes lead you to something fruitful, however, when you discover that it will only harm and consume your time, stay away from it. As a matter of fact, you can even offer a help and get great possible deals from other clients because of the time saved.
Another important matter on smart selling is that one should learn how to focus on the value. You should accept the fact that you are not the right solution for every client that comes your way. You should have standards and the only way you can live up to your standards is not lowering it according to what your clients want. Obviously! You don’t want your business to have an image of being known just because it is the cheapest compared to other companies.
Also, it is worth noting that you relay to your customers that lowering the price of your product or services will only devalue and create lower quality. Conversing with them that it will be unfair for other clients or prospects because of the lowering of the price.
Smart selling is all about making clear conversations by going through a benefit-driven method and not focusing on the feature-driven method. Benefit-driven method only means that you give importance to what your customers get and not primarily on what you are doing. Bear in mind that you should never lower your price to clients who are only interested at buying a cheap service.