Have you ever met a prospect where all they are focused on was price?
They were not open to answering questions, however well intended or relevant they may be. From where they sit, it is as simple as this: the lowest price will win the day. Unless we can get them to take a fresh look at things, this one may well be going nowhere for us. Even if we are used to being the lowest price and are often in this position, is the business actually worth doing?
Looking at this from the other end of the equation, how can we sell the value of what we have? Doesn’t it really come down to a simple equation? In the mind of the prospect, the total cost, in terms of money, time, inconvenience, lost productivity, staff morale, customer service, company or brand image, etc etc), must be greater, in terms of impact, than the price of fixing it (in terms of ROI, TCO etc).
We can only reach this point by establishing credibility and rapport, then digging deep and asking good searching questions. In other words, a consultative selling exercise. We help them to see and feel the impact or implications of going one way or another on each of the multiple decision points.
The challenge is, unless we are relatively early to the opportunity, often prospects reach the stage where they feel they know all the key facts required for making a safe decision and restrict supplier contact to best price scenario. Which is when they say “give me your best price”.
If the above is correct, then there are two key sales competencies required. Firstly, get in early and understand the bigger picture and why they really need to change. Secondly, to make the prospect comfortable enough that they are relaxed about sharing the true underlying reasons behind this and how the decision will be made etc.
Or maybe there is a better way around this whole price versus value challenge? If so, I would genuinely love to hear about it