There are two ways to make money in sales.
The first way is to be a low-cost provider and sell a high volume of your product or service.
The second way is to be a high-cost provider with large margins and sell few items, but make more on each one.
I don’t know about you, but I’d rather make more money with less work any day of the week. So how do you raise your prices significantly, without losing sales?
My friend, Vicky, the shoe-freak has the answer.
Vicky has a closet full of shoes, in all shapes, colors, materials and heel-heights. It is really quite impressive to see. It’s fun to go out with her just to see what kind of crazy footwear she’ll have on.
The other day Vicky and I were walking down the street and she was complaining that the shoes she was wearing were starting to come apart at the seam. Assuming that, like me, she had simply worn them out, I asked her how long she had had them.
“Oh, just a few months. I’ve only worn them 5 or 6 times.”
When I suggested she take them back and demand a refund, she replied that she had gotten them a super-discount store and couldn’t take them back. “Oh well, I guess I learned my lesson. You get what you pay for.”
The belief that you get what you pay for is deeply ingrained in the American psyche. Your prospects know that there are good reasons that one product costs more than another and most are willing to pay more for a product that provides more value to them.
The challenge is helping your prospect see that value.
One way to do that is to run through a laundry list of reasons YOU think you provide more value than your competitors and, therefore, are worth the extra money.
A better way is to let the prospect discover for herself what SHE believes the value of using you is. Here’s how.
The next time a prospect notes that your price is higher than one of your competitors, look her squarely in the eye and say this:
“You’re right, Ms. Prospect, our rates our higher than others. Why do you think that is?”
Then shut up and let her answer the question.
Because we all believe you get what you pay for, your prospect must decide for herself what is valuable about you.
Whatever she says next is what she believes is the value in using you (and paying more to do so).
Ultimately, you’ll both win by asking this little question. Your new customer gets a great product that she’ll be happy with for a long time and she gets a feeling of satisfaction knowing she has made a good buying decision. You get a higher commission and a very happy customer who is much more likely to refer you.
That, my friends, is Sales Magnetism.
For more ideas like this check out our upcoming webinar, How To Double Your Sales With Just Three Clients
Laura Posey is Chief Instigator at Simple Success Plans. Her driving mission is to show entrepreneurs how to double their business while taking more time out of the company to make a difference in the world. She is an avid traveler and is always looking to connect with readers around the world.
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