How To Overcome Price Complaints

As a result of fully informed buyers and alternative sources of supply, shoppers are becoming more price conscious. Your goal as a business owner is to make sure you have a good reason why a prospect should buy from you. Once this is achieved the focus on price is no longer an issue. Prospects and clients are most likely to buy your products or services when their needs are met or desires satisfied. All they care about is the outcome provided by your offer. To survive and prosper in this new environment, you must recognize and accept that the customer defines the value. A sale is no longer about doing a good job of communicating features and benefits. It's about working with each customer to create value as the customer sees it. Your job is to simplify their emotions so they fully understand the relationship between smart decisions and fulfilling their life values.

When you position your product or service in terms of its value, you get the rewards of stronger, more powerful brand recognition. This helps eliminate the need to compete with other businesses based on price alone. You can begin to build value by repackaging or bundling your offering in a way that increases the value it brings to your customers. For example, you might consider free product-training materials such as an online video or manual, free shipping with purchase over a specific dollar amount and free product updates. Offer a warranty or option to return merchandise so your customer does not feel they are taking all the risk. Remember, the customer is not just buying a product or service, but the result your offer promised. For most buyers the comfort of having a warranty or option to return product makes a major difference in the buying decision. The companies that win innovate around service, rather than cut price.

When sales begin to drop most businesses decide to cut prices. Rather than cut prices, increase the perceived value of your offer. For instance, if you are selling a diet product for $49, include free information on finding affordable but expensive looking clothes for your customers' new figure, tips for getting low air fair to the Caribbean to show off new bathing suit. Then you can increase the price to just $59. Offering free items that allows them to visualize what they really want helps make you more attractive than your competition, even if you are more expensive. Offering valuable information makes you the logical choice when customers or prospects need help. Often consumers will buy your product because they can't wait to find out the secrets of the free information. The freebie is what is carrying the sale. People will happily pay more for something they can clearly justify as worth the extra cost. Your product is worth what you convince your customer to perceive it's worth. You don't have to rely on cutting prices in order to get customers to buy.

You can repackage your product or service in different ways to provide more value. One of the ways is your customers' buying habits. How about implementing package service levels of platinum, gold and silver. Platinum: these are your most loyal customers. They buy from you more than from anyone else and are willing to make great referrals. Gold: these customers are somewhat loyal. They are repeat customers but they also buy other brands. Silver: this group is made up of new or first-time customers. How about packaging based upon loyalty, membership, or level of involvement? Could you create additional products that would make your package more complete? Focus on what your customers need, not just what you happen to have to sell them at the time. Think about how you can be different from you competitors and better serve the customer. Shape your business to fit the demands of the market. Your customers will notice the difference and reward you; someone they feel is really interested in helping them.

How are you creating value for your customers?