The question of cost is often dreaded by salespeople. But, it doesn’t have to be if you reframe your thinking. According to a recent article by Matt Tuson for SalesHacker.com, you can take the question regarding price and redirect the prospect’s focus to value and change how he or she perceives the price tag. “Though some customers snap their fingers with: “What is the cost?! Function?”, their subconscious is screaming for value,” he explains. He goes on to explain three ways that you, the seller, can show value and get the buyer to, in fact, buy:
As the ol’ saying goes, time is money. By offering your prospects a solution that cuts back on spent time, it saves them money. While “good enough” solutions are cheaper up front, they may end up costing more in the long run. “A good salesperson knows how to bring time savers to surface during the dreaded ‘what’s it cost’ conversation,”Tuson writes. “If they can break down exact numbers of where their solution can help and convert hours into dollars, no-deals can quickly turn into deals.”
Help your prospects expand their vision to consider how your solution(s) may impact other issues they are having. Initially, especially when considering cost, they may have “tunnel vision” and focus only on the cost of applying your solution to a single issue. But, if you can show them how the solution can help them in other areas of loss, you instantly boost value.
The lean factor.
Everyone appreciates multifunctionality. Play up your solution’s ability to improve productivity by eliminating tasks, which in turn frees up manpower and allows for a more productive team. “Productivity turns to profit,” he explains. “And again that profit weighed against your product’s cost may make the solution that much more appealing.”
Just by highlighting these three value elements, you can shift your prospect’s mindset from cost to value–and turn him or her into a buyer!