If you are selling a product or service at a higher price point than the majority of your competition, there are key points you must keep in mind.
1. Your confidence level is of the utmost importance. As a salesperson, your confidence will make or break your sale. You must present your product or service and its price from a position of rock solid confidence. Your customer can sense weakness in your body language and tone of voice, even over the phone. You must believe whole heartedly that your product is worth the higher price point.
2. Know your competition. You need to thoroughly research your competitors and understand the differences between your products or services and theirs. You will be amazed at how many more sales you can close if, after asking for the sale and being denied, you ask whether or not they are price shopping. If the answer is yes, and you are able to competently compare the products or services and highlight the benefits of yours, you will immediately increase your sales.
3. Know your customer. This is paramount and yet unfortunately often overlooked by sales professionals. Researching your potential customer and understanding their current position in the market is essential. If you have earned the opportunity to present your product or service, don’t blow it by not understanding where your potential customer currently is and how they can improve their position with the help of your product or service. You must be sure to complete in depth fact-finding, research and planning prior to your presentation to the customer in order to be qualified to consult with them.
4. Maintain the consultative approach. Always go back to the specific problem your customer is facing and how your product or service is the best solution. Keep your presentation solution oriented rather than feature oriented.
5. Ignore the initial price objection. The first time your customer gives you a price objection, absolutely ignore it. Often, the customer feels obligated to object to the price and it is almost a reflex reaction. The worst thing a salesperson can do at this point is to agree the price is high, just move to the close and ask for the sale. The second time the price objection is mentioned, give your most compelling evidence that your product or service is worth the higher price and immediately move past that to the close and ask for the sale.
Developing your sales skills is an ongoing process that takes hard work and practice. It is well worth the effort, however, as sales people will always be in demand. Even during a recession or a depression a good salesperson will be well compensated and in demand for the critical role they play bringing money to a business.