The Sales Life with Marsh Buice

What’s your best price? I’m glad you asked!

Posted on September 29, 2010     Leave a Comment

Not a day goes by that a salesperson is not asked, “What’s your best price?”  If this question is handled in an insincere way (if answered at all), it could send a customer in a rage with smoke billowing out of their ears ready to pummel the salesperson for not answering the question. Price has very little to do with making a sale.  Don’t believe me? If price had anything to do with purchasing a cup of coffee, why would anyone pay 5 times the amount for a cup of “celebrity” coffee when they could pay far less at the “get-it-and-go” gas station? Customers pay for two things: experience and value. When experience and value outweigh price a purchase is made. A wise investor, aka customer,  will always question what the potential gain will be for the risk taken. Put another way, will the return exceed the investment?   It is time to stop being defensive on price and begin to embrace the thinking behind P.R.I.C.E.

P- Prepare.  Henry Hartman said, “Success always comes when preparation meets opportunity.”  I was taught discipline will beat talent every time.  Building the proper foundation of knowledge is critical toward becoming successful.  As it is written, “It is like a person building a house who digs deep and lays the foundation on solid rock.  When the floodwaters rise and break against that house, it stands firm because it is well built.” If you are disciplined to study not only everything about your product, but also the relevant information of your competitor’s product, you will beat the most talented, undisciplined salesperson. Talent is what you can do naturally; discipline is a regimen that develops or improves a skill. “Nothing is more common than unsuccessful people with talent.”

R- Remember.  Patricia Fripp put it best when she said, “Remember it’s not your customer’s job to remember you.  It’s your obligation and responsibility to make sure they don’t have a chance to forget you.” Your stage is an opportunity to showcase what you and your product can do for your customer. Keep in mind that even though you have performed your show (product presentation) many times each day, six days per week, the customer has not seen your show.  Think as a Las Vegas performer-performing for the audience as if every night is opening night. Create a carnival-like atmosphere for your customer that will be enjoyable to both you and them.

I-Identify the needs of your customer.  Each customer’s needs are as unique as a thumbprint- they are all different.  Do not make the mistake of giving a “canned” presentation to every customer.  If your presentation is not geared specifically towards your customer’s wants and needs it could result in a lost opportunity for a sale. You should present your product that will address:  Who the main decision maker is?  What is the need for your product?  Why is your product superior to your competitors’? When will they need your product? How will your product serve their needs?

C- Collate everything into a professional, tailor-made sales presentation.  You must, must, must display enthusiasm when presenting your product. Zig Ziglar maintains, “For every sale you miss because you are too enthusiastic, you will miss a hundred because you are not enthusiastic enough.”  Preparation breeds confidence; confidence makes way for enthusiasm, enthusiasm paves the road for the sale.

E- Establish a relationship with your customers. This is the most important stage in the sales process. Customers do not want to know what you do, they want to know you care…about them. Selling is just like dating.  When you meet someone, you work hard to establish rapport, credibility, and trust.  If you can establish those key ingredients, you may get a second date. (Sound familiar?) In his new book, The Sales Bible, Jeff Gitomer wrote, “If you make a sale, you can earn a commission. If you make a friend, you can earn a fortune.”

So the next time a customer asks for your best price, confidently respond by saying, “I am glad you asked.” Know that your best price comes from all of the preparation in your product, remembering to make their experience unique and fun by identifying their wants and needs, Collating all of it together onto your “Vegas-style” stage- all the while remembering throughout the sales process you are establishing a personal relationship with them.  As long as you walk on this earth you are going to be something; you might as well be successful.