When it comes to companies evaluating products, many are concerned that their products are not the lowest-priced in the industry. However, just because a product isn’t the lowest-priced doesn’t mean it poses a problem for customers. Instead, charging more for a product offers companies the opportunity to prove that they are selling value over price and offering customers significant values. This establishes brand credibility and also caters to a higher caliber of customers who are loyal and prove less likely to move to another brand even if a better deal comes along.
How can a company sell on value, not price, though? Here are some tips to ensure your product stands out among low-cost alternatives.
Determine Consumer Candidates
Companies often make fatal mistakes by failing to narrow their target market or failing to understand that their products aren’t appealing to everyone. As a result of these mistakes, companies are often forced to compromise on price to better suit potential clients.
Successful companies take the time to research prospective clients to determine whether they prove the right candidate to meet their price. While it may appear that a majority of consumers determine purchases based solely on price, in reality, two-thirds of consumers are willing to consider your company’s arguments for your higher-priced options. Seek out these customers and work toward helping them see the value of your product.
Leverage the Product Strengths
When it comes to sales meetings with potential clients, it’s important to educate them on how your company stands apart from the competition. Consumers prove receptive to companies they have confidence in, so sharing the company’s history or providing successful narratives or testimonials will encourage the confidence that allows consumers to jump in and close the deal.
It’s important to remain confident in the product and its price. When exploring the value of your product over lower-priced competitors, avoid suggesting flexibility and share the price without defensiveness. Instead of hesitating over the price, mention the value your product brings to the industry or market, and any other advantages that go beyond your single product, such as global sourcing.
Differentiate Your Company
In addition to selling the worth of your product, it’s also valuable to convince customers of the worth of your company as a whole. While it’s important to explore the value of your product, don’t shy away from differentiating your company. Focus on any personal touches your company may offer and also emphasize the value of your customer service. By developing an authentic relationship with customers, you are fostering the lifespan of the customer, which will not only encourage testimonials, but will also ensure a loyal consumer base.
When it comes to dealing with customers who are preoccupied with searching for the greatest bargain, remain true to your value. Build rapport with consumers who appreciate what your product brings to the market and who are less likely to jump ship when a lower price comes along.