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.
About Joseph Benevento
Joseph “Joey” Benevento is an accomplished former Naval Officer. Having served 12 years, he has learned a to make intelligent and quick decisions in life-threatening situations. His fighting spirit and inherent ability to lead naturally align him with the field of Sales and Marketing.
In the military, being personally driven to succeed is the single most important driver for promotion and Joey has displayed self-motivation from a young age. By playing sports in high school and college, he harnessed a healthy competitiveness that continued to drive him even off the track or field.
While serving in the military, Joey held several different leadership positions. His career was heavily focused in the Naval Special Warfare community, beginning as an officer in charge of a small crew throughout SEAL training. After graduating from SEAL training, he served as an Assistant Platoon Commander at SEAL Team FIVE, then rose through the ranks to become a Platoon Commander. He also served as the Future Operations Officer for Naval Special Warfare Unit THREE and as an Action Officer for Naval Special Warfare Command. Working in the Naval Special Warfare community, constantly having to learn things on-the-go, gave Benevento tough skin, which he knows will be particularly helpful in sales.
The desire to positively impact peoples’ lives and to cultivate trusting relationships is ultimately what drew Joey to Sales and Marketing. He joined the Navy not to prove that he could do great things, but to do something that was bigger than himself; Joey wanted to help others. While seeking a new career field with the same capacity for impact, a friend suggested the Medical Device Sales industry.
He proactively learned as much as he could and after observing several computer-assisted surgical cases in the OR, Benevento knew he wanted to be a Medical Device Sales representative. Wanting to learn even more, he met with several leaders in the field so that he could really get a feel for what skills and knowledge the industry required. This is indicative of his Navy-cultivated skill set permeating his everyday mindset; he goes into every situation with a strong plan, knowing the need to make quick and sound decisions is critical.
AWARDS & RECOGNITION
2 Joint Service Commendation Medals
Navy and Marine Corps Achievement Medal
2 Joint Service Achievement Medals
Outside of work, Joey enjoys staying fit and playing sports as he did in high school and college. He completed his first marathon at the Rock n Roll Marathon in Las Vegas in 2016, and likes to swim, lift weights, and take group fitness classes. These days he sticks to shorter runs and the occasional half marathon. Joey currently lives in San Diego, California.