The economic outlook, as we already know, is tough. Prices of products and services are going up. Naira is losing value. The purchasing power of buyers is becoming weaker, which has caused anxiety in the system. Where do we go from here? We must try to provide answers to the challenges of today.
As we tell ourselves the truth about the economic challenges, one thing remains certain and that is, sales professionals must continue to sell their products and services, no matter the situation.
Selling when prices go up
Sales professionals usually complain that the price of their product is high. This is usually the case. But the truth is that the company is in business to remain in business. No company prays to go out of business because of not meeting up with business obligations.
The company cannot sell below cost price to impress customers or the salesmen. Selling price is calculated as: total cost plus profit margin. You will go out of business if you don’t recognise that business must sell at a profit. Selling at a profit ensures continuity of the business.
Show value and demystify selling price
People don’t just buy products; they buy benefits and value. They buy what is in it for them! Don’t bother so much about the selling price of your products; rather, find smart ways to communicate the unique selling propositions of your products and services. Find ways to show buyers the reasons to buy the products. When your reasons to sell and the benefits you show the buyer outweigh his or her sales objections, sales will happen naturally.
Price war is a wrong strategy
As a sales professional, never push for price war. Nobody wins a price war because you will continue to reduce price until you get exhausted. Once you can perform, you can fix your price. Once your product does what it says, price won’t be an issue – when you have identified the right market.
The issue of selling price is usually a sensitive topic. Most sales professionals want a reduced selling price. But this is not feasible in today’s marketplace. I teach that in handling sales objection of price, always use value and benefits in the product to attack the objection.
Performance is a determinant
Quality, high performance and positioning strategies are among the elements that determine the price. Once your performance is below the expectations of your prospects or customers, they will complain that your price is high because they didn’t get value in your offering.
On the other hand, when your product or service performance meets or exceeds the expectations of your prospects or customers, price won’t be an issue because they are getting the right results in what they are buying.
Be in the right market
One factor that is important in this discussion is that you must sell the right product in the right market to the right prospect or customer. Once this factor is addressed and the product performance meets or exceeds the expectations of the target market, price won’t be an issue. This is a simple logic in the art of selling.
George O. Emetuche is a Brian Tracy endorsed serial bestselling author, accredited training consultant, sales and marketing expert, and convener of the Nigeria Sales Conference.
Our annual masterclass:
The 10th anniversary of our Annual Masterclass is here! Register your team to attend our Annual Masterclass. Southeast edition holds on 19 August, 2023, at Toscana Hotels, Enugu.
Theme: Improving Sales Velocity for Customer Acquisition and Retention.
Southwest edition holds on 9 September, 2023, at Dover Hotels, Ikeja.
Theme: Selling in a Complicated Business Environment.
The 10th anniversary in Lagos will be declared open by Mazi Sam I. Ohuabunwa, MON, OFR, NPOM, FPSN, founding president, Neimeth Pharma PLC, and immediate past president, PSN.
For registration details or more information, please see flier, or call, 07060559429 or 08186083133.
