Frequently, customers phone in versus coming into your store, asking for a price quote on a particular item. Too frequently, a salesperson will respond with “We have those for $XXX.XX,” and this ends the conversation. The customer may (and likely will) have further questions, yet we’ve already affixed the price firmly in their mind.
I submit you NEVER END IN PRICE when asked about a price over the phone, in person, or via email!
When someone asks for a price on a product, they’re asking “how much is this going to cost me?”
What we’d like to do is to affix the VALUE of their purchase vs the COST. ROI, or “return on investment” is an indicator of what someone gets for the amount of cost or effort they put into owning or doing something.
VISA keys in on this well with their ads of “PRICELESS.”
A successful man treats his elderly parents to a wonderful vacation, and watches them reliving childhood fun.
- Business class tickets: $7000.00
- Luxury car rental: $500
- Amusement park tickets: $300.00
- Watching your parents become children again: PRICELESS!
We too, can build this same value, even in a short phone conversation with a customer calling around to get pricing.
NEVER END IN PRICE!
Let’s imagine being a photo retailer with a customer calling for a price on a MeFoto RoadTrip tripod.
He asks for a price on the tripod.
We could answer “Those are 199.99.” And that’s what most sales people would do.
However, we can also respond with “We’ve got those on sale for $199.99, and that includes a Cordura carry bag, a mounting shoe, and spike adapters. Would you like me to pull one aside for you?”
Even if it’s a simple thing, such as a price quote on a lens: “The lens is 699.99, and we have it in stock. It comes with the lens cover, carry bag, and end cap, but does not come with the bulletproof warranty. You’ll probably want that for a lens as nice as this one.”
Three things happen in the above paragraphs.
- First, we’ve offered a price.
- Second, we’ve increased the perceived value of the product by highlighting what the customer is getting for the price/cost.
- Third, we’ve closed them.
It’s quite possible that one of three conversations occur after you’ve quoted a price in this manner.
- They’ll tell us we’re too high (which then gives us the chance to discuss the price, and/or use the “If I Can” Close.
- The customer will ask more questions (questions are awesome, they allow us to gather and share more information, making the sale more likely).
- They’ll simply say “yes.” And then we’re asking when they’ll be in to pick it up, or would they prefer us to ship it to them?
Either way, it’s a win/win when we’re having a dialog with our customers. We can further increase the value by pointing out they’ll likely want a second shoe for a second camera, making it easier to switch cameras. We likely will also have the opportunity to actually sell, vs merely answering a phone and hoping for a sale.