Your Price Makes a Statement

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Your Price Makes a Statement

Encourager-In-Chief: April 19th, 2017

What does yours say about you?

Many years ago, I was representing some of my fishing tackle sponsors at a booth at the American Fishing Tackle Manufacturers' Association (AFTMA) Expo in Las Vegas. One of them was Culprit plastic worms. I can still remember the first time an angler walked up to me and said, “I don’t use Culprit plastic worms anymore because they’re too expensive.”

I was still very new to this “sales business”, so I panicked. I immediately tracked down one of the corporate managers who was also there and told him the bad news about what I had just heard from the angler passing by our booth.

I’ll never forget the Culprit rep’s reply. He merely laughed and said, “we are the most expensive worm on the market and we always want to be the most expensive worm on the market.” He taught me a great lesson that day about sales. Being the most expensive is not a negative; it’s actually an excellent way to position your company as the leader in your industry.

It’s a fact. When people want to know what is the best, they look at the price. In one of my seminars, I explain that price makes a statement and I offer a challenge to my attendees. I ask them to close their eyes and then tell me what word pops into their mind when they hear the following name brands: Rolex, Cartier, Tiffany, Rolls-Royce, and Perrier. The most common answer I hear is, “expensive.”

I next ask them to keep their eyes closed and tell me what word pops into their mind when they hear the following name brands: K-mart, Ollie’s, White Castle, Kia, and Dollar General. In this case, the most common answer here is, “cheap.”

Remember, if nobody ever tells you your prices are too high, then your prices are too low. People are making decisions about your company and your brand based on what you demonstrate. What statement is your price making about you? When customers believe you’re the best, they’re willing to pay more to buy from you. Just make sure that you always deliver on that promise.

It doesn’t matter what the supplier thinks he’s selling. It only matters what the customer believes he’s buying.
- Ralph Stayer

I encourage you to order my Overcoming Price Objections video program which also covers this lesson in greater detail.

Overcoming Price Objections

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