Have you come under pressure from customers to reduce your price to win their business? Have you reduced your price to match competitors’, despite having a better offer? You want to win the business, but don’t want to undervalue yourself.
Have you lacked confidence and priced too low? Don’t you feel annoyed at yourself for doing so?
Introducing pricing power
The ability to get the prices you deserve for the results you deliver for your customers is called pricing power. This is having the skills to set your prices at a level you deserve, and the confidence to ask for them. Your customers will be willing to pay the prices you want.
Some questions to think about…
Fish where the fish are
Some customers take up so much of your time, for little reward. But the really great customers don’t. They just love what you do. How much easier would it be if you just worked with these valuable customers?
Don’t talk about features and benefits
Most of us believe that we should talk about features and benefits. Your customers aren’t interested. So what are they interested in? Why? And what makes them buy?
Be genuinely different
You’ve probably heard about a unique selling proposition (USP) before. Being unique is hard. Being different takes real courage. So how do you stop your product from being a commodity? How can you focus on what really matters most to your customers? And how can you do that to beat your competitors?
Influence customers’ perception of pricing
Do you wonder why some customers are more sensitive to prices than others? Why some will pay a higher price and others won’t? It’s not as mystical as you think. You have more influence than you imagine. So what pricing and psychological tactics can you use to win more business at a higher price?
Sell with confidence
Selling at higher prices can create barriers. We fear what customers will think. We lack the confidence to ask for the price we want. We fear objections. We fear losing the sale. Somehow, being expensive is a bad thing. Does it have to be this way? You can sell more, more often and at a higher price. But how?
Avoid giving it all away
You have a great product. You’re an expert. You get results for people. You’ve been brave and priced to your value. You’ve asked the customer for the money. Why fall down at the last hurdle and negotiate it all away? How can you protect your pricing so all that hard work doesn’t go to waste?
Why are these questions important?
By answering them, you’ll uncover the simple truth that makes winning sales at a higher price reality. It’s a simple truth, based on mastering four skills. A simple truth that will increase your chances of success.
Understand the skills that underpin this truth, why these skills work, how to use them and when to use them. Then uncover the secrets to achieving pricing power, and you’ll be able to price without fear and achieve the profit you deserve.
If you are a member of Community and need advice or support, please contact our Service Centre at help@community-tu.org or on 0800 389 6332.
© Community Trade Union 2024