How to Sell When Prices Increase
People don’t like to be sold-but they love to buy – Jeffrey Giomer. So make it easy for someone to buy your product or service and feel good about working with you. So, how do you get people to buy?
People will always need to buy products and services. However, don’t confuse value and price and assume people will not buy because prices are rising.
The value and price can be very different, and as long as the value outweighs the cost, people will buy.
Value vs. Price
For example, when you have flown to an important business meeting and realize you have forgotten your toothbrush, you will pay $10 for a dollar store toothbrush because the benefit of having a clean mouth outweighs the inflated cost.
Another example, interest rates used to be over 14% in the mid-80s, but people still bought houses in droves. So it was still worth it to the new homebuyers to have the home they desired.
Homebuyers, businesses, and consumers are still buying even with higher material costs.
How to get people to buy
With the current supply chain challenges and higher material costs, many industries are feeling the pinch. So how do you convince people to buy?
Well, you don’t.
Buyers that are unsure will always find a reason not to be sold. However, if these buyers are helped to buy what they want, they are much more likely to buy with the person that makes it easy.
Your serious buyers need the reassurance that you can provide the service/product they desire. So please don’t make your buyers worry they would regret working with you.
At the end of the day, what is a 5% – 30% increase in prices when your customer can solve their problem, earn them money, or make their dreams a reality. A minor price increase isn’t going to change that.
If you worry that your products and services do not provide a high enough value, why are you selling them? Could it be that your offerings do provide tremendous value, but your sales team and customers are unaware of how beneficial your offerings are to them?
Try Framing Your Offering
It could be that you need to work on how you present your products. This could be a messaging challenge, a sales challenge, or both.
One way to quickly highlight the benefits and value of your product/service is by framing the product in a way that makes buying an easier decision for your customer.
For example: “Would you rather get started today knowing that you can start saving hundreds a month, or do you want to think about it and risk wasting more money?”
Or: “We can get started on the build today and lock you in at this price, we could wait, but prices have gone up 5% every month this quarter”
Read more about sales framing here.
Don’t Forget to Ask for Help.
Now, please don’t feel like you have to do it alone. If you are having a hard time convincing people to buy but don’t know how to make the jump to an easier sales approach, ask for help.
When you are ready to grow, I can help. Contact me today for a free one-hour consultation. Developing sales strategies and effective positioning are some of the many things Glover Strategic Marketing can help you achieve. There is no obligation and no pressure, just a frank discussion of your company’s needs and goals. So what is holding you back from growing your business?