🔑Price is a one-time thing, while cost is a lifetime thing. Focus on the cost, not just the price.
💰99% of customers who say money is their concern believe that the cost is what matters most.
🚗Being the highest in value can compensate for being higher in price.
📝Memorize effective word tracks to handle price objections and move the negotiation to unfamiliar territory.
🏆Being the cheapest in price is not the goal; being the best in value is.
Why should I focus on the cost instead of the price in a negotiation?
—The cost is a lifetime thing, while the price is a one-time thing. Focusing on the cost ensures that the overall expenses and value of the product or service are considered, leading to better long-term decisions.
How can I justify a higher price to customers?
—Highlight the added value and benefits they will receive with a slightly higher price, such as superior product quality, better customer service, or longer-lasting durability. Show them that the extra cost is worth it in the long run.
What should I do if a customer insists on a lower price?
—Redirect their focus to the cost instead of the price. Discuss the long-term savings, lower maintenance costs, or additional features they will get with your product or service compared to cheaper alternatives. Demonstrate that the overall cost-benefit makes your offering the better choice.
How can I handle objections about competitors' lower prices?
—Acknowledge the price difference while emphasizing that your focus is on providing the best overall value and superior customer experience. Highlight the added benefits and advantages your offering has, which may justify the slightly higher price.
What is the key to winning in a negotiation?
—The key to winning is shifting the negotiation to unfamiliar territory and focusing on the customer's concerns and priorities. By understanding their true needs and addressing them effectively, you can demonstrate the value and cost-effectiveness of your offering, ultimately convincing them to choose you over the competition.
00:00Learn how to effectively negotiate prices and understand the difference between price and cost.
03:59Use word tracks to handle price objections and shift the negotiation to unfamiliar territory.
06:26Focus on the cost rather than the price, as the cost is what matters most to customers.
08:53Justify a higher price by highlighting the added value and benefits your product or service offers.
