In a bad economy the assumption too many sales people make is in believing that price is the most important thing to a customer. Even if they say it is, it’s not. People may say they’re watching their money, but what they mean is they’re keeping an eye on the value. If you don’t believe me, next time someone in the grocery store line hands the clerk a fistful of coupons and their $200 grocery bill drops to $48 dollars and change, ask them why they use coupons. They’ll look at you like you’re a knucklehead, because it’s “so obvious.” Only it’s not. “To save money,” is what they’ll tell you. But if you push them a little harder you’ll see they’re really keeping an eye on the value. That coupon is valuable because it allows them to get more for their money.
When you’re selling whatever it is you sell, you don’t have to give your customers a coupon, but you do have to convince them they’re able to get more for their money when they spend it with you. That doesn’t mean comparing prices. It means comparing what you can do for a customer compared with what a competitor can do. Don’t limit yourself by thinking of tangibles. Maybe you and your competitor both sell lawn mowers. What happens when you include free oil changes, or a free weekend workshop on winterizing your lawnmower with every purchase? Partner with a seed company and see if they’ll honor a 10% off seeds coupon with every lawn mower sold, and vice versa. When you can do or offer more value, be it customer service, knowledge, help or coupons, that’s where people will shop.
“Don’t sell life insurance. Sell what life insurance can do.” ~Ben Feldman
Here is some added value for you. Don’t know Ben Feldman, take time to read this story.