(This week’s Meeting to Win Sales Team Meeting Agenda is Price vs.Value. How do you learn what your client VALUES when all they seem to care about is PRICE? Join our Subscribers and get a 60-minute Sales Team Meeting Agenda that teaches your team to move past PRICE and onto VALUE.)
I’ve had and witnessed this sales experience countless times. The most recent was yesterday as I witnessed a salesperson field an inquiry from a prospective customer who said “I’m calling to find out how much your _____ run.” In this case it was real estate. Well, for anyone who has ever rented an apartment, bought a house or rented an office, you know that there are about a million variables affecting the price of real estate. And, now, the variable of the economy takes the logic out of any assumption a buyer may have entering into that conversation. So, the challenge is answering this short, seemingly simple question in a way that will encourage more conversation instead of a “thanks, that’s all I needed”. “Click.”
I’ve learned from experience as a customer and as a sales rep that not answering this question is just annoying and immediately puts the salesperson into the category of, well, a salesperson. The question must be answered. Next time you get a price inquiry, try something new… answer the question. In most cases, you will need to do some qualification to determine what solution, service level, etc they will need to meet their needs. Once you’ve gathered this information , it is great to start with “Thanks for sharing that information. That will help me give you a more accurate price range that you could expect from us.”
Then you could begin to intrigue them by introducing your solutions with, “It also sounds like, based on what you’ve shared, that we might be a good fit for you. Based on this brief conversation, it seems you could expect to invest in the range of $ _____ to $ ______.”
It is important to share this range unapologetically. Don’t end your sentence with because we offer this and that, etc. It sounds like you are apologizing for your price. To keep the conversation going in a productive direction, you can ask something like, “Is that within your expectations?”
Depending on their answer which is often something like “I wasn’t really sure what to expect” or “That’s about what I’ve been hearing from others” you can proceed to the next step with them turning this price inquiry into a value conversation. The price issue is out of the way leaving room for much more productive conversations.
To keep the conversation progressing toward value, a next move would be to suggest a next step. “Based on what you’ve shared so far, it seems we might be a great fit for you. To make sure you have the information you need on our solutions, I suggest we spend an hour together getting a little more detail on your needs and then I’ll be able to show you specifically how our solution might meet your needs. We can also get more specific on price after that conversation and you’ll have the information you need to make the decision.”
Now, just get your calendars out and set the date for your meeting.
Sales Team Meeting Idea:
- Before your next sales meeting, each rep should call a few service companies to ask about price for services they may need - pest control, lawn service, etc.
- Each team member should document their experiences and determine what answers made them feel respected, informed and even intrigued.
- Document which of these companies would they want to work with based on the way they handled the price inquiry.
- During the sales team meeting, dicuss these experiences and determine how you can use these lessons in your own price inquiries.
- For more indepth discussion, exercises and practice on topics like this and many others, join Meeting to Win by subscribing for your own weekly 60-minute sales team meeting exercises, discussion topics and practice activities.
