Inbox Series: Selling High-Priced Products

Victor's Inbox Series: I often get emails from salespeople asking some great questions. Each week, I'll choose 1 email that poses a problem I know a lot of salespeople struggle with and we'll walk through the problem and solutions here.

I've plucked out a few that I thought were interesting and today from a salesperson who is currently selling high- priced salon items. She was watching my video of Sales Excellence: How to Become a Great Salesperson and she said the following:

"All of the ideas you share are really brilliant. I need a suggestion from you Victor. Currently, I'm working with an organization in Spain and their product range for their salon products, is very high." Salons don't easily buy."Every time I have to face this kind of statement; ' No, it's too expensive, come up with lower prices,' I don't know what to do. Salon owners are not easily convinced and that makes me feel somehow, very disappointed."

In other words, you're disappointed because you're not selling.

See, you need to stop thinking about the price; 20% of people won't buy because of the price point. Got it. I understand that. The other 80% will buy if you position the product correctly.

In your case, if you teach the salon owners how to position the product correctly you will see better results. I'll give you 3 strategies

Strategy number one; if you've heard my past videos and podcasts, you know that if you offer somebody two options, one at $50, one at $30, the brain will automatically tend toward buying the cheaper option. The brain is a risk mitigating machine; it will always lean towards the cheaper one because it's going to be less risky. Now, how does that apply to you and your product? Now, imagine the following; you add a third product to your lineup. Did you know, that if I offered a $100 product, the majority of people would buy the middle- priced $50 product instead of automatically going for the cheapest option. By simply adding a 3rd product at a higher price, studies have shown this over and over again, by adding a higher price item to your options, you shift a buyer towards the middle one, offering three options. This is something that you can tell salon owners to give them more confidence that the products will sell.

Here's what's also interesting; 10 - 20% will always buy the most expensive product. People sometimes want the best. These are people who say, "I don't care what it costs, just give me the best," and they'll buy. That's one way you can actually help them increase their revenue.

Secondly, keep in mind that what you want to do is lean into the objection. When someone says, "Ah, that's too expensive." You say, "Yes, and there's a reason why." When you say that with confidence, "Of course it's more expensive, there's a reason why " that's where you really pitch your value proposition. Why is this shampoo, better than the others? Why is it more expensive?

The last suggestion I have for you is to position it this way, "This is an exclusive product, Mr. or Mrs. Salon Owner, do you have a lot of high end clients?"

They're going to say, "Of course I do."

You say: "Well this right here is an exclusive product, just for them. These are the people you sell to because these are the people that want the best."

Again, it's all about how you position the product. It's not so much about the price. If you sell expensive, high- quality items, you're going to need to focus on the value it brings.

Use these three strategies and let me know in the comments how they work for you and what results you see, just by repositioning your product.

If you're serious about increasing your sales ability, go to SalesMasteryAcademy.us. If you found this article helpful, check out Inside the Customer Brain and Blocking Objections on Sales Mastery Academy.