Price without Fear… a different approach

Have you ever felt you’re pricing your products too low?

Have you come under pressure from customers to reduce your price to win their business? Have you reduced your price to match competitors’, despite having a better offer? You want to win the business, but don’t want to undervalue yourself.

Have you lacked confidence and priced too low? Don’t you feel annoyed at yourself for doing so?

Isn’t it frustrating when you don’t achieve the prices you deserve?

Your customers don’t seem to understand the value of what you do, and that’s why they’re not prepared to pay the price you want. What you do know is that your product is really good for your customer, and they’ll get great results from working with you.

You know that if your customer perceives your offer to be more valuable than others, they’ll prefer it. However, you find it difficult to communicate your offer in a compelling way. If you could, they’d just ‘get’ it and be willing to pay the price you want.

So how much profit are you missing out on because your customers don’t just ‘get’ it?

How much do you under price your product to overcome this? How much are you undervaluing yourself? Pricing is the most powerful profit lever you have. What price should you charge?

Who knows what the right price is?

Have you ever thought about buying a product and not really known if the price was right? Whether the value was worth the price? And after you’ve bought the product, felt you paid too much or too little? The product was either great value or a disappointment? You could be pleased, disappointed or angry. You’re just not sure.

That’s how your customers feel

Most people don’t know the price of anything, especially if it’s a one-off, infrequent, or specialist product or service. We all use our past experience, comparisons or our expectations to judge what prices should be. This makes setting prices difficult.

So why do we find it difficult to set the prices we want?

And to get customers to buy at those prices?

It’s not as difficult as you imagine

Introducing pricing power

Your ability to get the prices you deserve for the results you deliver for your customers is called pricing power. This is having the skills to set your prices at a level you deserve, and the confidence to ask for them. Your customers will be willing to pay the prices you want.

Some questions to think about…

Fish where the fish are

Some customers take up so much of your time, for little reward. But the really great customers don’t. They just love what you do. How much easier would it be if you just worked with these valuable customers?

Don’t talk about features and benefits

Most of us believe that we should talk about features and benefits. Your customers aren’t interested. So what are they interested in? Why? And what makes them buy?

Be genuinely different

You've probably heard about a unique selling proposition (USP) before. Being unique is hard. Being different takes real courage. So how do you stop your product from being a commodity? How can you focus on what really matters most to your customers? And how can you do that to beat your competitors?

Influence customers’ perception of pricing

Do you wonder why some customers are more sensitive to prices than others? Why some will pay a higher price and others won’t? It’s not as mystical as you think. You have more influence than you imagine. So what pricing and psychological tactics can you use to win more business at a higher price?

Sell with confidence

Selling at higher prices can create barriers. We fear what customers will think. We lack the confidence to ask for the price we want. We fear objections. We fear losing the sale. Somehow, being expensive is a bad thing. Does it have to be this way? You can sell more, more often and at a higher price. But how?

Avoid giving it all away

You have a great product. You’re an expert. You get results for people. You’ve been brave and priced to your value. You’ve asked the customer for the money. Why fall down at the last hurdle and negotiate it all away? How can you protect your pricing so all that hard work doesn’t go to waste?

Why are these questions important?

By answering them, you’ll uncover the simple truth that makes winning sales at a higher price reality. It’s a simple truth, based on mastering four skills. A simple truth that will increase your chances of success.

Understand the skills that underpin this truth, why these skills work, how to use them and when to use them. Then uncover the secrets to achieving pricing power, and you’ll be able to price without fear and achieve the profit you deserve.

But the skills alone are not enough

Have you ever played tennis, golf or cricket? Then you’ll know that hitting the ball in the middle of the racquet, club or bat gives you the most power, and the best result for your effort. The same is true with selling at a higher price.

There are four skills you need to master and combine. They’ll reinforce each other to create your sweet spot. They’ll get you the biggest impact on revenue and profit. And they’ll do it more simply, more quickly and more effectively than any other way.

I call this the pricing-power sweet spot

Hitting it will grow your profit more than you can imagine.

What are these four skills?

If you don’t believe in the results you get, neither will your customers. And if they don’t believe, they won’t pay your price. Here’s how you can really create that belief and never be undervalued again.

1 Discover and quantify value

Discover what’s really important to your customers and what this is worth to them. Then be more valuable than anyone or anything else on the things that really matter to your customers. Confidence in pricing and selling comes from an understanding of value.

2 Price without fear

Once you understand value, you can price with confidence. No more guessing the price. No more wondering what the customer will think. No more stressing over asking for what you deserve. Being fearless about your price is a great feeling.

3 Powerfully communicate and sell your value

Knowing about value is one thing, but we have to show the customer. They have to believe the results they can achieve. They have to believe we can get them those results better than anyone else. Do this, and the sales process becomes easier, faster and more enjoyable.

4 Negotiate with confidence and strength

Some people will always want a discount. Now you’re armed with all you need to resist this. When you can quantify your value and prove the results you deliver for your customers, you can negotiate with confidence and strength. This means you secure and protect your value?and?your prices.

Bringing the skills together?

Each of these skills is powerful. Used together, they’re compelling. When combined, they become irresistible. It’s not easy. It takes practice. A proven approach helps.

When you achieve your pricing-power sweet spot, you’ll know

Combine these skills to hit your pricing-power sweet spot

Imagine the confidence you’ll get from knowing what your customer really wants, and being so clear about your proposition, your difference, and the value and results you’ll bring your customers that they just ‘get’ what you do.

And because they ‘get’ what you do, the sales process becomes easier. You don’t need to negotiate, and your customers will be willing and happy to pay the price you’re asking.

Imagine achieving the profit levels your expertise, pride and passion deserve.

Imagine going from being frustrated, angry and annoyed to feeling appreciated, successful and fulfilled.

After all, you’re great at what you do.

If you'd like to know some more, or how you can make this approach work for your business then just message me or call 07808 095825.