Salespeople ask how to present your pricing. The latter must be specified in any dialogue with potential customers. Because of the concealment, the possibility of selling goods is reduced to a minimum. What are the nuances of successful pricing? First, do not hide the cost of the product to the last. Secondly, gain the trust of potential customers. The latter must understand the value of the product.
How to Present Your Pricing Orally or in Writing
There are guidelines for the seller to use when negotiating prices verbally. There are four of them:
- talk about the value of the product;
- talk about its exact value;
- be transparent and sincere.
Sometimes the seller has no information about the full cost (it is floating). In this case the client’s question is answered with an approximate answer. This allows customers to understand whether their budget will allow them to purchase a particular product. Do not forget about the price because it is an important part of the sales process. Statistically, 58% of buyers or sales representatives start by discussing it.
The second important point is the way the offer is sent. In addition to oral discussions (in person or on the phone), written form is increasingly used. This eliminates misunderstandings. There are four tips.
- Use a cost discussion in the body of the email. Avoid long documents when sending a quote.
- Attach a PDF file that contains important information. The only difficulty is the awkwardness of sending.
- Send Google docs with permission to view them. Customers should not have to make edits to them.
- Implement specialized CPQ software (Configure, Price, Quote Tool). It can also be used to manage contracts.
The proposal should be written competently. The important criteria are ease of review and discussion. The seller can behave differently with new and existing customers. The latter need to be warned when the price of a product they have previously purchased is increased.
To keep customers from buying from a competitor, you need to be transparent with them about planned price changes. Don’t start a relationship by giving a big discount. It is better to choose a certain period for the increase. For example, from September (after the summer vacations) or the New Year. Demand is easier to maintain when giving the product additional features (if there is such a possibility).
Benefits of Pandadoc Blog Articles
- Getting to know a person’s opinion.
- Maintaining confidence.
- Allowing time for a reaction.
- Preparing an alternative option.
- Understanding a possible rejection.
- Making a list of steps.
- What to do if the plan doesn’t work.
In the first case, it is necessary to find points of contact with potential customers beforehand. It is desirable to build a long-term relationship, so that after the first sale a second sale is performed. When analyzing the behavior of customers, the needs of the latter are taken into account. These include:
- main objective;
- additional needs;
- exact requirements;
- fears and concerns;
- decision making.
The second point is an understanding of your own value. Another point when communicating with the client is the maximum accuracy of arguments. All phrases about the benefits of buying a product should not be vague. You should end the conversation at an appropriate moment. In the third case, the client should have time to react. The latter must make an independent decision.
In the fourth case, the seller initially prepares an alternative. Its value is calculated from the perspective of the potential client. It is indicated:
- delivery time;
It is better to give a discount at the time of discussing additional conditions. In the fifth case, you find out how final the refusal is. For example, people need time to think about it. Sometimes the pricing policy and its compliance with the budget is discussed. There is also a sixth recommendation. You have to explain to clients what will happen after the conversation is over. For example, put an email under the offer.
What to do if you can’t secure a quick sale? Do not despair. You need to go back to work with existing customers. For example, send them invoices for the products they buy.
Conclusion About The Price Indication
Prices need to be specified well in advance. On the basis of these, potential customers decide whether to make a purchase. Sellers can discuss the cost verbally, send their offers by email, and be prepared for rejection. Is it possible to positively influence people’s decisions? If the offer is well crafted, yes.
Is it worth indicating prices on your site? It depends on the type of products and personal preferences of the seller. With the help of price lists you can strengthen the trust of consumers. When selling expensive products, you can automatically weed out people with low budgets who are unable to make a purchase because of this.