Value Selling vs. Price Selling
Value and price. They are the same thing, right?
Well, not quite.
Selling based on value and selling based on price are two differing strategies. But what are the differences between the two and which is more beneficial for your business? This article from NetworkedBlogs.com explains. Value is a long-term solution and what is best for the growth of your company, while price is a short-term.
The key to selecting the right client is to ask the right questions. This will take about an hour of your time, but will be worth it. It is important to identify your ideal prospects on multiple levels.
Avoid boring presentations. Most prospects are meeting with you because they have already done their research on you and your company, checked references, and have a sense of your capabilities. What you need to focus on is the future, not the past.
How are you going to help your potential client and his/her business grow? How are you going to solve that client’s immediately and long term needs? These are the questions you need to be answering.
The rapport you build with the client is the key to any long-term business relationship. As the article says, “Rapport is based on trust, and hopefully is nurtured during the thoughtful exchange before contracts are signed.”
Each situation is different and every client must be handled individually.
Once the initial meeting takes places, send a summarizing document to the potential client and set up a brief follow up conversation. This is where you can finally discuss price. A useful question to ask is: “How does this fit with your budget?” Simple and direct.
The Process:
Begin with a focus on building rapport with the client and understanding needs and company background. Begin by incorporating personal touches. Go in knowing that value is long term and that’s what’s important to your business relationship—and growth. If the first few questions focus on price, than either a) you didn’t do your homework and/or b) you didn’t ask qualifying questions before your meeting.
“It is the steps you take to discover and connect that ultimately get you to that all-important meeting.”
If you have any questions, contact the Grindstone Business Development Group by calling 1-888-724-7463 or click here today!
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