Price: How to Differentiate Your Product When It's Priced Higher Than Market Equivalents (Part One)
By Sharon Drew Morgen
Your product will not be bought or sold based on its price.
Let me say that again: prospects do not use a money criterion when deciding what product to choose...unless they have no other way of choosing. If two things seem the same, money is the only deciding factor. If the choice is clear, then money is the secondary factor.
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"Prospects do not use a money criterion when deciding what product to choose...unless they have no other way of choosing," said Sharon Drew Morgen.
Looking at this dispassionately, here's an analogy: if your beloved grandmother were having a huge celebration for her 90th birthday and wanted a black sweater, would you buy her the $30 cotton one or the $180 cashmere one? Of course you'd get the best for her. Price would not be the issue. Yet if you needed a new sweater for a jungle trip, you'd probably take the cheaper sweater.
It's about the choice criteria, not the product.
The question then becomes "How do buyers decide to choose your product when they have other—probably less viable, less effective, cheaper—options?" And how will they know that your product is worth your price?
Higher Price
Follow me through the logic here. Your product was priced high for a reason. Your company has carefully weighed your product value against its manufacturing cost against the competition and placed a fair value on its price tag.
That leaves you with the job of developing a market that is willing to choose your product over other possibilities because of its greater value.
How do you create that when the product appears to be similar to the competition—and when the competition is cheaper?
Here are some market assumptions:
The competition has lower prices because it offers fewer features.
On paper, your product seems similar to others that are priced lower.
Features that make your product more expensive may not be what your prospects think they need, making the price inexplicable.
There will always be buyers who only choose based on price (although not nearly as many as you think).
As a result, you probably spend a lot of time "educating" your customer, believing that an educated customer will know why and how to choose you.
But let's look at the facts. I assume that you have a good, fairly valued product and are a professional seller. I also assume that you have learned how to position your product effectively and educate your customer efficiently.
If your buyers buy solely because you have educated them (and they have the appropriate need, obviously), you would close every prospective sale.
But you're not closing every sale. Why not? It's easy to blame the price; your prospect might even say that. But it's not true. They mention price because they don't know what other criteria to decide with.
By helping your buyers decide how to choose your product, you won't need to educate them—nor will you hear a money objection. It's not the price. It's not the product. It's not you. It's their decision criteria. By teaching your buyers how to include your product in their solution designs while meeting their internal, human decision criteria, they will not have price objections. It's not a money decision. It's a criteria decision.
SellingCrossing Fact #123: Economic uncertainty lies ahead, or so say an increasing number of experts. But that doesn’t mean you can’t find the job you want now!
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