Pricing is always a big issue for customers, especially if they have tight budgets. This seems like a self-evident statement, but it gets more complicated when you end up having to convince a customer about the value of your product when competitors are offering a lower price. Sometimes you will have a lower price, and if you can convince the customer of your product’s value, you’re home free. But usually you’ll have someone trying to outbid, so you have to really start thinking about value and how to communicate it to the client.
When thinking about the value of your product, you can express its value on two levels: first of all, there’s the positive value of the product itself. What can the product do for the customer? What merits does it have? On another level, you can talk about the consequences of choosing an inferior product, which in the end will result in negative value. You can use the negative value of a competing product to illustrate the potential misfortune, and accompanying pain, that could come with choosing an inferior product, which could have an effect of enhancing the appearance of your own product.
So considering positive value, what can you say about your product? Does it save the customer time? Does it accomplish a task for the customer? Is it more attractive, durable, or even socially desirable? Are these things something that the customer would consider paying for?You can use all of these benefits as a sort of launch pad to start explaining the value of your product.
What about the negative value of a competing product? Many times, the lowest priced product can cause the greatest amount of pain, due to inconsistencies in the product or bad craftsmanship. For example, what happens when you buy cheap sunglasses? Well, they usually fall apart! How about cheap shoes? Same, they fall apart. Cheap food? It might not taste very good. And so on.
Of course, low prices don’t always indicate these things; your product could even feature the lowest price as yet another advantage. But again, this won’t always be the case, so you need to be ready to sell.
Using these means to illustrate the advantages of your product can dramatically increase the chances of a successful sale. You just have to know what the customer is looking for, and know how to persuade the customer that your product offers just that.