Success Monday: Price is a Thing, But It’s Not the Only Thing

Steve Clark is a self-taught salesperson who has authored or helped author three books and who now owns his own successful consulting business called New School Selling. He writes here about an issue near and dear to every shop owner’s heart: pricing.

“Our beliefs create our life experience and life becomes a self-fulfilling prophecy. Nowhere is this observed more as in the world of sales.

My sales advice to clients who suffer from self-limiting, negative and counterproductive beliefs is to examine all of your beliefs and be willing to change the ones that are holding you hostage to mediocrity.

The greatest myth in selling is it that customers only buy on price or that price is the number one criteria buyers use when making a buying decision.

If you believe that, let me ask you a question.

Is the shirt you are wearing right now, the blouse you are wearing, or the pair of shoes that you have on, or the car that you drove to work this morning, are those the cheapest things you could find?

Are you wearing nice clothes and driving a nice car?

You probably didn’t buy your clothes at Walmart.

You probably did not buy your car at the dilapidated, run-down used car lot where the sales office is a trailer up on blocks.

The truth of the matter is that most of you—probably about 90 percent of this audience—do not primarily look to buy what you buy simply based on price.

There may be some items that you buy on price. Maybe you buy toilet paper strictly on price. My sales advice would tell you that may not be a good idea, because even cheap toilet paper falls apart and ends up being more trouble than it’s worth.

We all may occasionally buy something primarily based on price but for the important stuff—if you are truthful with yourself—you will admit that you probably do not buy based on low price.

Now, why is it that we’re not low-price buyers? Why are you not a low-price buyer?

The truth of the matter is, you are not a low-price buyer because you probably tried buying low-price at one point or maybe you have been a low-price buyer in the past and you bought something that you thought was a deal or a bargain, or you thought you got a steal on it, and somehow it didn’t end up being what you thought it was and you were disappointed either in the performance of it, the longevity of it, how it performed, or the fact that it wasn’t as advertised.

You have been burned more than once by buying low-price.

You have experienced that “the bitterness of poor quality remains long after the sweetness of low-price is forgotten”.

Truth of the matter is, you cannot get something at low-price and get quality service and quality product in the same package. This does not exist.

This poses a very interesting question?

If you are not a low-price buyer, how come you think your buyers would be different than you?

It can’t be both ways. That is not how the universe operates.

Numerous studies have been conducted that verifies price is only the primary consideration in 8 percent of buying decisions. Check Google yourself if want to verify this.”

Steve Clark oversees the New School Selling website. A self-taught sales person, he is now a consultant and the author or co-author of three books: “Profitable Persuasion—Proven Strategies for Sales and Management Success;” “Secrets of Peak Performers;” and “The Ultimate Success Secret,” which he co-authored with Dan Kennedy.