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Wednesday the 12th

Should You or Shouldn’t You Disclose Your Price

By richie

Price is a big deal to you your customers!

There is a big controversy along with questions around the topic of price and whether it should be disclosed from the very beginning. Have you ever gone to a local gym to inquire about a membership, you ask the price, and they say, sorry, I can’t disclose that until you have been on the tour of the gym and have met with one of our salespeople. I don’t know about you, but this is a sudden turn off. If you instead go into a gym, ask the membership price, they give it to you right then and there, I would be ok about joining that gym. I do not like working with businesses that try to be sneaky in their pricing or any other issues regarding their services. The first gym will not

get my business, but the second one will…why?

Because they are missing a couple of very important key points in sales;

  1. You want to be ready to sell when a customer is at their peak of their emotional level to buy. If you wait till later, when they are ready now, you are going to lose the sale.
  2. If you cannot gain the trust of the customer, then just give up. If your customer wants to know the price, then tell them the price. You do not want to give any reason for them to suspect or distrust you.

If you have done sales in the past, you know that sales can be very complex, especially when it comes to advertising and giving your prices. There will be some that say, just tell me your price, and in this case you would give the price, but you also want your client to know the value of your product and why it’s priced that way.

So many times a client will compare products on price alone, when they really don’t know the value or quality of one product versus another. They may look at the price and think that it’s too high and move on.

If you client wants the information, don’t hold back, but don’t try to give them a cheap pitch, instead, have a natural conversation with them, telling them honestly what the benefits are of your product and how the value far outweighs the price.

Find out their questions regarding the prices, help them to feel comfortable in talking with your, develop trust. Carry on a conversation with them, show that you understand their concerns, and ask them to express their concerns. Then you want to take the opportunity to explain your product and the pricing. Keep the dialog going, be able to back up your reasons for a higher price compared to the competition.

By Jeff Holbrook

The same goes for your prices that are less expensive than the competition, have your prices to compare with the higher prices along with the high quality that matches or exceeds that of the competition.

There are some that will look at lower prices and think the value is less, for this reason you need to explain why your prices are lower, and how you are able to do this without sacrificing the quality of your merchandise.

There has been a test where people were given three choices of a similar product, each having a different price. The majority of the test subjects chose the product with the middle ranged price.

Have you ever been to the new shopping store called IKEA? Well, the next time you go, look at their signs. You will see how they explain their lower prices by purchasing their stock in bulk, using self-service, and shipping everything in flat boxes. With their price promotion, they have built a very successful reputation for providing high quality items at a very low price.

Also, be your own customer, take a look from their perspective, would you trust YOU? Would you pay your price for your products? Be honest, develop trust and be open about your price, but back be ready to back it up.

One Minion Spoke, What say you?

  1. Jason Rakowski

    Good Layout and design. I like your blog. I just added your RSS feed to my Google News Reader. .

    Jason Rakowski

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