Back to business #12- Don’t cut your price
Discounts Call Into Question The Value Of Your Product
Businesses in a variety of industries have been applying discounts to many products and services during the COVID-19 pandemic. Offering a discount might sometimes make selling easier, but it isn’t the best option in some cases.
When a business offers a discount on a product or services that’s telling the customer that the business lacks confidence in the value their service or product provides, according the Partners In Excellence Blog, which Dave Brock uses to sound off on topics pertaining to business, sales, marketing and leadership.
The blog suggests that businesses who feel compelled to offer a lot of discounts ask themselves if:
– Their solutions provide real value for the customer.
– They themselves even understand the value of the product or service. If so, do they believe in that value?
– They know how to articulate the value of the product or service to the customer.
– The value can be defended against what the competition is offering.
The price we charge has little to do with the value we should be creating. In most cases, this cost is the smallest part of the reasons customers should be buying. But too often, that’s what sales focuses on. And in our presentation of the price, it’s always accompanied by the “wink, wink, ……maybe we can do something for you….”
If we want to build customer confidence in our solution, how do we do that when we are not confident enough to defend full price?
There is some hope for Covid Optimism.
In this week’s show, we talk about the tragic loss of 500,000 + lives in the USA due to Covid. There is some hope with what people are calling Covid Optimism versus Covid Fatigue. We dig deeper into Extreme Cleanliness® with detection tools and other ways of documenting processes and procedures. Learn the difference between Endemic, Outbreaks, Pandemics and Epidemics, and much more.