Pricing effectively in the B2B world can be complex; there are many things to consider. That has caused many a sales person to say – “I’m too busy to study all this stuff.” So here are 8 Keys to Selling at Better Prices:
- Differentiate your products and yourself, and communicate so your customers understand those differences. If you can communicate what is special, you can price it appropriately.
- Find out what areas are important to your customers and articulate how you and your company address them.
- Price to win on important, high-volume products. Customers are more sensitive to the prices on these items.
- Don’t sell things at a loss. It is not sustainable and can damage the market.
- Price for more profit on low-volume products. If customers are already buying their high-volume stuff from you, they are less likely to switch on the lower volume things.
- Don’t give extras away for free. Things like smaller orders, small packages, extended payment terms and rush orders all have value. It is appropriate to ask for that value in your prices.
- Don’t try to steal market share with lower prices. Your competitors can play that game too. If the customer is happy with their current supplier, they will give the current supplier a chance to keep the business. That can lead to price wars.
- If you have to make a price concession in the face of a qualified competitive offer, get something in exchange.
Remember, you are in business because you bring value to your customers with your products and services. Keep these concepts in mind any time you are setting prices. They will help you turn that customer value into value for your shareholders and yourself.
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