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It is very rarely Price


It's very rarely Price

Time and time again I see business owners use price as a way to attract and maintain customers. And when I ask them why they focus on price as a way to sell their product or service, they generally reply, "because that's how most customer decide where to buy from".

Now I do concede that the first question a lot of prospects ask is, "how much is xy product?" or, "What's your best price on yz product?".  However, I believe that the reason they ask this question is because people have been conditioned by poorly trained sales people, shop attendants and customer service operators, who leave them very little option to focus on anything other than price.

It is interesting to note that out of the 5 key reasons why people don't purchase a product or service, price is not the number one reason. Not even by a long shot.

A survey conducted by the Technical Assistance Research Program in Washington, looked at why customers choose not to buy from a business, or why they leave one business to purchase from another. The results of this survey showed that only 15% of people choose not to buy from a business based on price. 17% was made up of factors such as, Convenience (3%), Relationship at a higher level (9%) and Miscellaneous reasons (5%). 68% on the other hand, chose not to purchase from a business based on what is known as ‘perceived indifference'.

So what is perceived indifference? Simply, the customer feels that they were treated in a way that wasn't up to the standards they expected. Said another way, the customer feels that the staff member/ business wasn't really concerned about their needs or requirements.

More specifically, the business put in no real effort to provide the customer with the product or service that best suited them, rather, just focused providing a product to just make a sale. Now most of us have experienced this at some point, being treated as just another number, an inconvenience, a duck on the pond (to use some car yard terminonology).

But when you think about it, it's no wonder the prospect feels this way, given that the business/ staff member they are dealing with, only really expects the prospect to be focused on price anyway. And so the cycle continues...

 So rather than spending more and more money on marketing to generate more customers, focus on providing your current customers with a professional experience. Take the time to look at your sales process. Analyze what customer service strategies you have in place. Train your team to take a genuine interest in what the customer is looking for and have them demonstrate how pleasurable and simple it is buy from you. Build relationships with your customers, get to know their names, their interests, their hobbies. Thank them for doing business with you. Ask for their opinion on how you could improve your service. Go to work on these few simple steps and you may just find that price will no longer be as much of an issue as you believe it currently is.

 

Written by Simon Bell

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