Ever get tired of talking with customers about price? If you are spending more time than you like debating or defending your price, it’s an indication that you have not been effective in communicating value.
Every company has its own unique value offering. Unless your company is (or seeks to be) the low-cost provider for every product/service you sell, there are specific features, advantages and benefits associated with your price points, and which differentiate you from your competitors. Be sure you really understand your value proposition for every product/service you sell. Just as importantly, be sure you can articulate your value offering concisely and confidently, without hesitation or apology.
Here is a terrific exercise… Develop a concise 15-30 second response to both of these questions:
Why does your product (or service) cost more than your competitor?
Why does your product (or service) cost less than your competitor?
Don’t just kick around some phrases in your head; actually write down a complete response. By writing it down, you will be more deliberate and efficient with your words. Filler words and phrases like, “ummm…” and “well…” won’t be included. Write it. Read it. Refine it. Practice it. Share it with others in your organization. You’ll be surprised how it prompts worthwhile discussion and sharing of ideas.
As you articulate your value statement, consider all the direct and ancillary benefits associated with your offering, including ROI, safety, efficiencies, turnaround, etc. Once you have a general value statement written, consider the specific priorities (GAPs) of each customer, and then tailor your message to individual organizations and contacts. NOW you are ready to talk about value (and not just price)!