“Your Competitor Is Cheaper”
Summary
- When a competitor offers lower prices, ask why the customer isn’t choosing them. This helps them recognize what they value in your offering.
- Highlight unique features of your product or service that justify a higher price.
- Use questions to emphasize the superiority of what you offer, like comparing choices if prices were the same.
- Focus on making customers understand that paying more gets them better quality and value.
Video
How To Take Action
I would suggest implementing strategies that focus on understanding and communicating the value of your offering. Here's how:
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Understand Customer Value Perception: When faced with competitors offering lower prices, ask your customers why they haven't chosen the cheaper option. This conversation will reveal what unique features or benefits of your product or service are valuable to them. You could ask, "Why haven't you gone for the cheaper choice?"
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Highlight Unique Features: Make sure you clearly articulate what makes your product or service unique. This could be a special feature, exceptional customer service, or results that others don’t provide. Use customer feedback to help frame these distinguishing aspects.
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Use Comparisons Effectively: Engage your customers by asking them to imagine if your product and the competitor’s were priced the same. Which one would they choose? This helps in reinforcing why your offering is superior or worth the extra cost, based on its unique benefits.
- Educate on Quality and Value: Focus on educating your customers that investing a bit more can lead to better quality and long-term benefits. Share testimonials or case studies showing how choosing your product/service has positively impacted other customers.
By implementing these strategies, you’re not just selling a product; you’re reinforcing why your offering stands out. This will help in attracting customers who value quality and are willing to pay for it.
Full Transcript
it's one of my favorite closes because it just crushes so they're like well the other guy down the street is you know half the price of what you guys are and I'm like totally understand why aren't you going over there and then they'll say well I mean you guys have this thing and you guys have that thing and you guys have this thing and I'm like that's why we're more if you want the this the 2011 version of that is like if the prices were the same which one would you do ours or theirs and they're going to be like why I would do yours it's like right because ours is better
