Selling In A Tough Economy

One dreaded statement from a sales prospect can make a salesperson turn pale. "Is this your best deal? I've interviewed a couple of your competitors and they are willing to sell for less." "Thanks, but we want to shop around before we make a decision."

When not prepared for the price resistance seen in tough market conditions, a weak salesperson stammers with a poorly thought-out response such as, "Well, let me see what I can do."

Is it really about price or is it value?

What Is Value Anyway?
Value, like beauty, is quite subjective. It is in the eye of the beholder. And, it is incumbent upon every sales professional to find out exactly what the prospect values. Be sure to lead with your ears and ask questions that reveal what your prospect actually values. The prospect's definition of value is more important than yours.
In tough markets we need to learn to sell value by differentiating all of our deliverables. The degree to which we are perceived as different from and better than the competition is critical today. The bottom line is this: Unless you can create a powerful and distinct difference to the customer, you are not going to stand out from the crowd. And it's not always about price.

Product Differentiation
If you can't come up with some solidly unique components that make your product or service different from that of your competitors, you may be in danger of being perceived as just another commodity. Here's a strategy: Now that you know what your prospects value, perhaps you can create something unique about your product or service; then creatively exploit every aspect of the difference and tie it to what prospective customers told you they wanted. Your goal is to come up with both UCAs (unique competitive advantages) and RAs (relative advantages).

Source: Don Hutson is the best-selling co-author of The One Minute Negotiator: Simple Steps to Reach Better Agreements, a speaker, and CEO of U.S. Learning. He is past president of the National Speakers Association and a veteran of 6,000 presentations worldwide.