How to Sell Even When the Price is Not Right

By Jenny Bosworth

Do you ever wonder how you are going to make your product or
service sell when you don't offer the lowest price? Because
people always go for the lowest price offered, right?

Not exactly. Do most people buy their cars from the junkyard? Or
their TVs from pawn shops? Of course not. There is one thing that
customers value more than getting a good deal. They will pay
exorbitant amounts of money to eliminate risk.

This is not to say that, when two products or services are equal,
your potential customer won't choose the cheaper one. What you
need to do is unbalance the scales to ensure that your product is
obviously the less risky choice.

A web designer friend of mine recently entered into a bidding war
for a project. On the one hand, my friend wanted to charge $70
per hour, which was fair considering his experience and work
quality. However, he was bidding against some teenager working
out of his basement, willing to charge only $10 an hour.

The company offering the project actually considered basement boy
with his dirt cheap rates. That is, until my friend pointed out
that they would get exactly what they paid for, and when their
end product turned out to be junk, they could come to him and pay
his rates to do it over again. The company realized that choosing
Mr. $10 an hour posed certain risks, and that they might end up
paying even more if they went with him. In the end, my friend won
the bidding war, even though his rates were 7X his competitor's.

So what is the core essential of making the sale even when your
price is higher? Trust! If a potential customer trusts you and
your product/service over all the others, they will pay whatever
price is required of them. And even if they don't, they will
probably come back to you after their cheaper choice turns out to
be a mistake.

If you can't prove that your product or service is the safer
choice because of quality, try padding your deal with trial
periods, money-back guarantees, warranties, delayed billing,
anything to reduce your customer's perception of risk.

And, of course, some customers will choose your product or
service simply because it is more expensive, and that is the only
proof they need that it is better. Take it from me. You could
present me with two identical shirts, one $15 from WalMart and
the other $100 from Neiman Marcus, and you can guarantee that I
will want the more expensive of the two.

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