We live in a world where people are very cautious about how they spend their money and they are very quick to object that “your price is too high”.
That is why there will always be a company that will try to sell their product or service at a lower rate than their competitors.
But as business owners, we have to ask ourselves: am I selling value or price? This is something we need to think about.
Rather than focusing on price, we need to focus on maximizing the perceived value and make sure that customers understand that it’s not just the product or service they are buying.
But they must also consider the research and development, the ongoing support you will give, the certainty of on-time delivery, your company’s history and reputation, and its market knowledge that went into your product or service.
Taken together, those factors are worth a lot! Therefore you need to make sure that you educate your customers on this.
Despite your best efforts, there will always be some customers who are not going to be easily convinced. So what are you going to do when your potential customer says “No”?
At this point, you need to realize that they have a choice and if they choose to reject your product or service, that is not a rejection of you as a person.
Neither does a single rejection mean that other potential customers would not see the value in your product or service. So ask yourself again: are you selling value or price?