SALES LEADERS/SALES REPS/BUSINESS OWNERS: As we enter into an economic crisis where customers are looking to tighten their belts, they will ask for bigger discounts. Yet our job as sales leaders, reps, and business owners is to protect our profit margins, so what do we do???
Whatever you do… DO NOT DROP YOUR PRICES & GIVE DISCOUNTS -ESPECIALLY ON YOUR EVERYDAY PRODUCTS or SERVICES!!
Dropping your prices is the start of a slippery slope downwards. Your competitors will then drop their prices, and before you know it, margins are eroded, and no one is making any money!
So, what do you do?? Find other creative ways to help your customer save $$. Look at your product or service offering for those higher-margin items. What can you offer based on overstock, moving old inventory, cross-selling, bundling, creating as a special limited-time offer, design as a quantity purchase, offering as an accessory giveaway, a value-add service like free delivery, or longer payment terms, etc.? Put your creative hat on.
Make sure it:
- Delivers value to your customer and will prompt them to buy.
- It Is a limited-time offer
- It will not prompt competitors to drive their prices down on core products.
- Protects your profit margins on your core product line.
For customized training or speaking presentations on how to Sell Value over Price, How to Upsell or Overcome Objections. Reach out. We would love to chat about how we can MAKE IT RAIN SALES in your business!
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