S01 E10 | How to Avoid Plummeting Your Price

Show Notes:

There’s a difference between what somebody has set aside in their budget for a solution to their problem and what the pain really costs them and what it’s worth to them to solve the problem.
In this episode you will get tech and technique to sell more and stress less. Here are the highlights of this episode…

Technique Tips from Merit:

Ask questions about the outcome they are really looking to achieve, because that outcome often has multiple solutions and those solutions can be paid for with different budgets.

Make sure I’m solving the real problem, not just that surface level problem.

People will find incredible ways to fund projects that they’re personally committed to.

When a prospect doesn’t really understand their own pain, then any investment will seem like too much. If there is no pain, then no amount of investment is worth it.

Pain multiplier: Is that a one-time cost or do you experience that cost over and over and over again?

Sell them what they want and then make sure that you’re setting it up so that tomorrow you can give them what they need.

Technology Tips from Julie:

Understand how to use Excel or other spreadsheet applications to analyze your pricing.

Before you build anything, go out and test the market test whether or not anybody clicks on a particular price.

Use a profit prediction tool to help you understand the potential of various pricing models.

If you know your numbers and you know your conversion rates, you can start to really look at your pricing and your profit to determine if your numbers are set the right way.

You need to set some numeric expectations with your clients. when you understand what their problem is and their pain and then you talk about how you’re going to help them solve that pain, and ask, “How are you going to quantify that that pain was solved?”

Check out:
GERU – Profit Prediction Tool

Smarter Sales Soundbites:
“There’s a difference between what somebody has set aside in their budget for this solution and what the pain really costs them or what it’s worth for them to solve.”

“We undersell our own solutions and go for that quick sale to our detriment.”

“Think from your clients perspective, are you really solving the real problem with this solution or are you leaving some aspect of the solution on the table because we’re afraid to ask for a certain amount of money?”

“The real sales solution is a combination of having your mindset it right, getting the mechanics of selling correct and also being in consistent motion.”

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