Closing the Sale: How Much is it Worth To You?

January 16, 2014
Closing the Sale: How Much is it Worth To You?

Closing the sale… how much is it worth to you?

Early in my sales career, I learned to value whatever it was that I was selling. I was taught that the key to sales success was belief in myself and what I was providing my soon-to-be customers. As a result, I now spend a great deal of time training my staff on how to set the stage and ask the proper questions before talking about price.

Even so, that doesn't mean I don't get an enthusiastic salesperson or two (or three) who runs in to my office and says, “I just got off the phone with my prospect and they said they would do the deal for X (extremely low) amount of dollars.”

Don't get me wrong, I understand that my salespeople are just trying to make a deal happen. I also understand that when you sell a high end product or service, prospects can sometimes have the impression that there is wiggle room to negotiate on price (especially in a B2B setting). The question is: is giving in worth closing the sale?

Closing the Sale: What's it Worth?

In the interest of generating business, you don't want to pass up any opportunity. However, this train of thought could also sell you and your product/service incredibly short. Simply put, it is not scalable.

It all starts with my culture and sales staff. I need to make sure everyone is properly equipped to handle these types of requests. I also need to make sure that we don't give the impression there is wiggle room, even if there is.

That is why it is so important to have a process for selling and incorporate your value throughout your sales conversations. For example, as soon as my prospect and I start talking about budget, I make it a point of emphasis to talk about our value priced structure and why it benefits them.

I have discovered that planting these seeds early makes the finalization of the deal go that much smoother. In many instances, my prospect won't even ask for a price reduction.

In short, just because some people believe you should discount your price, that doesn't mean you have to. To illustrate this point, watch the video below. It is a clip from “The Life of Brian.”

How do you overcome requests to discount your product or service?

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