Research has shown there are many weapons business such as towing service McLean va use to increase their sales performance, a sales strategy that has proven to be very effective. I know you are wondering what this sales strategy is. Well, its what entails strategic framing of prices. It doesn’t matter the market you are operating in, be it luxury or cheap one. What matters is how you frame your prices that will influence the number of prospects coming to your store and closing on the deals you offer to them. Regardless of the price of your product, focusing on “time” over pricing, can boost your sales and lead to increased customer satisfaction.
Here are some important strategies you can apply
Don’t compete on competitor pricing
You should never compete on pricing. Emphasizing that your products are priced lower that your competitors will always backfire. There is a research that was conducted, asking participants to make a choice between three cameras. A basic inexpensive camera, a more advanced one that is mid priced and then an advanced one that is priced the highest. If you can give your customers options to make decisions based on different qualities and pricing, then you stand to benefit the most. When customers are given the chance to compare products, they tend to focus on the competitive disadvantage, and not your solution’s advantages.
Highlight the ROI of your Product
The only time price should come to the equation when there is an argument should only be when the ROI is being evaluated. It has been proven over time that people will always pay for quality, regardless of the price you set for your products and services. You would not want to compete on price, and same should be the case when it comes to quality. You dont want to compete when it comes to the benefits that you offer as they are always supposed to be above what your nearest competitor can do. Value is always the key to customer’s heart and value applies more to quality than it does to cost. If possible, consider mentioning any features you will be releasing soon, as these benefits will make your product more desirable.
Position time over money
Regardless of the price of your product, be it $1 or $1000, you need to focus on time over price, as doing so will definitely boost your sales and customer satisfaction. Time might be equal to the promise of frequent and long term use, or just the hours of the buyer’s life they will get back. Research has shown that when you highlight the experience someone will have on your products, that can be key to influencing them to make a purchasing decision. Understand that time is a more scarce resource and once it is gone, it can’t be recovered. Explain to your customers how your product will perform and save them lots of valuable time they would otherwise spend if they acquired an inferior product.
Handle Pricing Comparison
When customer comes with the phrase that price is less everywhere else, that becomes a huge aspect you must handle amicably. When you hear such, you need to focus on how your product is of high quality. Point out on the better quality of your product, the robustness of its features and how you would offer support for the same. This is a strategy that can work especially when you are competing against bigger, and higher priced competitors as well. There will be times people will choose to pay more for a product or service, because of the perceived benefit and quality they are getting.