I had been invited to attend a staff meeting of one of my clients last week…So…while I was sitting back in silence…which for those who know me will find that hard to believe…listening to the buzz around the topic under discussion…the Price of the stock.
One of the staff members was adamant, “no one is going to buy that…the Price is too high”!
It reminded me that over the years a number of studies have been completed on why people buy, and a recent article by Pete Godfrey and Dave McMahon, 2 of Australia’s top Marketing Gurus confirmed that the figures are still relevant in today’s market.
Fewer than 10% of people use price as one of their top three factors that determine their buying decisions.
So why do we business owners get hung up on price? Why do we pander to the 10% who shop on price? So why do we go all funny when it comes to mentioning the price of our stock?
Why do we impose our values on our customers?
What we think about the price is irrelevant!
Are you sabotaging sales because you think it’s too expensive? People will pay for what they want! I’ve seen shoes priced at $500.00, Handbags over $900, Cars at $185,000.00, Fridge Freezers $6000.00
I can hear you saying “That’s nonsense, I wouldn’t pay that price”
That’s the Point…You can not let your values on money get in the way of a sale.
I remember when we had our jewellery business…we thought we could only sell Diamond rings under $2000.00. We were imposing our money values on to our customers, and that is a BIG mistake in business. We were not only sabotaging the sale…we were sabotaging our Business.
When we realised that all we needed to do to succeed was to get out or our own way we started selling Diamond Rings priced at over $15,000.00!
Can you see how you or your staff may be inadvertently sabotage your business profits by imposing your money values on your customers?
Price is more important to the seller than they buyer. Your customers are looking for a solution, as long as they are getting value, price is not really an important issue.
Are mindsets sabotaging your business? Need a solution…call me or email me on.