If you’re part of the Built World industry, you’ve undoubtedly encountered the exclamation, “Your prices are too high!” This utterance often signals the death knell for a potential sale. But perhaps it’s worth a deeper look.
When clients tell you that your prices are too high, it’s a red flag, but not in the way you might think. This is not a signal to lower your prices but an opportunity to reassess your approach. It challenges you to revisit your strategy, ensuring you convey the true value of your product without compromising the price.
If the high price complaint becomes a recurring theme, don’t despair. The problem isn’t the price; it’s the perceived value. What’s missing is a robust argument that justifies the cost of your product.
Modern Built World customers are more discerning. They know that the lowest price often equates to high-risk, resulting in unexpected costs and delays. They are not looking to save pennies if it compromises quality. What they want is value for their money, not merely the lowest bid.
Price pushback stems from a lack of differentiation. If clients see your offerings as mere commodities – a nail as just a nail or a shingle as just a shingle – then you’ve failed to demonstrate why your product is the right choice. It’s not about reducing the price; it’s about elevating your product’s standing.
Your unique product features, exceptional business practices, or extraordinary customer service can set you apart from the rest. Keep reminding your clients why they chose you, consistently highlighting the unique aspects of your offerings.
Don’t rest on your laurels once a sale is made. Built World businesses must continually remind clients of the value provided. Research indicates that three reminders are typically needed for something to stick in one’s memory. Are you reinforcing your value enough?
Maintaining customer awareness of your product’s unique value ensures that their lasting impression is not about the price but the times you’ve saved them or enhanced their projects.
Remember, in the Built World, it’s not about convincing clients that your prices are low, but that your value is high. Don’t let the cry of “your prices are too damn high!” divert your focus. Embrace the challenge and showcase the worth of what you offer. That’s the way to build lasting relationships in the Built World.