Successful consultative sales people know how to price for value even in the face of increased downward pricing pressure. They know that the most effective approach is client-by-client and project-by-project. They also know that their product or service is worth what the customer is willing to pay based upon the perceived value.
When it comes to pricing, keep these two strategies in mind:
- Know Where You Stand. Do market and competitive research to understand what your products and services are worth and how you compare to your competition. Once you know where you stand, you can determine the best pricing strategy.
- Align Your Pricing to Your Brand Positioning. High prices come with high client expectations. Lower prices can be a sign of inferior quality. Your price is directly proportional to your “perceived value”. If you have a high brand value, clients will more readily pay a higher price.
