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Life Health > Life Insurance

Why you’re losing over price

By Anthony Iannarino

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Chances are your competitors are selling at a lower price than you are. It’s tough to win when they’re willing to give away what they should be selling.

If you’re facing this struggle, one or more of the following could be at the root of your problem:

      1.    You don’t believe. This is the first (and most pernicious) reason you’re having trouble selling at a higher price than your competitors. If you don’t believe in your heart and with every fiber of your being that you’re creating more value than your competitors, then you won’t be able to capture more value.

If you don’t believe you’re worth more, then no one else will either. And they’d be right not to.

      2.    You’re selling from behind. Whenever I hear from salespeople that they’re having trouble capturing some of the greater value they create, I assume they’re struggling to justify a higher price point. But more often than not, I discover they’re selling from behind. Instead of calling on their dream clients, they’re being reactive and waiting for someone to reach out to them.

Selling from behind eliminates the ability to create value during the buyer’s journey. You’re too late to the process.

      3.    You can’t justify your higher price. If you want to capture a greater portion of the value you create, you need to be able to justify your higher price. You need to be able to help your client understand the additional value they’re receiving.

If you want your dream clients to perceive your value, help them by sharing what makes you different. Then give them the logic, language and evidence to defend that value.

      4.    You aren’t selling to your dream clients. There are some prospects who face real challenges paying for value. In some cases, what you do doesn’t create enough value.

In other cases, your prospects’ low margin prevents them from making the necessary investment in their own business. And there are some who have a mindset that only accepts lowest price as the greatest value. These are not your dream clients.

If you want to capture value, you have to sell to people who can perceive that value. This is why it is critical to invest your time and energy on the right targets.

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S. Anthony Iannarino is the managing director of B2B Sales Coach & Consultancy, a boutique sales coaching and consulting company, and an adjunct faculty member at Capital University’s School of Management and Leadership. For more information, go http://thesalesblog.com/s-anthony-iannarino/

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