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The Match Game

 

Have you ever heard “We like your product, but we like your competitor’s product, as well.  They’re lower on price, however.  If you match their price we will buy from you.”  If you haven’t heard this you will.  The first thing to remember is no knee-jerk reactions.  Don’t respond with, “But you said I was looking good and I already put you in my forecast for the amount we discussed.”  Not their problem.  Second, don’t say, “I’ll do it.”  This response gives your prospect the idea that you were charging too much to begin with and they will lose trust in you.  No trust – no buy.   You need to stay calm, stay respectful and respond with questions. 

“I understand, Jonathan.  Thank you for bringing this up and considering me.  What is their price? <Pause for the answer.> Most likely they won’t tell you.  So continue; “Before I can think about doing anything, can I ask you a few questions?”   If they won’t tell you the price or refuse to let you ask questions, then wish them well and say goodbye.  They care nothing about the value of your product and are happy to put you into a price war.  If they agree to talk, follow these guidelines:

·         Walk through all the requirements for their purchase as previously discussed.  Confirm that you met all of these requirements. 

·         Go down your list of features, support options, upgrades, etc. and make sure your prospect is doing an equal comparison.


Then, ask if price is their only consideration for making the purchase.  If it is, you have a few options:

·         You can tell them you can match that price (if you can) but you will need to remove something else from the deal.  That will uncover how much value they place on your offer and see if they are just price shopping.

·         Ask for a longer term commitment, if applicable.

·         Ask them, “If I match that price Jonathan, and I do not know if I can, do we have your business?”

If they tell you that price is only one part of the decision, ask them what the other parts are.  Here you get to dig back in and reinforce the value your company brings to the table.  Explain that your price is based on value and your company is in it for the long term so you will be there for support and they won’t have to go through the buying process again.  

If, after going through all these steps, they will not budge, you have a decision to make.  Because every situation is unique I cannot make the decision for you here.  Politely ask your prospect for time to discuss with your management.

Sales Homework List four things about your company and/or product that put you in a better light than your competition.  Share these points with your prospect when they put you in “The match game."

Sales Managers – Make sure you know the competition.  You can’t always know when they are going to discount but you should know their weaknesses.     Read more...

   

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