has an ego too.”
New: Audio version
[Classic post from 10-21-15]
I heard someone say the other day that they didn’t want to add a certain option to the vehicle because it cost $200 and they (the seller) think they might lose a deal over $200. That was many days ago and I haven’t got that scenario out of my head. Who knows why things like that float around in my head? Silly stuff.
Yet, it has caused me to want to write about something related to sales that I have probably shared before as I’ve taught it for at least 40 years. One of the things that I learned early in my sales career is this phrase: Only 4% buy price.
I have found that to be pretty dang true. Only 4% buy price. Add this: almost 100% talk price, but here’s the key to that–only 4% mean it.
What do people want instead of price? They want value. They want to feel good. They want to feel smart. They want to feel like they are getting a ‘deal.’ They want to feel like they made a wise decision. They enjoyed working with this particular salesperson. They love dealing with this company. They are loyal to this product line. They wanted to buy locally. They love the service department. They have always loved the service at this establishment. They aren’t shoppers and don’t like shopping around. They don’t like negotiating and feel that they are taken care of here. They. . . well. . . this list could go on to infinity. It wasn’t the price. It was something else. 96% buy something else. Ninety-Six Percent! And the salesperson worries about the 4% thinking that is the norm. It is not.
When people don’t want to buy at the moment, their reasons could be many, and though they may talk as if the price is the reason, that is their ego talking. We should know the ego. We all have one. The ego loves to control things. It makes up stuff to save face. It is good at it. Price is something that is an easy excuse or reason, and an effective one too. So, out of the mouth of the prospect comes, “the price is too high,” or “we can’t afford that much,” and another long list of things, this time associated with price. It’s a mirage. It’s simply a front. It’s not real.
That doesn’t mean that you can get through their self-saving barrier knowing what it is, but it gives you as a seller a better understanding of what is going on. Hopefully, it gives you the inspiration to find other things that the prospect could get excited about. I am confident that most salespeople accept what the prospect says as truth. Why did they leave? The price was too high. Not. Only 4% would do that. They left for a myriad of other reasons, but not price.
As we are selling our wares or our services or our time, it is so easy to think that price drives the sale, but it doesn’t. Value is important. Service is important. Fairness is important. Feeling good is important. Price is what it is or what it needs to be, and since only 4% buy price, if we as sellers would focus on the other things that we can do to help buyers come together with us, we will never need to worry about price again.
Buyers are buyers because they came to buy. Sellers are sellers because they are here to sell. The goal then is simply to find a way or ways to come together so that both are satisfied. It would probably be easier if all parties checked their egos at the door, but here’s where the skill of the salesperson comes in, by understanding better what is really going on inside the prospect. It also means that the salesperson can no longer stand on the price excuse.
The Odds Are So Overwhelmingly In Our Favor When We Focus On The Right Things.
Spread Some Joy Today–by letting go of all those lame excuses. Let’s enjoy the day and all the moments it contains.