24/02/2025
OVERCOMING PRICE OBJECTIONS.
THE PRICE AND ITS FUNCTION IN PROCESSES OF SELLING AND BUYING
We are bombarded by extra prices every day.
There are black Fridays, black Mondays and many other prices discounts.
Do you really think that we must give our customers extra prices to be able sale our products?
If you were responsible for price strategy in your company. What kind of prices would you chose?
Ø Group 1. Most expensive products
Ø Group 2. Products at high average prices
Ø Group 3. Products at low average prices
Ø Group 4. Lowest prices
The Management Encyclopedia provides the[1] following price definition: 'a specific value expressed in money equivalent to a given good; a marketing instrument; the determination in the money unit of the value of goods and services, the main element of Marketing Mix'.
Both scientific literature and a range of business publications provide us with a wealth of knowledge of pricing, pricing policy making and formulating a variety of pricing strategies based on long-term and short-term goals Enterprise. However, I think that from the point of view of our sales practice, it is better to focus on presenting this extensive knowledge in the form as shortened and as accessible as possible.
Why do we need knowledge of this at all? Well, I'm going to try to address a situation that is not directly related to the sale. You need to perform an urgently overdue report to your superiors. The term has been pressing you, and you can't handle too complicated software. Additionally, you don't know how to properly fill in complex spreadsheets. Ignorance will cause a growing feeling of frustration. If you had more time, you would certainly call a work colleague who would give you specific substantive guidance. Spreading this action over time and gaining knowledge would allow you to do much better without unnecessary stress. So because of a lack of knowledge, we don't know how to act at the moment. The same is true when overcoming price objections, where the customer can exploit our ignorance of certain mechanisms affecting most purchasing decisions.
Before we move on to discussing the role of price in the buying and selling processes, I would like to invite you to some exercise that will allow us to draw some conclusions together.
Exercise 1.
Imagine that I am proposing to you to receive a sum of PLN 250.00 for the purchase of shoes, of any kind and purpose. The only criterion for choosing will be the prices presented in four price groups. The first group will be footwear with a value between PLN 80.00 and PLN 120.00. In the second group there will be shoes in amounts from 121,00 PLN to 150,00 PLN. The third group is products in the higher price group, i.e. from PLN 151.00 to PLN 200.00. The fourth group will represent the product with the highest price, starting at PLN 201.00 to PLN 250.00. Your task is to choose simply: which shoes will you choose, having only information in the form of prices?
I invite you to read my article.
More:
https://www.salespowerschool.pl/en/overcoming-price-objections-the-price-and-its-function-in-processes-of-selling-and-buying
Christopher Czuprynski. Sales trainer. Books author.
