One of the best ways to run yourself out of business is to discount your price. For once you do that, a discounting mindset takes hold and you will start to offer discounts to everyone and will end up not making any profit.
"Never discount your price," says Mark Hunter, author of High-Profit Selling: Win the Sale without Compromising on Price. "As soon as you start discounting your price for one customer, you will discount it for the next customer, the next customer, and the next customer. It really becomes a mindset for the salesperson. If you have to do something, you increase the value. You provide them something of additional value to them, but you never ever decrease your price."
One of the keys to avoiding discounts is to uncover a buyer's true needs, he says. That way if the customer says your price is too high, you can pose a question about their most critical need. If they don't like it, if they don't believe your service is worth that, then walk away, Hunter says.
"Remember, we maximize profit not when we maximize sales," he says. "We maximize profit when we are fulfilling the majority of the sales that we can achieve."
Listen as Hunter explains how to win sales based on the value you offer—not the lowest price—the hazards of selling people who demand low prices, the power of uncovering a buyer's critical needs, and why you shouldn't consider a sale as simply a single sale.
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