4 Reasons To Introduce Price Early In Your Next Sales PitchAug 11, 2020
I spent the majority of my sales career feeling a bit nervous when it was time to tell my customer how much my product or service cost. At times, buyers would ask how much my product was earlier in the sales process than I had wanted them to. I felt that if I told them my price that I would run the risk of scaring them off, coming in with a higher price than a competitor or that I would unintentionally incentivize them to shop around for a better price.
Not only did I struggle with figuring out how to introduce price within my sales process, I struggled with when to introduce price. Unfortunately, I spent a good portion of my sales career doing it wrong.
Here's why salespeople should introduce price as soon as possible:
1. Get It Out Of The Way: Introducing price in the beginning of your sales pitch ensures that you aren't thinking about it throughout the sales pitch. Of course, in many instances, pricing for products and services can vary based on a lot of different variables. In this case, I strongly encourage my clients to provide a rough estimate or ballpark figure to their prospect.
2. Your Prospects Want To Know Price: It's difficult to make a decision to buy something without understanding how much it is going to cost. It's also difficult to find value in products and services without understanding what it costs. If you're waiting until the end of your sales pitch to introduce price, then your buyer is going to determine for themselves what they are willing to pay for your product throughout your pitch. Depending on your presentation skills, your buyer's perceived value may not match up with yours.
3. Get The Jokers Out Of The Deck: It doesn't matter how incredible your sales presentation is or how much value you provide your buyer if a) your prospect isn't the decision maker or b) your prospect cannot afford your product. Telling your buyer the price of your product earlier in your sales pitch can reduce your chances of pitching the wrong person or wasting time with someone who simply cannot afford your product. I've personally had prospects stop me within the first two minutes of my sales pitch to let me know they aren't authorized to make decisions on investments that cost that much or that they wouldn't be able to afford my product. Time is money, introduce price quick so you can save both.
4. You Can Justify The Price With Value: Introducing the price of your product or service in the beginning of your sales presentation (or at least a ballpark range) allows you to spend the rest of your sales pitch building value around the price and helping your customer justify the investment that you'll be asking them to make at the end of the pitch. If you're looking for an extremely effective and bulletproof way of doing this, you're going to want to do it this way.
Now that you know why you should be introducing price earlier in your sales process, it's going to be equally important to understand how. I've created a free mini sales course that outlines the ultimate sales pitch playbook that I've used to close well over $10MM of sales. If you're looking to take control of your presentation, build more value, increase urgency and shorten your sales cycle, you should check it out.
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