- Elon Musk, Investor & Entrepreneur
To sell an item, you must set a price that a customer is willing and able to spend. The value of an item is determined by its practicality and useability, which affects how much a person will spend on your product. A customer’s guttural response to your branding and your company’s mission is also important to consider, as it can drive up the price as well.
If your item is being sold in brick and mortar stores, how it is merchandised by retail staff is very important. Its placement and its proximity to complimentary items can make a huge impact on sales.
Most importantly, how you sell it at the moment a purchasing decision is being made matters.
A SALESPERSON MAKES OR BREAKS PRICING
How well a salesperson does their job greatly affects the price you can set for your items. How the product is presented matters, and how the salesperson speaks about the product is imperative.
MAKE THE CUSTOMER WANT TO SEE MORE
Finding a way to convince the customer that they want to know more about the product is a great way to snag their interest, and thus ask for more money. The anticipation they will experience when they find themselves wanting to know more about what you’re selling provides an attachment that you can cash in on.
“What I have is perfect for you” or “This one will make you fall in love” are the statements you should strive for before presenting your item to potential customers.
HAND OVER THE PRODUCT WITH PIZAZZ
You need to handle your wares in a performative manner. Make the item seem special by showing it off. Hand over small objects with an open palm or use two hands on larger objects while fluttering about its usefulness.
Your flair will make or break a sale. Use your time to put on a show for the customer and create excitement.
THE CUSTOMER NEEDS TO HAVE AN EXPERIENCE TIED TO THE PRODUCT
The value of an item is directly related to its usefulness. To connect a customer to the item, it’s important to get them to engage with it. They need to turn it on, open it, or smell it to create a more visceral connection to it.
Once a customer is imagining themselves using the object in their own lives, the value of the object increases, and you can guarantee a higher price.
MAKE SURE CUSTOMERS EXPERIENCE ALL THE PRODUCT OFFERS
While you’re showing off your item, make sure the customer physically experiences every feature you’re trying to highlight. Make them lift the object to realize how light it is or turn the key themselves to see how easily it unlocks.
Once they’ve gone through the motions of experiencing a product’s key features, they’re ready to be told about its value. An item’s value will increase if the customer experiences its benefits firsthand.
However, don’t repeat the same demonstration week after week. You’ll want to change up which feature you’re showing the customer at least once every few days.
ALLOW THE CUSTOMER TO WALK AWAY
Seeming too desperate when it comes to making a sale devalues your item. Make sure your confidence radiates to the point that a customer realizes they can walk away, and you’ll just move on.
You’re so sure your product will sell that you’ll wait for the person who will pay the full price. Make sure a customer sees that, so they know that you’re positive you can get your asking price.
COWORKERS ARE TEAMMATES AND NEED TO PROVIDE FEEDBACK
No sales pitch comes out perfectly the first time. Make sure you reenact a customer interaction with a colleague before you start trying to sell the value of your item directly.
You need to help each other on the sales floor. Make sure a manager or coworker watches you interact with customers directly, as they’ll be able to give you valuable feedback on things you could change. It’s easier to pick out areas to improve as an observer, so take advantage of the different perceptions of staff.
DEFEND YOUR TOP PRICE WHEN CONFRONTED
Customers are crafty, and most are always on the lookout for a good deal. Be prepared to be confronted about the value of your item, and solidly say with confidence that your item is worth the asking price.
Seeing how you approach the object will affect how customers also approach it. If you defend the price of your item, the customers will show more respect for the price you’re asking.
CUSTOMER SATISFACTION IS TOP PRIORITY
Let a customer complain about the price or make fun of a feature, and just listen to what they’re saying. Don’t argue with them, or concede to a lower price, but make sure they are aware that you are considering their concerns.
Justify your price in relation to their complaints once they have expressed all of their concerns. Do this with confidence and personalize your pitch to their words. They will appreciate that you listened to what they had to say.
ALWAYS REMEMBER IT’S A MATTER OF VALUE
Value is the idea that your product deserves the monetary worth and compensation you’re assigning it. Creating a sense of value is your top priority. The main goal for anyone selling anything is to make sure that you’re presenting the value of your item in a way that will garner the highest possible price.
YOU CONTROL PERCEPTION AND THUS PRICING
Various factors go into the process of demonstrating value. Involving your customer in demonstrations by inviting them to imagine the item in their lives is a great selling tool. Let them really touch the item and develop a tactile relationship with what you are selling.
Once a customer realizes that you’re confident in the thing you’re selling, they will take comfort in that confidence and understand better why your item is worth what you’re asking.
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Thought leaders & celebrities share their tactics for success on the Lisnic podcast by Lisa Teh & Nick Bell