MoneyStrategySuccess

An Awful Way to Sell or Buy

Reading time: 2 min.

“Lowest Price Guaranteed” is an awful way to sell or buy something. When you compete mainly on price, your quality and service suffer and you struggle to make a profit. When you buy mainly on price, you often regret it and end up paying more in the end. You get what you pay for.

My brother-in-law is a very successful builder. He knows down to each 2×4 how much it costs to build a house that you will love. He prices his houses on value: he feels well paid and you feel like you got a good deal. He chooses to be generous instead of nickeling-and-diming you. When potential clients select another builder with a lower bid, he knows they will be disappointed with their choice and remains firm in his pricing.

It is initially harder to sell or buy on value. You have to know what you clients value–what they really want. You must foster trust so they will tell you. And you have to help them realize that value with your products/services. As a buyer, you will have to trust your vendor. You may need to step outside your comfort zone and be a bit vulnerable.

The rewards–no struggle or regret and plenty of mutual wins–are worth the effort. Go for value.

 

In your corner,

Mike

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