Price Buyers are a real pain in the backside, aren’t they? After all, they poo-poo the value we’ve worked so hard to develop and articulate. They shrug-off the track record and reputation it’s taken us years to cultivate. And, they throw competitive bids in our faces like a bully kicking sand at the beach.
Price Buyers just want something for nothing, right? And that’s why they’re so difficult to deal with, right?
Not so fast…
In the most recent installment of our ongoing interview series with Nelson Hyde of Holden Advisors — Are They a Price Buyer or a Poker Player? — I learned that true Price Buyers may actually be one of the easiest buyer types to deal with. Because true Price Buyers really are just looking for a price that fits their budget, you can strip-out all the value-adds to profitably achieve their target price, and make them very happy in the process.
It’s simple. It’s straightforward.
According to Nelson, the so-called “Price Buyers” that really give us fits—i.e. the buyers described in the opening paragraphs—aren’t Price Buyers at all. They’re Poker Players. And they’re just pretending to be Price Buyers because it’s in their best interests to do so. Over the years, Poker Players have learned that pretending to be Price Buyers is a very effective tactic for getting vendors to give them something for nothing.
But make no mistake—Poker Players really want the “something” and they’re willing to pay for it, if you know how to play the game.
In the interview, Nelson goes on to explain what to look for—the “tells” that can help you determine whether you’re dealing with a true Price Buyer or a Poker Player. He provides some simple tests you can use to call their bluff and get them to show their hand. And along the way, he also shares some great tips for giving your salespeople more confidence at the high stakes table.
So, don’t fear the Price Buyer—true Price Buyers are relatively easy to deal with. But you don’t need to fear the Poker Player, either—because once you know how to identify them, the deck is stacked in your favor.