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Go Ahead…Give Them a Lower Price

In a guide published in the SellingBrew Playbook — Three Types of Buyers That Don’t Buy On Price — Nelson Hyde offers subscribers some fantastic advice about how to recognize and deal with different types of buyers. In the guide, he even provides a chart outlining the different buyer types and their typical characteristics—a very handy training aid and deal-support tool.

But in response to a question in the guide, Nelson offers a piece of advice that I know I will never forget. The question was this:

“What can I do if I can’t really tell whether the customer is serious about needing the absolute lowest price?”

Nelson’s advice? Give it to them.

That’s right—if the customer claims they need the lowest price, take them at their word and give them the lowest price you can muster. Now, this lowest price won’t be for the full-featured offering with all of the value-adds—of course, you’ll strip all of that away in order to reach the lowest price.

From here, Nelson says one of two things will happen:

  1. The customer will be grateful that you were able to quote a price that was low enough to meet their budget, or
  2. They will yell and scream about all of the value that was stripped-out in order to reach that low price-point.

In other words, by taking them at their word and delivering against their stated objectives, you force the customer to reveal themselves. If they really are a price buyer, they’ll be happy with the low-price/low-value offering you’ve put together for them. But if they are really a relationship or value buyer just pretending to be a price buyer, you’ll find yourself in a much better position to actually get paid for the value you provide.

I love this strategy because it takes all of the games and guesswork out of the equation. You can simply give the customer what they ask for and then let them tell you what they really wanted all along.

Some would say that’s calling their bluff. I prefer to think of it as just providing great “customer service”.

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