Not so long ago I was in the middle of a sales call when a prospect spoke up and said the words: "I always buy based on lowest price. Period."
In response I explained that it's very rare that my price would be the lowest and that it probably wouldn't make sense for us to try to work together given his strict buying criteria.
He seemed quite shocked that I would openly admit to being higher priced than some of my competitors and further that I would not agree to simply match the price of the lowest priced supplier.
I went on to explain that my goal in working with clients was more focused on meeting their objectives and delivering on their goals than simply securing a quick signature.
I added that some of my service offerings would be different than that of my competitors and that I could not simply "match the lowest price" unless he was willing to allow me to waive different aspects of my service offering.
And even then the best I could do would be to subtract the value of those service offerings, which still might not put me in the lowest price position.
In addition, I allowed that it would not be fair to my clients that had paid more to receive the level of service they had come to expect from me.
I further explained that a major portion of my business was derived from referrals and that my referrals were typically received as a result of my striving to offer a top quality service and that I could not sacrifice that quality to simply sign a quick order.
Again, it would not be fair to my other clients.
I also noted that it wouldn't be a good way to start a business relationship because I wouldn't be able to offer my normal quality of service (without losing money) and whats more I would never be able to help him achieve his specific goals if I was not operating at my normal level of service / quality.
I finished the conversation by stating that it would probably be a poor use of our time to pursue the opportunity further.
I was very cordial and polite and even offered to work with him in the future should the opportunity arise and should it make sense for us to work together.
Now, I'm not suggesting that anyone reading this should walk away from business.
This is just my policy...."to not only make sure I treat my clients fair but also to make sure the business relationship always starts out in a win/win manner in which the objectives and goals for the business relationship are clearly outlined and stated.....and that those goals are completely based on a return on investment that is beneficial to both parties and not simply a lowest cost based relationship where in some cases it may not be beneficial to anybody."
So again. No. I'm not suggesting that anyone should walk away from business but ironically more often than not I receive a call from the same prospect when they learn that "lowest price" isn't always what it's cracked up to be.
And the good news is this case was no different.
It's also important at this point to mention that sometimes it turns out that I am the lowest price, and when I am...I am. In fact, as long as the decision wasn't based solely on price, I am always happy for my clients when they can get the lowest price and a great deal of value. That truly is a win/win.
Just remember that not all competitor's offer the same level of service and value and not every deal is worth having. Even though the textbook might say otherwise.
until Next Time, Yours in Success
Value Based Selling - To learn more about this author, visit Corey Poirier's Website.
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