The price a customer will pay is a reflection of the value you create.

When learning about your prospect becomes knowing your customer, you can customize that value.

There are six things you should know and have in your prospecting tool belt before you present your next price.

1. Your Confidence Impacts the Price

Never allow a price to go out the door without legs being attached to it. In other words, allow your human presence to do the work. Don’t sit there and think, “Well, I’m not sure if they’re going to take it, so I’m just going to email it to them and feel them out.” No, that’s bad.

Instead, communicate your price eyeball to eyeball. That means if you have a meeting set up with them, you don’t send that proposal until 30 seconds before that meeting is scheduled to begin.

Don’t allow your customer to see your proposal without seeing you at the same time.

Your confidence is going to determine the price you get. If you don’t believe in your own price, how do you expect your customer to believe in it? They won’t.

2. Value Must Exceed Price

If you’ve done your homework in the selling process, you’ve uncovered benefits that they’re looking for. You have discovered the needs that they have and the outcomes that they’re looking for. In addition, you have really been able to quantify and qualify them as to what they’re worth. And the sum of those values has to exceed the price.

Because remember this: customers don’t buy, they invest. When I know that I’ve got so much value in this proposal that it exceeds the price, then I’m good to go.

3. Know the Value of Time and Money

Money means different things to different people. Time means different things to different people. You have to understand both. If you don’t, then you’re in a world of hurt.

If you create enough value, you can link it to time. In other words, if the customer doesn’t put your product or service into practice now, guess what? They’re not going to reap the rewards.

What’s that going to cost them?

How much is that going to cost them?

These kinds of questions to the customer are linking time and money. Other elements to consider: Is this part of their capital expenditures? Is this a routine expense? Is this something that they’re going to be able to buy right now at this time of year and be able to get full value out of this year? Or is it going to have to extend over several years?

When I begin to understand the value of time and money, it’s amazing how it begins to change the price that I can ultimately get you to pay.

4. Customers Don’t Buy, They Invest

Nobody buys anything. Whether it be B2B (business to business), or B2C (business to consumer), they don’t buy.

A company may be looking to buy new office furniture for their employees. Of course, they’re not buying just for the sake of buying. They’re investing, because they want their employees to be more productive and to keep employees happier, and thus be able to retain people. As a result, they’re also able to attract better people, which in turn creates a better image for customers — it goes on. They’re investing.

When you change this around and ask yourself, “Would I make this investment?” Knowing their situation, their benefits, their needs, their issues, the outcomes that they’re looking for, would I buy? Would I invest?

It begins to change the perception in your mind, and you begin to see the investment as ROI (return on investment).

5. Create Uniqueness

This is so critical because there are more options out there than ever before.

The best way to create uniqueness is you.

You are unique. And when you can be that individual who can bring your customer insights they can’t get from anybody else, they’re seeing something that they can’t get elsewhere. You are now a commodity.

6. Have a Plan

Never just throw out a price.

When I have a plan, I now have a methodology, and I’m going to be more confident.

Not only that, I’m going to create a better outcome for both the customer, and for me.

MANA welcomes your comments on this article. Write to us at [email protected].