If you asked most salespeople what is most important to their customers, they would say price. Studies reveal a different truth. Price actually appears as number six on a list of what is important to your customers when they make an important purchasing decision. What else is important to your customers?
Other elements that can create a perception of value in the minds of your customers are varied. One element that can be critical to your clients is your company’s reputation, which can be considered in terms of your percentage of repeat business and / or referrals, the size of your business, and / or how long you’ve been in business. Reputation can also be reflected through word of mouth and media publicity.
A quality advertising campaign can create the image of a respected company with high-caliber products and services in the minds of your customers. In relation to advertising, it can be the quality of your public relations, brochures, marketing materials, and artwork. How good should these materials be? Well, your competition will always set the tone. You don’t have to be ten times better than what already exists. You need to be a little better. McDonalds isn’t ten times better at marketing than other burger joints, but they are slightly better in many ways, giving them a huge advantage in the minds of their customers. Creating a brand or image with which customers positively identify is essential. Mercedes Benz, BMW and Rolex have done an outstanding job creating a perceived reputation for quality, haven’t they?
Many prospects are impressed by aesthetics or how things look. As a salesperson, being well groomed and professionally dressed can go a long way. As a business, the location of your office, the maintenance of the office grounds and space, and the quality of the furniture and interior design can all make a good or bad impression.
Availability can also be a very important non-price factor for some of your prospects … Can I get it now? Can I get it sooner (or earlier than your competition)? Can I get it when I need it? These can all be extremely important questions that your prospects want answered.
Probably the most important factor to your customer is you, the salesperson.
Often times, you are the first yardstick your prospect judges your entire company on, and it is your report, friendliness, knowledge, and professionalism that make up for many of the perceived pricing flaws in other areas.
Related to that is your personalized service and in-depth customer knowledge, or in other words, specific knowledge about your business and / or personal life that gives your customer a feeling of trust. For example, sending birthday cards or thank you notes, tickets to their favorite sporting events or shows, or helping them with referrals to potential clients in their business are great ways to build goodwill and separate yourself from your competition.
Insurance brings a lot of added value to your prospects. Warranties not only come in the form of company warranties and / or guarantees, but also include your personal responsibility for your satisfaction. When your customers know, like, and trust you, it means a lot to them that you give them your personal commitment that you will address issues that do not meet their requirements, standards, or expectations.
The longevity or duration of something can be very important to your customers. If it lasts for a long time, the cost per use decreases. If you buy an expensive garment that lasts for years, its cost per wear is much cheaper than if you bought a cheap garment that will only last a few months.
Just as important as price to many of your prospects is reliability and dependability, not just of your products and services, but of you and your business as well. Knowing that your products or services will do what you say they will and will work consistently is critical to your prospect’s peace of mind. Why is McDonalds so successful? Is it because they have the best food? I do not think so. When you travel and you are in an unfamiliar place and you see a McDonalds on one corner and Joe Bobs Burgers on the other corner, where do you go to eat? McDonalds. And because? Because you know what you are going to get. It is the consistency that you are buying.
You know exactly what you are going to get.