Is Your Product too Expensive for Most Prospects?
Justifying the cost of your product or service to your customer
Tim Sales of Brilliant Exchange
Adapted from a Tim Sales Newsletter.
Used by permission.
Every product or service is too expensive, until the price is justified. To "justify" means to demonstrate sufficient reason for (an action). If you were to simplify what your job really is, in selling your MLM Company's product or service, it would be that you are justifying the product/service's price. If you fail at justifying the price, your prospect walks away. If you succeed at justifying the price, your prospect buys the product.
The process of justifying the price of a product or service is to demonstrate — or give reasons — that the prospect will benefit from using or owning the product or service. This only works if the reasons are valuable to the prospect!
And, how could you possibly know if the justifications you're giving to the prospect are valuable to him? You can guess … or you could ask him, "Why would you want _______?" Thus, the Inviting Formula.
A simplified version of the Inviting Formula is: Greet the prospect, find out what they need or want, invite them to look at something that will help them get what they need or want.
The Inviting Formula at work
As an example, let's suppose I sell supplements that cost $100 per month. Everyone knows you can buy supplements at the drug store for $10 a month. So, I would have to justify an extra $90 expense. If I do, they will buy the product; if I don't, they will buy an inferior product.
Just an example, so you understand the process: After greeting the prospect, I would ask him why he would want to take supplements. He responds, "Because I don't eat very healthy." With that statement, I can now do whatever type of justification I wanted, as long as I kept coming back to, "Because I don't eat very healthy." Why? Because that's what is valuable to the prospect.
I could explain the importance of the pills dissolving, so the prospect actually gets the nutrients. I could take some of those $10 supplements and drive them into a board with a hammer, to demonstrate the difference in tablets and capsules. I could do and say many different things; but, they (the statements and demonstrations) must help the prospect with, "Because I don't eat very healthy." That's the only way you will justify to the prospect paying for the extra value.
The number one reason people take dietary supplements
As a matter of fact, I hired a research firm to ask the general public "What is the number one reason you take supplements?" and, "What is the number one reason you don't take supplements?" I did this, so I would be better at helping people overcome their resistance to paying more for supplements, and overcoming their resistance to starting to take supplements.
During my research, I found that many people took supplements for the very reason I used above ("Because I don't eat very healthy"). That's why, in a brochure I use to help me sell supplements, I put a picture of an x-ray that shows whole supplement tablets still in a person's intestinal tract. It proves there is no chance the person would get one dime's worth of value from using supplements that don't dissolve.
By the way, you're welcome to use this brochure. It's called "What Do Vitamins and Minerals Do For Me?" and it's a follow-up to another brochure called "Why Do I Age? … Get Sick? … Get Diseases?" They really help!
The above example is just one; but, don't get lost in the example and miss the point.
The point is: You are in the justification of price business. You don't start justifying your price until you know why they would even want your product or service.
With admiration,
Tim Sales
No objection will ever stress you again, once you've
learned the strategy in Professional Inviter.
»
About the author:
Tim Sales helps network marketers gain the skills necessary to be successful in MLM. His MLM training is based on his personal success of building a downline of 56,000 people. Instantly access Tim's free MLM training and learn the steps to achieve MLM success at www.brilliantexchange.com/mlmtraining.
