Pricing and Fear of Price

This is a course about sales. And most salespeople have no control over the prices of the products and services they need to sell. So, I am not going to talk about the economics, strategy, or internal politics of setting a price. I want to focus on one ubiquitous phenomenon among salespeople: fear of price, or priceophobia!
The Book of the Course!
Sales Skills: A Management Courses Introduction
This book gives a broad introduction to the topic, for managers and professionals who don’t want or intend to specialize in sales and selling. And as a fast start for someone needing to make a start in selling, for whatever reason.
Get the kindle Exclusive book from: https://geni.us/TL5BKeD
Watching this video is worth 2 Management Courses CPD Points.
See below for details
Sales and Selling Skills
This video is part of course module 8.4.3
Program 8: Managing Customers and Clients
Course 4: Sales / Selling Skills
Section 3: Selling Techniques
Other videos in this section include:
You Need a Sales Strategy: Which One? https://youtu.be/oOsZg7tQcII
Cold Calling to Get a Sales Appointment https://youtu.be/WKL1IcRZzLk
The 1-2-3 of a Successful Written Sales Proposal https://youtu.be/WSQkW0MrFPE
Account Management: Account-based Selling https://youtu.be/YfyQFfEOCyk
Sales optimization: Upselling, Down-selling, and Cross-selling https://youtu.be/hBmriRpdWkc
The Complex Sale: 101 https://youtu.be/7ZelzJSnu8A
LESSON NOTES
The more the product is a commodity serving a basic need, the more price sensitive its customers will be.
Sell the value and don’t be worried about the price.
Never apologize for the price.
Other things you’ll need to understand:
1. The value that the product or service contributes
2. The capabilities and prices your competitors offer for similar products or services.
3. Your company's overall pricing strategy and how it affects the pricing of the range of products or services they are selling.
4. Customer psychology.
5. How to negotiate price with your prospects.
We have a whole course on negotiation: https://www.youtube.com/playlist?listPL6vWkk9L7LeHKze5em0hAzvagJ1oIQv_P
RECOMMENDED EXERCISE
If you need to sell - or take part in selling - your organization's products or services.
1. Think about the pricing and consider how you can be proud of it. (1 MC CPD Point)
2. Think about the value those products or services can deliver (2 MC CPD Points)
3. Find out more about the capabilities and prices of your competitors' products or services (2 MC CPD Points)
4. Find out more about your company's overall pricing strategy (2 MC CPD Points)
5. Take a look at our course on negotiation: https://www.youtube.com/playlist?listPL6vWkk9L7LeHKze5em0hAzvagJ1oIQv_P
DOWNLOADS
Free Resources
CPD Tools - https://gum.co/MC-CPD
Paid resources
Management Courses Onboarding Kit - https://gum.co/MC-ObK ($3)
RECOMMENDED READING
There are many books that introduce sales and selling. These are the ones I have, and can recommend:
To Sell Is Human https://geni.us/L2EQmt
The Only Sales Guide You'll Ever Need https://geni.us/AEAVD5
The New Strategic Selling https://geni.us/Zt2Z9n3
SPIN Selling https://geni.us/Ir5xu
The Psychology of Selling https://geni.us/AjR8AA
Links to our book recommendations are affiliated through Amazon and help support our free videos
Managers Need a Basic set of kit to do your job well. Here are my top recommendations: https://kit.co/MikeClayton/manager-s-work-kit (the links are affiliated)
MANAGEMENT COURSES CONTINUING PROFESSIONAL DEVELOPMENT (CPD) POINTS
You can record your Management Courses CPD points on our free, downloadable CPD record log.
Download it at: https://gum.co/MC-CPD
Each video has two levels of MC CPD points. For this video:
- If you simply watched the video, record 2 MC CPD points
- If you also carried out all of the recommended exercises, score a total of 9 MC CPD points
CHAPTER MARKERS
00:00 - Fear of Price - Priceophobia
00:39 - Commodity product pricing
01:19 - What most customers want
02:37 - Don’t say ‘sorry’.
03:13 - Other things you’ll need
03:24 - No. 1
03:39 - No. 2
04:17 - No. 3
04:48 - No. 4
05:31 - No. 5
#ManagementCourses #Sales #Pricing