Sell To Your Prospects Wallet Size Not Yours

Sell To Your Prospects Wallet Size Not Yours.

What causes one business with the same product in the same market to have an average sale of $18,500, while others in the same market have an average sale of $6,000 to $8,000?  The answer is quite simple.  The first business sells to the needs and wallet size of the customer and not to the wallet size of their salespeople.   

Don’t Limit Quoting To Your Comfort Level

Many salespeople limit their opportunities because they lack the comfort to sell items they themselves may not be able to afford.  I have seen countless salespeople make the mistake of selling below the expressed needs of the customers because that salesperson would not spend that much money themselves on the product.

Instead they should sell to the needs, comfort level and wallet size of their prospect and not of their own.  In the example from the first paragraph that simple mindset change was what drove the difference in average sale price.  The salespeople at that company created an emotional sale that provided the customer with what they really dreamed of and let them know when presenting the quote we can simplify the order to meet your budget, but I wanted to provide you with what you have dreamed about for the last several years.

That approach had the end consumer balancing the dream and their budget.  They decided how much above their stated budget they would go to achieve their dream.  In many cases people decided to go with the whole dream while others decided what parts of the dream were not as important.  But in almost every case the consumers buying from that company spent more than their originally stated budget.  They met the needs of their customers better than the competition. 

Meanwhile their competitors had the mindset that everything was about price and even when customers expressed their dreams the salespeople would automatically adjust it to their own comfort level thinking they would lose the sale if they actually tried to sell the customer what they wanted.

Change Your Price Comfort Level

If you think the product you sell is too expensive, you most likely will never be successful selling that product. Every salesperson needs to build up the value of the product or service they offer.  To be successful you need to understand your company’s value proposition backwards and forwards.  You have to become 100% comfortable that what you offer for sale is worth the money you are asking for it.  Once you reach that comfort level, it will free you up to start offering options and upgrades that fit the expressed needs of your customers and prospects.

If you are still having trouble feeling comfortable with asking for more money than you could afford yourself, try this exercise.  Go to some high-end stores that offer products you clearly cannot afford.  It could be a high-end art studio, jewelry store or even a Porsche or Mercedes dealership.  You need to become comfortable asking how much the product is without acting shocked when you here the price.  Act like the sticker price does not even faze you.  Watch the salespeople at these locations, you will see the successful salespeople are very comfortable asking for more than many of them can afford.  You need to be able to do the same. 

Offer Options and Upgrades

The next thing you or your salespeople should do is to truly listen to the customer’s needs and offer a range of basic, good, better and best solutions to address their expressed needs.  Offering your best possible solution may only be picked by 20% of the customers you offer the options to; while the better solution may be selected by 50% of the customers and 20% may go with your good while the remaining 10% may only want the basic.  Many salespeople only offer the basic because of their personal wallet size.  Offering options and upgrades will increase your take per unit, which every business strives for. 

To drive this point home, think about going to an automatic car wash.  They offer 3 or 4 levels of washes.  They do this because each person has a different price comfort level.  If car washes were like novice salespeople, they would only offer the basic wash because they think since they would get the basic, everyone else would too.  But following this thought process, you would be leaving money on the table and for many of the customers, they may not return because your wash did not offer a wheel scrub or under chasse treatment.  People who want that option will go the competitor down the street who offers the service they want.

 People pay more for the experience

Don’t forget many people will pay more for their dream and the peace of mind that goes along with working with a company and salesperson who listened to their needs and provided them with the options that fit their needs and wallet size.  People often are not looking for the cheapest price; they are often looking for the best solution to their needs and wants.  So in closing remember this sales quote.

“When working with a prospect always sell to their wallet and not your wallet, sell to their needs and not your wallet, and sell to their dreams and not your wallet.”

  • David Domos

I look forward to your feedback on this subject.

 

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David Domos developed WhyBuyFromYou.com to provide content to help small businesses develop their branding, marketing and sales systems. In the past he held key leadership positions for a fortune 500 company. That company led the market in both sales and brand awareness and David was a significant contributor to its growth. David has been on the Amazon.com best seller list in their Direct Marketing, Communications and Entrepreneurship categories. He is a student of sales, marketing, branding & small business growth, continually focusing on the reasons people buy. Follow him on Twitter @WhyBuyFromYou or visit www.whybuyfromyou.com.
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