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Add You - Why the Bottom Line Isn't
With 25% of all prescription drugs provided to patients used for psychotherapy; more than 11% of all occupational disease claims related to stress (and rising); and 42% of all absence citing stress as the major cause, workplace tensions have never been worse.Pressure on business success, especially to meet the demands of stockholders, seems to translate itself all the way down the hierarchical chain to the many at the sharp end. Managers are shifting their pressures as quickly as they can, understandably. as their pressures are no less.Characterized by symptoms such as:- irritability with others; fear; lack of hope and pessimism in general; lack of interest; lack of self-esteem, bore
Why?
Because it puts you in control. When someone tells you they only want to deal with you if you're the cheapest option, it gives you a choice. You can stay and play the discount game if there are good strategic reasons to do so. Or you can choose to walk away, and let your competitors lose money serving this prospect.
The choice is yours.
Of course, this idea doesn't work 100% of the time. Nothing does. Some clients will tell you they don't want the lowest price, only to insist on a big discount at the end o
Winning a deal or completing a project always feels good. As with most people. we are off to find the next deal. If you take some time to celebrate the win by analyzing each and every step, then the next deal or project will go much more smoothly.It is the analysis of what went right and what can be improved that will teach you how to streamline your processes. If you are used to winning all of the time then there is a chance you are not learning how to make the system work better for you. When the time comes and you do not get the win, you will be at a disadvantage because you have not taken the time to figure out the best way to do it right.Let me give you an example. I have a frie
One subject that has been coming up a lot lately is what to do when the competition keeps dropping their prices. If you and your competitor sell the exact same product, this can be an extremely difficult situation. Regardless of how many times you remind them that "you get what you pay for," customers do tend to put the pressure on when they think they can get the same thing for less with someone else.
To counter this objection effectively, you must first believe that you are adding extra value for your customers, or providing a better service or product than your price-dropping competitors. If you aren't truly convinced that what you have to offer is better - in other words, if you can't justify a higher price to yourself - then you'll never be able to justify it to your customers.
Get the bad news out of the way first If your competitors always lower their prices, often the best thing you can do is bring it up early in the buying cycle with your prospects.
Yes - I'm suggesting you tell your customers that they can find what you're selling cheaper somewhere else. The key is in what you say, and how you say it.
For example, I usually say something like:
"Ms. X, I want you to know right up front that you will always be able to find a product similar to ours for less. While we are always competitive, we are not always the lowest price, and we are not always the most expensive. Knowing that we are not always the cheapest, does it make sense for us to move forward?" The answer you get will determine whether the customer is looking for value, or just looking for the lowest price.
The choice is yours
With the exception of Wal-Mart, no one wants to look cheap. As a result, the vast majority of clients will tell you that they're not interested in buying just the cheapest product or service.
In these cases, your response is simple: "Thanks for letting me know that. How will you be making your decision?" This takes you past discussing price, and onto a discussion of their true requirements.
But this approach is also highly effective even for those few people who will look you in the eye and say that if you aren't the cheapest, they don't want to do business with you.
Why?
Because it puts you in control. When someone tells you they only want to deal with you if you're the cheapest option, it gives you a choice. You can stay and play the discount game if there are good strategic reasons to do so. Or you can choose to walk away, and let your competitors lose money serving this prospect.
The choice is yours.
Of course, this idea doesn't work 100% of the time. Nothing does. Some clients will tell you they don't want the lowest price, only to insist on a big discount at the end of
If your fundraising letter doesn't tell a great story, it's not a fundraising letter. It's a memo. Direct mail fundraising is all about storytelling.If you want your direct mail donors to respond to your letters in greater numbers and with larger gifts, learn the craft of storytelling. Learn how to write human-interest stories that inspire, motivate and move your donors—to give.As a gospel preacher and one-time university instructor, I've learned over the years that the safest way to make your point stick is to tell a story. As UK fundraising consultant Ken Burnett observes in his book, The Zen of Fundraising, fundraisers should tell stories because "we h
To counter this objection effectively, you must first believe that you are adding extra value for your customers, or providing a better service or product than your price-dropping competitors. If you aren't truly convinced that what you have to offer is better - in other words, if you can't justify a higher price to yourself - then you'll never be able to justify it to your customers.
Get the bad news out of the way first If your competitors always lower their prices, often the best thing you can do is bring it up early in the buying cycle with your prospects.
Yes - I'm suggesting you tell your customers that they can find what you're selling cheaper somewhere else. The key is in what you say, and how you say it.
For example, I usually say something like:
"Ms. X, I want you to know right up front that you will always be able to find a product similar to ours for less. While we are always competitive, we are not always the lowest price, and we are not always the most expensive. Knowing that we are not always the cheapest, does it make sense for us to move forward?" The answer you get will determine whether the customer is looking for value, or just looking for the lowest price.
The choice is yours
With the exception of Wal-Mart, no one wants to look cheap. As a result, the vast majority of clients will tell you that they're not interested in buying just the cheapest product or service.
In these cases, your response is simple: "Thanks for letting me know that. How will you be making your decision?" This takes you past discussing price, and onto a discussion of their true requirements.
But this approach is also highly effective even for those few people who will look you in the eye and say that if you aren't the cheapest, they don't want to do business with you.
Why?
Because it puts you in control. When someone tells you they only want to deal with you if you're the cheapest option, it gives you a choice. You can stay and play the discount game if there are good strategic reasons to do so. Or you can choose to walk away, and let your competitors lose money serving this prospect.
The choice is yours.
Of course, this idea doesn't work 100% of the time. Nothing does. Some clients will tell you they don't want the lowest price, only to insist on a big discount at the end o
You must have heard the expression that time is money. Well in business. You can multiply it tenfold. There are so many things to be done in business that the little things often get done instead of the important things such as marketing and selling. Time is so important because the longer you are away from what you should be doing, the longer you are not making money. You often hear an employer saying that every day you are costing me x amount of money. This is so very true and even more so when you are self employed and working for yourself.Think of all the bills that are going to come in the door no matter what you do. To offset this, you must use your time productively to start earning
Yes - I'm suggesting you tell your customers that they can find what you're selling cheaper somewhere else. The key is in what you say, and how you say it.
For example, I usually say something like:
"Ms. X, I want you to know right up front that you will always be able to find a product similar to ours for less. While we are always competitive, we are not always the lowest price, and we are not always the most expensive. Knowing that we are not always the cheapest, does it make sense for us to move forward?" The answer you get will determine whether the customer is looking for value, or just looking for the lowest price.
The choice is yours
With the exception of Wal-Mart, no one wants to look cheap. As a result, the vast majority of clients will tell you that they're not interested in buying just the cheapest product or service.
In these cases, your response is simple: "Thanks for letting me know that. How will you be making your decision?" This takes you past discussing price, and onto a discussion of their true requirements.
But this approach is also highly effective even for those few people who will look you in the eye and say that if you aren't the cheapest, they don't want to do business with you.
Why?
Because it puts you in control. When someone tells you they only want to deal with you if you're the cheapest option, it gives you a choice. You can stay and play the discount game if there are good strategic reasons to do so. Or you can choose to walk away, and let your competitors lose money serving this prospect.
The choice is yours.
Of course, this idea doesn't work 100% of the time. Nothing does. Some clients will tell you they don't want the lowest price, only to insist on a big discount at the end o
I. BACKGOUNDThe federal Mail or Telephone Order Rule spells out the ground rules for making promises about shipments, notifying consumers about unexpected delays, and refunding consumers' money.Enforced by the U.S. Federal Trade Commission, the Rule applies to orders placed by phone, fax or the Internet. Compliance with the Rule can have bottom line benefits for your company, because satisfied customers are repeat customers.II. REQUIREMENTSYou must have a reasonable basis for stating that a product can be shipped within a certain time.If your advertising doesn't clearly and prominently state the shipment period, you must have a reasonable basis for believing t
The choice is yours
With the exception of Wal-Mart, no one wants to look cheap. As a result, the vast majority of clients will tell you that they're not interested in buying just the cheapest product or service.
In these cases, your response is simple: "Thanks for letting me know that. How will you be making your decision?" This takes you past discussing price, and onto a discussion of their true requirements.
But this approach is also highly effective even for those few people who will look you in the eye and say that if you aren't the cheapest, they don't want to do business with you.
Why?
Because it puts you in control. When someone tells you they only want to deal with you if you're the cheapest option, it gives you a choice. You can stay and play the discount game if there are good strategic reasons to do so. Or you can choose to walk away, and let your competitors lose money serving this prospect.
The choice is yours.
Of course, this idea doesn't work 100% of the time. Nothing does. Some clients will tell you they don't want the lowest price, only to insist on a big discount at the end o
The letter of intent is an essential step in facilitating the sale of a business. The purpose is to establish the economic framework for buyer and business seller to move to the due diligence phase. It basically says that with all the available information I have thus far seen and if that all stands the scrutiny of due diligence, I am willing to buy your business for X dollars under Y payment terms. It is however, non- binding pending the execution of mutually acceptable purchase agreements.If I am a seller, I am going to insist that I have this letter establishing the economics of the deal before I agree to allow my company to be turned inside out with buyer staff and advisors. If, as the
Why?
Because it puts you in control. When someone tells you they only want to deal with you if you're the cheapest option, it gives you a choice. You can stay and play the discount game if there are good strategic reasons to do so. Or you can choose to walk away, and let your competitors lose money serving this prospect.
The choice is yours.
Of course, this idea doesn't work 100% of the time. Nothing does. Some clients will tell you they don't want the lowest price, only to insist on a big discount at the end of the buying process.
If you find yourself in a price competition and you choose to negotiate, always ask for something in return for your price break. For example, ask your prospective customer:
"Mr. X, I'm not sure if I can get you that 10% discount. If I can, is it fair to say that you're ready to buy now?"
Or: "If I can get you that discount, are you able to pay up front?"
This will help balance the relationship and let you both walk away with something you want. It will also help ensure that your customers won't assume they'll automatically get a price break when they re-order.
Four true stories
If all else fails, here are four more tips for successfully dealing with price-droppers, all true examples taken from my own experience or that of my clients:
1. If you know your competitor is dropping their price and your customer is shopping around, ask them to come back to you if they get a better price. Don't promise to match or better it - just ask them to give you a heads up. That way, you'll know what's going on in the market, and you'll also get a second chance.
2. If your prospect tells you they can get your product for 50% less from the guy around the corner, be brave, and respond with: "Wow, that's a great deal that I don't think I can match. What's stopped you from buying it already?" The answer you get may just uncover that one last thing you need to close the sale.
3. When faced with the cry of "I can get it cheaper somewhere else," one client of mine dryly states: "I appreciate you telling me that Mr. Customer. Life has taught me that there are three variables to consider when buying a product: service, quality and price. Experience has taught me that you only get two out of three. Which two are you most interested in?"
4. Lastly, for the truly bold at heart - a consultant I know has a very simple response whenever someone tells her she is too expensive. She simply looks at them and says: "That's exactly why you need me!" Then, she calmly and confidently waits for the customer to say something next. Gutsy? Yes. She also closes 90% of the business that reaches this point in the conversation.
In short, there are many ways to deal with a competitive situation in the marketplace.
First and foremost, make sure you passionately believe in your product, your company and how you can improve th
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