For a long time, salespeople have been taught and trained not to disclose their pricing when asked. Instead, they have been directed to require their prospective client to engage in the discovery process with them, allowing the salesperson to gain the information they need to provide pricing. It’s a very logical idea that one should know what they are pricing before doing so, but that logic tends to elicit an emotional response.
Why Can’t You Say It?
The fact that you are unwilling to disclose your price can signal to your prospective client that it is so much higher than your competitors that you dare not disclose it for fear of chasing them off. If you are afraid of your price, then maybe they should also be concerned.
Even more troubling is that fact that you don’t seem to believe that your price is appropriate for the value that you create, or you’d be more likely to share it. The Mercedes dealership doesn’t hide their prices. Neither does Tiffany’s. Any brand that is differentiating and creating value understands that higher prices are a signal of greater value.
The fact that you won’t share your pricing is a lack of transparency. You look like you are hiding something negative. What kind of partner are you going to make if you are going withhold things that your dream client will perceive as a negative? One of the ways you build trust is to deal with things that are negative in a frank and candid way.
But in this case, your price isn’t a negative at all. In fact, it’s the way you capture enough value to generate the better results for your clients. Without their investment, your company can make the investments in creating compelling, differentiated value, the value worth paying more to obtain.
Sooner. Not Later.
There is no way you are going to win a deal with a higher price by hiding that fact from your client. By hiding it, you create doubt. By sharing the price, you create confidence in what you sell.
When asked, you say, “Based on the little that we know now, the price is likely somewhere between $100,000 and $140,000. If you are willing to answer a few questions to make sure I understand what you need, I can dial that number in from you.” If your prospective client says, “That’s more than we’ve heard up to this point, you reply, “I understand. Our price is little higher, but as we talk through what you need, I’ll share with you the investments we make to produce better results, and we’ll see if it makes sense for you to make the same investments.”
If you don’t want your prospects to believe your price is higher than you can justify, don’t be the cause of that belief.
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Filed under: Pricing