Opinion: How to command higher prices without scaring customers away

If you’ve ever seen an old-fashioned apothecary scale, you know how delicate it is to balance. This is similar to the balancing act salespeople need to perform when selling higher prices today while claiming high product value – and doing it without losing business.

In my experience, salespeople often fail to balance product price with product value by promoting and defending their price so much that they unwittingly don’t invest enough time in promoting their product’s value. Consequently, they win a sale on low price, or they lose the sale because they didn’t convincingly sell value.

Successful salespeople don’t just emphasize price or just value. They know how to articulate a compelling value proposition that balances both. They also build trust and make deep, meaningful connections with their customers. And while their price may not be the lowest, they offer a convincing case that quantifies the difference their solution will have for the client’s situation.

If you need to sell higher prices and justify it with high-value solutions, here are four strategies you can implement.

1. Have ROI-focused conversations: One of the quickest ways to boost sales is by shifting from low-price selling to return on investment-focused conversations about value. Start with questioning techniques that draw out your customer’s value drivers. Replace overused discovery questions with thought-provoking ones that encourage buyers to think things through. Next, strengthen your pre-call planning. Too often, salespeople show up unprepared, relying on generic pitches that fail to resonate and ultimately fail to create meaningful dialogue that guides buyers to acknowledge the benefits of investing a little more to gain better results.

2. Prioritize trust building: Building a foundation of trust can be the difference between a single sale and a lasting partnership. To establish this trust, focus on understanding your customer’s value drivers and ensure they’ve thoroughly considered all factors necessary for making an informed, accurate decision about the best overall value. Many customers make purchasing decisions out of habit or based on false assumptions. While it’s important to quickly build trust and rapport, it’s equally crucial to use that trust to challenge any shortsighted perspectives or misconceptions they may have. If you avoid addressing misinformed decisions, you risk winning an unprofitable deal – or losing a good one.

3. Use personality styles selling skills. To succeed in a world where customers spend less time interacting with salespeople, mastering personality styles in selling is essential. Sellers must quickly identify their customers’ personality styles and adapt their own approach to align with the buyers’ needs. Why? Because when customers feel comfortable with how you sell, they are far more likely to buy what you sell.

On the other hand, customers are unlikely to buy from someone they don’t trust or feel at ease with. This connection is crucial. After observing over 100 face-to-face sales calls with salespeople across six states, I’ve seen firsthand how critical this skill is. It’s not just a useful technique – it’s a game-changer for any salesperson aiming for more success.

4. Stay out of the commodity coffin. If you do not have a clear strategy to counter commoditization, buyers will either negotiate hard on pricing or turn you away because they view your solution as neither distinctive nor uniquely valuable to them.

Years ago, after finishing a speech, a CEO approached me with a simple question, “What could you do for my company?” I wasn’t prepared. Instead of engaging with him or asking questions to understand his needs, I defaulted to a generic sales pitch. Predictably, his response was vague and dismissive: “Send me some information and call me in six months.” I had wasted an opportunity and landed in his commodity coffin. I should have replied with something like, “I can’t answer that until we meet to discuss your specific needs.” That response could have shifted the conversation from a shoot-from-the-hip pitch to a meaningful dialogue.

The bottom line is this: Selling with higher prices can but doesn’t have to mean losing customers. Sell high value, keep building trust, master personality styles selling and stay away from the commodity coffin.

Mark Holmes is a consultant, professional speaker and author of “Selling to ELON! Understand, Communicate and Sell to Unique Personality Types,” and he’s president of Springfield-based Consultant Board Inc. and SalesRevenueCoach.com. He can be reached at mark@salesrevenuecoach.com.