The secret to succeeding in selling almost every product in your retail store is to master the most important retail strategy — selling value over price. Most marketers believe that coming up with a discount is the only marketing message that can get them more followers. But the problem with discounting is that you end up sacrificing your profit margins since you can only sell a product when it is discounted.
Value selling is simply the difference between your product’s price and the benefits customers hope to get from using the product. Here are the skills you need to sell value over price in your retail store.
Choose Your Target Market Wisely
Many companies never take time to narrow their target market which is often a fatal mistake that may force them to compromise on price. They don’t understand that their products are not meant for everyone.
It’s crucial to research your potential clients to see if they are candidates to meet your price requirements. This will help you identify people who are not only after the cheapest deal. Prospective customers will understand why they need to pay more for a particular product since they know how to explore price for value.
Choosing your target market wisely also involves the following:
- Identifying your potential customer’s needs clearly
- Listing your product benefits and how they will meet the customer’s needs
- Understanding the demographics of your target customers (age, gender, etc.)
Take Advantage of Your Experience and Strengths
It is important to leverage on your company’s strength that largely comes from your sales success when you are dealing with potential clients. This involves preparing your sales team by educating them on how the company should stand out. Your potential clients should know the history of your company which will help boost their confidence in the product. Document testimonials from your past successes and show them off to potential customers as a way to build up your success story. Use your past customers as your salespeople to stay ahead of competitors.
Be Confident
When explaining the value of your product over cheaper alternatives, don’t focus on price or use phrases and words that may suggest flexibility. Instead, mention the benefits you bring to the market or anything that goes beyond the features of your product or service. Show confidence without dragging your competitors through the mud by highlighting why people should consider your product’s value over cheaper options.
Customers who are out looking for the lowest price may often turn into your biggest headache, but those who appreciate the value of your products understand that your objective is to provide the best customer service.
Contact Excel Signworks for more tips and advice on how to sell value over price in your retail store.