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It's Always About the Money and It's Never About the Money Students constantly ask me, “John, what do we do when a customer tells us we need to drop our price?” Whenever I’m asked this question (and it happens a lot), I ask the seminar attendee to consider why their customers are asking them to drop price. “So, do you really think they are asking you because it’s all about the money?” And the student always says, "Absolutely!” Then I proceed to tell them this story … On October 3rd, 2001, around 1:00 in the afternoon, I was having some mild chest pains. Upon arriving at an Urgent Care Facility, I was put into a room and given an EKG to see what my heart was up to. Within minutes of walking in the door, my bedside was surrounded by doctors and nurses and I was told I was having a heart attack. My blood pressure immediately soared, my heart rate joined in and the pain in my chest became unbearable. Within seconds, I was swallowing an aspirin, 2 nitro-glycerin tablets, and the nurses were calling my home to tell my wife, “Your husband is having a heart attack. We are transporting him to Rex Memorial Hospital by way of ambulance immediately.” At this point, the only thing I was thinking about was “Oh my God. I’m going to die. I am 38 years old and I am going to die. What about my family? Who will walk my little girl down the isle when she gets married? Who is going to help my son be the man I want him to be?” When something like this happens, your mind takes on a state of fear that is … well, it’s a fear you never forget. Simply put, you’re desperate to live. The last question on your mind is, "Hey, Doc, before we move forward, how much is this going to cost me?" Money isn't even a blip on the radar. You just want to get better, period. So, how does this story relate to sales? It is always about the money when you are having logical discussions with customers regarding your price. It is never about the money when you are having emotional discussions with your customers. If you can find your customers’ personal pain and your product can fix these pains, they won’t care about the money … as much. Yes, they may care, because in real life, in the corporate world, they are probably not really having a heart attack. But, if you can determine how your product/service can help them in their job, save them time so they can focus on their family and hobbies, allow them to get home earlier, reduce their frustrations, then you really are helping them emotionally. I was blessed to learn my heart attack was a false alarm. But what I learned is life is short. And most of the time people will do anything to avoid pain at all costs. So, the next time a customer asks you, "Can you drop your price?", simply look at them and repeat this: "Mr./Mrs. Customer, do you mind if I ask you a question? You must have asked me if I can drop price for a reason. But,tell me, do you want to do business with me? If so, why?" When they begin to tell you why and list all their reasons, look back at them and say "I have to ask you, if you like me for all of these reasons, why am I being asked to reduce price to match someone who doesn't have all of those reasons?" It's a great answer that allows them to realize you may not have to be the low number, just be in the ballpark. But it sparks the conversation of why they even asked you in the first place to drop your number. Remember the cardinal rule of sales: People buy emotionally, they justify logically. So you must ask questions to find the emotional reasons why they want to do business you. |
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What questions should you be asking to find your customer's personal pain? Check out disk 1 of John's CD set, "What to Say and How to Say It". Tell Me, Mr. Customer: Download John's video where he explains his techniques on getting the customer to open up. Inherit a bad account? Learn how to turn around an account that went sour. |