When you learn that you are up against one or more of your competitors for a project, what do you do? If you’re smart, you don’t drop your price. By immediately dropping your price, you are indicating to your potential customer that you feel your product is inferior to the competitor’s product, and the only way you can convince them to purchase yours is to make it cheaper. Cutting your price is the last thing you should ever do.
Instead, write up a list of reasons why your product is the better choice. You don’t need to knock your competitor’s product, you simply need to explain why your product has more value. What advantages does your product have over theirs? Why will they be glad they chose your product down the road? Will your product last longer, be more cost effective to run/own, will it save them downtime, will it increase their production? List every positive effect that could possibly result from making the right choice. Then communicate this list to the customer. If you did a good job of listing the positives, your customer will be able to make a good, informed decision and will appreciate you for it.
The author, Marge Bonura, is the Director of Sales & Marketing for New England Machinery, Inc. (NEM). NEM is a leading packaging machinery manufacturer of bottle unscramblers, cappers, orienters, retorquers, lidders, pluggers, pump sorter/placers, scoop feeders, hopper elevators and much more. The company has been in business since 1974 selling to the food, beverage, pharmaceutical, personal care, chemical, household products, automotive and other industries. For more information on NEM, visit their website at www.neminc.com.
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