What Your Price Says About Your Quality

 

billboard revRecently while traveling, I saw this billboard for “TIMELESS plastic surgery.”

I couldn’t help but make a comment about it.

The key “benefit” is the price point!  Now what does that tell you about the value?

Let’s put aside what the procedure costs and let’s focus on the perception of the message.

What I take away from this billboard is there is little quality and it’s all about price.

Considering this is a medical procedure, how does this make you feel?

Does it give you confidence?

Does it make you want to find out more?

Does it compel you to look at any other options?

When someone leads with price as their key “benefit” — and, by the way, price is anything but a benefit — you’re proclaiming to everyone you don’t have anything else to offer.

Price is only going to be seen as a “benefit” by a small segment of any market and that alone creates another problem.

The customer who is interested because of price is going to be quick to ask for an even lower price.   At this point, the salesperson selling on price is now stuck with an even lower price and margin than they had planned for if they expect to close the sale.

Another key issue is the expectations of the low-price customer.

The low-price customer is also the high-need customer. They tend to be the ones who make excessive demands after the sale.  They believe because they were successful negotiating for a lower price, they can in turn negotiate for anything else they want.

Looking long-term, how does a salesperson selling on price break away from low-price?

If their business is built on price-oriented customers, their ability to break away from that strategy is even harder!

Quality referrals are certainly not going to be there because any referral they get is going to be based on low price.

Repeat business is not going to be there, because the customer who bought on low price is simply not going to be willing to pay more next time.

Making low-price your “benefit” is a bad idea.

Maybe we should check back in a few years and see how our doctor advertising on this billboard is doing.  My bet is he won’t be in business.

Copyright 2014, Mark Hunter “The Sales Hunter.” Sales Motivation Blog. Mark Hunter is the author of High-Profit Selling: Win the Sale Without Compromising on Price.

Click on the below book cover for more info on boosting your profits!

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