Why Mindset Can Make You Drop Your Prices When It Isn’t Necessary
Are you ever tempted to cut your prices?
That happened to me recently. I was pitching for a big training project with a major printing company. Somehow, I had convinced myself that I needed to cut my prices in order to win the work.
That’s a dangerous place to be. I needed to do something fast. I needed to remind myself of a very important fact.
It’s not all about price
Printing companies that know it’s not all about price will find that they often achieve higher profit margins. They will certainly find that they win new customers more often. Because they are selling on more than price, they will find it easier to create a worthwhile relationship with a prospect. The prospect will respect them.
Printing companies that believe that business can only be won on the price won’t get the same respect from prospects. The prospect will treat them as a commodity supplier. There won’t be much of a relationship. These printing companies will also find it harder to get the same level of profit margin.
The difference between these two groups of printing companies is one of mindset.
Mindset makes a big difference to the way that you sell
The trouble is, many in the printing industry have the mindset that buyers only choose on price. Therefore, they make the conversation all about price.
If the conversation is all about price, then that’s what the customer will decide on. It can have other dangerous side effects too.
Next look at a real-life example of this
I’d just picked up the phone to find out that I was on the receiving end of yet another print sales pitch. It was a quiet morning so I was prepared to spend five minutes with the sales guy. I was prepared to be educated, entertained or even mildly bored.