Take care when slashing prices, expert warns
October 21, 2009Salespeople have been advised to be sensible when it comes to discussing product price cuts.
According to leading sales coach Mike Brooks, clients across the country are continuously demanding lower and lower prices and are even threatening to take their business elsewhere.
In his blog on salestrainingadvice.com, Mr Brookes explained that people working in sales, including medical sales jobs, should only reduce prices by as much as their company can afford.
He said: "You can only go so low with your price, and some people will buy, and some won't. Period. Continuing to lower your price not only cuts into your commissions (and company margins) doesn't always work as you know.
"And the worst part is that after you've jumped through all the hoops and your client still doesn't buy, you feel used and abused."
Mr Brooks added that continuously reducing the cost of a product or service can damage a company's confidence.
"Try this take away close this week, and watch your deals go up and your confidence rise as well," he concluded.
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