Don't Answer the Price Question with the Price

Why you should never answer the price question… with the price

When someone asks you the price question I have one piece of advice for you.

Never answer it with the price.

Ok, so that may sound a little weird but bear with me.

The trouble is that when you’re sitting in your meeting with your existing or prospective client and you’ve revealed your solution then that’s the question they will ask.   It’s obvious.  But your answer, your price, will always sound expensive.

So you have to do things a little differently.

If you prefer to watch rather than read you can watch the video here.

Communicate the value

Instead of revealing that price early in the conversation, you have to first build up the value. That means properly communicating both the value of what you do, the benefit to the consumer and the end result. You need to set that all up before you even think about revealing the price.

Go for contrast

Another useful tool is the Contrast Principle. This means not revealing the price before you’ve created some contrast first.

Price psychologists tell us we are clueless about price. We don’t know the price of anything. And that means we are unable to judge. There is no science behind it.

Instead, when you reveal a price a customer compares that with something else to see if it seems like the right price or not.

The trouble is that without using the Contrast Principle that seems expensive. So don’t rush in with the price. Instead, build up the value and create some contrast.  And then give your price.

You’ll notice the difference in the reaction you get.

If you found this valuable and would like to learn more about value pricing, I run a free live online training session every month with a topic chosen by you. Attend live and you can ask me any questions you have. Click here to register and I will send you an invitation to the next session.

Wishing you every success on your pricing journey

Mark Wickersham

Chartered Accountant, Public Speaker and Author of Amazon No.1 Best Seller “Effective Pricing for Accountants”