Maximize Your Influence Episode 201 - Price Psychology: 14 Techniques That Make Price A Non-Issue – Part 1
Never fight on price. Price in not the issue – you are the issue. Only 6% of things are bought on price. Anybody can fight on price. Let’s learn 14 techniques to make price a non-issue.
"Price is what you pay. Value is what you get." Warren Buffett
This is all about human perception. The human mind has to find a benchmark or comparison to make judgments, especially when we are talking about unfamiliar situations or new products. People need to make comparisons with their past experience and knowledge.
The brain will always attempt to contrast your product or service. Is it the best or worst, cheapest or most expensive? Is your product the safe or risky choice or is it familiar or strange?
By presenting your prospects with contrast, you are creating those comparisons for them. The mind can't process everything at once and so it develops shortcuts to help make decisions. Instead of making a completely internal judgment, we look for boundaries, patterns, and polar opposites.
We want to know the difference between our options, so we naturally contrast the two items. We mentally create a value or price in our mind from highest to lowest.
Do you want your prospects to compare your product or service to a second-hand used car or to a Rolls Royce? You get to decide where you want them to start their benchmark.