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KNOW
YOUR PRICE SHOPPER
By Tom Reilly, author Crush Price Objections (Motivation Press)
Price shoppers
come in all shapes and sizes. Understanding the type of price shopper you're
selling to will help you maintain your sanity and your margins. Fortunately, new
research gives us insight into these price-conscious shoppers.
Bargain Hunters
They buy because it's cheap. Whether it's a lack of resources or self-control,
they can't pass up a sale sign. When you're cleaning out the warehouse to make
room for new products, bargain hunters can be part of your cleaning crew. They
will help you dispose of items you want to clear out. Just make them a deal
that's too good to pass up.
Tightfisted
Shoppers
They hate to part with their money. It's painful for them to spend money.
Brain-imaging research has demonstrated that the pain centers in their brains
light up when they spend money. It doesn't matter what they're buying, it's
painful for them to let go of their funds. This means you have a real battle on
your hands and a lengthy one if you're selling to a tight-fisted buyer.
Savers
They like to save money. It feels right to them. The pleasure centers in their
brains light up when they save money. It's not that they hate spending; they
find saving money pleasurable. The implication for you is to demonstrate how
investing money in your product will save them money.
Predatory Price
Shoppers
These are particularly pernicious buyers. It's estimated their numbers are as
high as 10% of the buying public. They lie, cheat, steal and engage in a host of
other unethical practices to drive down the price. Showing you a competitor's
bid fits this bill. Last look at a quote to drive down your price is predatory.
Taking 2% terms for early payment and then paying you late fits this category.
Lying about supply alternatives or using phony data in a negotiation is
manipulative and creates an adversarial atmosphere. Don't be seduced into
believing that any of this is sharp negotiating—it's lying! And lying
automatically places the buyer into this category. Why would you want to
reinforce this behavior?
So, what's a
salesperson to do? Be aware and beware of the price shopper to whom you sell.
Then, make a decision how and if you will sell them.
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