Costly Mistake #1
Believing that price is the primary reason why people make their buying decision. Price is a factor, but it is very seldom the motivating factor behind the person’s final decision to buy from you.
Costly Mistake #2
Not asking the RIGHT questions that will give you the information you need to negotiate the sale.
Costly Mistake #3
Thinking you have to charge the ‘going rate’ for your industry and basing your price on this. Yes, for some products (such as basic food items) there will be a ceiling on what people will be prepared to pay, but for many businesses, this is not the case. Set your price on what you want to charge based on the income you want to generate into your business.
Costly Mistake #4
Failing to establish the value of your product or service. You need to position your product or service according to what is most important to each potential buyer.
Costly Mistake #5
Getting emotional during the sales process, taking it personally and failing to remain objective.
Costly Mistake #6
Not having a plan to work too. Failure to plan is planning to fail. Invest time to go through the tactics you will use, any concessions you may want to negotiate on and what information you will need to get the best outcome.
Costly Mistake #7
Not walking away when the sale doesn’t make good business sense. If it is not profitable enough and takes up too much of your time – don’t do it.
Costly Mistake #8
Justifying your price when your prospect appears to flinch at your quote. Don’t – stay silent.
Costly Mistake #9
Fear of loss. When you are desperate for the business, you may make the mistake of offering too may concessions just to make the sale. Instead, concentrate effort into filling up your pipeline so that there is always someone else in the wings to sell to.
Costly Mistake #10
Immediately dropping the price to close the deal. Remember that price is rarely the primary reason people will buy from you. Instead, consider other options that will give them added value.