One of my favorite recent purchases was my Serena and Lily Gingham sheets that retail for $328. I found for the price they offer remarkable value.
I am a regular thrifter and do not mind telling you I recently purchased a solid wood armoire for $23.99. It would have been hundreds of dollars if bought new. I intend to keep it for years.
How can I feel I got so much value out of a $300 set of sheets when I paid $23.99 for something that will last years in comparison?
It’s about what’s available on the market, how I will use it, and what’s important to the buyer.
Quality, beauty, and most importantly, hear me on this, Value is in the eyes of the beholder.
The sheets were worth that much and more to me because of a few things that made them unique. The sheets feel great to touch. The material is excellent cotton. They make that crisp familiar sound when I spread the flat sheet out across the bed right before it falls against the fitted sheet. They are finished with white piping that looks so nice when folded down. All those factors alone make it worth the money to me. But, that’s the important part; they were worth it to ME!
When I searched what was available on the market against my criteria, they were a clear choice. I wanted high-quality material, a pattern that was cozy and unique. I wanted them to be finished nicely with extra detail.
They checked all the boxes. The other things on the market that checked the boxes were a comparable price; however, the pattern was the final deciding factor for me in this case.
My dad is in his sixties and if I were to share with him how much I paid for those beautiful sheets, he would most certainly exclaim, “That’s ridiculous. No kind of sheets would be worth that kind of money!”
He doesn’t care about the material, the fine finishing details, and indeed not the pattern.
It has nothing to do with our budget or income levels. It has everything to do with the factors each of us thinks are essential when buying sheets.
If instead, I talk to him about something he considers valuable, it’s different. For example, if I share I saw a pair of leather boots for a few hundred dollars he would hear me and appreciate the quality and not exclaim about how ridiculous my taste may be. 😂
So here’s what salespeople need to know before introducing products and services to potential customers. If you have pretty sheets to offer, are you talking to my dad or me? If you are too often coming across those like my dad and jumping to provide an opportunity purchase before you know what’s important to them or what they value, you will end up getting discouraged and sometimes dropping your price without any more success.
This can be disheartening. In some cases, you may give up. In others, you may give it a few more tries thinking it’s your technique and skills that need to be improved upon. For example, talk faster, push the benefits, provide the prospect sense of urgency. All these things will come off as salesy if you miss the most important part.
What’s important to the prospect? If you can check all their boxes and if it compares well against what else is available for the price you got yourself a buyer. Then take your time, show the benefits, and work with the timeline that best suits the prospect to close the sale. Go from discouraged to encouraged with numbers to show it.
Value determines the price a product or service will bring. Different prospects determine value in different ways. Make sure you are choosing the prospects that will value your products and services, and the price will become less and less of an issue.
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