HOW PICASSO ESTABLISHED VALUE:
Price versus value... always an issue and always the question asked by the prospective customer or client. When you understand the price - value relationship and build the value of the product and service you offer in your customers eyes price becomes less of an issue. A price objection, in reality, is your customer telling you that you have not justified the value of what you offer in your customer’s mind.
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How Pablo Picasso established value and dealt with the price objection when it was raised:
A woman was strolling down a Paris street when she spotted Picasso sketching near a sidewalk café. She asked Picasso if he might sketch her and charge her accordingly, Picasso obliged and in just a few minutes there she was; an original Picasso.
“And what do I owe you?” the woman asked.
“One thousand dollars” Picasso answered.
“But it only took you three minutes” she retorted, astounded at the price for three minutes work.
“No,” Picasso answered, “It took me all my life”
Picasso’s answer to the price objection raised was very valid; the value of the private sketch was worth more than a mere $1,000.00. However; it is obvious in this little story that she did not know who Pablo Picasso was, and that was Picasso’s failing leading up to the price objection issue.
Your products have value, so does your qualifications, certifications, knowledge, understanding and experience. All of these factors lead to establishing a price for the service you offer, yet if you do not convey this to you prospective customer you will more than likely run into the price objection for your products.
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Be sure to stress the Total Cost of Ownership which includes the price of the product, the performance/quality/durability, the price after dilution, the services and resources you provide, the delivery value you provide, etc. And also to stress but be sure to specifically demonstrate how you, your knowledge, your products and your services can better give them a Green, Clean, Safe, Sustainable Building at the lowest cost.
The higher the perception of the value for your products and service the higher the price. Perception is reality, your qualifications and how you convey those qualifications creates the perception in your customers mind.
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