No matter how good your offer is, lots of people will always complain about the price. Some will think they can get your product cheaper elsewhere, while others will try to haggle your price down. Inexperienced sales people will often struggle with explaining the price of their product. The triple price break down lends a helping hand.
What is it?
The triple price breakdown is a powerful sales technique that will help people to understand that they are getting a bargain. It will show them that the price of your offer is good and will usually stop them from trying to haggle the price down even further.
How it works
This is how it works. You give people a high price, a low price and then you give them your price and you give them a reason why it is so low. It works like a “was, now” discount sign that shows people how much money they are saving. However, with the third step and the explanation, it works much better than a simple sign.
Here’s an example: prospect says: “how much does it cost?” You say: “well the competition charges up to $ 500 dollars for this; we used to charge $ 400 dollars, but because we are trying to clear our stock, I can let you have this for $ 300 dollars… What do you think?”
The prospect’s response to this will always be positive, because he cannot deny that others are charging more. You may get the occasional person saying well, I still think it is a lot of money, but these people are easily swayed in the end as well by once again emphasising the discount they are getting.
Don’t be a liar
Do make sure that the explanation you are giving for the lower price is of course truthful. Don’t make up a reason and most of all, don’t lie about your competitors price. The triple price break down can only be used to show real contrast between prices. If you make up a story or you lie about your competitors prices most people will be able to tell and it will have the opposite effect instead! But if used correctly, it is a great closing technique that will almost always get you the sale.
The triple price breakdown is a simple, but very useful tool to explain a price and to put it in perspective to other prices. It will definitely help you to close many deals. However, a true salesman explains the value of his offer. If you can truly explain why something is worth what you are charging, you can charge any price you like.