Value is in the eye of…

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What is price? Price is the amount of money required or expected as payment for something. The next question that needs answering is, “Are value and price the same thing?”

The simple answer is NO. Value is either the importance or worth a product or service holds to the buyer. You may say that this is the same thing as price, it isn’t though, and here is why. Whilst the worth of a product or service may be linked to its price, what makes it valuable is its ability to fulfil a need or needs. What is more is that the value of an item may also be linked to time, i.e. the more urgently a need or needs have to be fulfilled, the higher the value of the item.

What is the take away here? It is very simple…if you want to be a successful salesperson, you need to agree with your customer on what their needs are and when those need to be fulfilled. If you do not know what your customer needs and when they need it by, your offer will always be compared to your competitor by using the lowest common denominator (which is price) because you have not created value.

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