Here is a situation we have all faced in the sales room...
This question was asked during one of our Touch Point online classes on the topic of sales of a high end product (Touch Point online classes are part of our Mentorship Annual Course) and it stayed on my mind, so I thought I would share it here along with my thoughts.
Q "How do you handle a situation where you know the client wants a canvas but they are settling for a framed print due to the costs. I told them pricing before the portrait session so there is no surprise. She said she really wants this image of her daughter but has to get the framed print (same size) but can not do the canvas due to costs? I’ve offered to split payments but she is still ordering the framed print."
I am sure we have ALL faced this in the sales room and it is frustrating! As she was talking, I put myself inside the client's shoes and thought about what would be my tipping point to purchase the canvas. And for me, it all comes down to my perception of the value of the canvas. With a higher perceived value, I have a more intense desire to purchase.
Here is my personal view point on how to add value and then increase desire to combat price objections:
I must first have a desire for the product to be willing to pay the asking price. This relates to marketing-has the message created a desire that overwhelms my hesitation about price? First, create the desire...then create the product.
You may ask how do you create desire for a luxury product in a Goupon/Coupon world? Here are my 5 beliefs...
ONE: Desire is created by a product that is limited (exclusivity)-if I don’t get it now, it may not be available later. Use this to your advantage by limiting your client's ability to order certain signature items to the first selection appointment-no reorders! Or...limit an offer to a certain LOW number available. Limit your session availability.
TWO: Desire is created by a product that is rare or unique (originality). This refers to something that is one-of-a-kind, not easily reproduced, a collectable. For example, his could be limited edition sets that are seasonal and then retired. My Beau Visage paintings fit this as they are one-of-a-kind pieces of art as I add paint and strokes on top of the "digital" painting meaning two of them will never be the same. Each stands alone.
THREE: Stories-if there is a story that creates emotion or is memorable, that story helps me justify paying the price asked and greatly increases my desire. Notice the art piece at the top. It is by a young artist and painter we met in Cabo named Ivan Guaderrama. Hearing his story of how he is inspired to paint like he paints and his life history, we knew we wanted one of his pieces. Actually, we ran to his gallery on the Art Walk night in order to be the first ones there when it opened so that we would have a good chance to buy something special. We knew he only had a certain number of pieces to sell. We gulped when we saw the price (plus shipping), BUT...you guessed it. We bought it on the spot and have NEVER REGRETTED it.
FOUR: There must be outstanding QUALITY that goes beyond expectations. Go one step beyond what everyone else is doing to produce an amazing product. Tim has worked all of this life to be that artist that goes beyond expectations. He is a stickler for details and will NOT let anything go that he feels is not up to the Walden standards, even if it is to our detriment. We are never ashamed of anything we deliver...we know we have taken it beyond a client's expectations.
FIVE: My desire is at its peak immediatley upon seeing whatever it is I want to puchase and the same goes for your clients. Their desire is at its peak the very first time they lay their eyes on the images of their family, kids, etc. That is why we strive to do ONLY ONE showing and the client places their order right there. We have been in business long enough that we don't have issues with this as we have repeated this prodedure again and again through the years. No surprises...tell you clients exactly how you do business from the beginning.
CONCLUSION: When added value, increased desire and great experiences hit a tipping point, I will pay the price.
This week, I want you to think about how you are building desire for your work and come up with additional ways to add VALUE to increase the DESIRE.