Price Justification Techniques: Building Confidence in Sales with Mike Bosworth

Price Justification Techniques: Building Confidence in Sales with Mike Bosworth
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Summary:
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Mike Bosworth is a Co-Founder of WeConcile considered as the world's first Relationship Rescue and Restoration application.
In this episode, Mike shares effective pricing strategies and sales techniques to hold prices.
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Why you have to check out today’s podcast:
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- Learn about the concept of "buying vision" and help your customers recognize the value of your product or service
- Learn how to stand firm against pricing pressure and maintain your desired price
- Discover how to effectively use "polite No's" to firmly establish pricing boundaries
"Understand the value, i.e. how your buyer would use a particular piece of your product to solve their problem. And if you have that knowledge, it's really easy to defend the value of your price."
- Mike Bosworth
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Topics Covered:
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02:13 - Mike's pricing approach
03:16 - Understanding why salespeople are losing the conversation when it comes to price
06:40 - What is a 'buying vision' and how helpful it is for buyers
07:26 - The need for salespeople to know well their customer's business
10:20 - How 'premature elaboration' gets you at a disadvantage
13:58 - Explaining 'cost justify' and 'price justify' from the buyers point of view
20:49 - The importance of patience in negotiation and use of "polite No's" to stand your ground on pricing
24:36 - Book resource of major negotiation stories you can check out
25:42 - Mike’s pricing advice
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Key Takeaways:
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"The only salespeople who can go out and negotiate their own prices are those ahead of quota." - Mike Bosworth
"I say to the managers, if your salesperson is under quotas, you have to go out there and provide the backbone and coach the call ahead of time.” - Mike Bosworth
“We want to teach them how to survive that call, but on their own, they're not going to have the ability to do it." - Mike Bosworth
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People/Resources Mentioned:
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- Xerox: www.xerox.com/...
- Sales Force: www.salesforce...
- David Crabtree: www.barnesandn...
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Connect with Mike Bosworth:
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- Linkedin: / mikebosworth
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Connect with Mark Stiving:
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- Email: [e-mail]
- LinkedIn: / stiving
VISIT THE IMPACT PRICING PODCAST for Full Show Notes and Resources:
impactpricing.c...