One dreaded statement from a prospective customer could make a salesperson turn pale. “Is this your best deal?” Or “I’ve talked to a couple of your competitors, and they can do it for less.” Or “Thanks, but we want to shop around before making a decision.”

When not prepared for the price resistance, a weak salesperson may stammer, “Well, let me see what I can do.”

In today’s market of intense competition, this scenario continues to replay itself. But is it really about price or is it value?

DEFINE VALUE

The truth is value, like beauty, is quite subjective. It is, indeed, in the eye of the beholder. It’s vital that every person selling a product or service must find out exactly what the prospect values. Ask questions and listen to would-be customers; their definition of value is more important than yours.

In tough markets, we need to learn to sell value by differentiating ourselves from our competitors. The degree to which we are perceived as different from and better than the competition is critical.

To prospective customers, salespeople often appear to offer just about the same products and services. Unless you can create a powerful and distinct difference, you are not going to stand out from the crowd.

So how do you separate your offerings from the competition? You’ve got to be different. And it’s not always about price. Take a look at these ways to differentiate your company from the competition.

Product Differentiation: How is your product or service different from or better than your competitors’? If you can’t come up with some solidly unique components, you may be in danger of being perceived as just another contractor of septic services or portable sanitation.

Once you know what your prospects value, you might be able to create something unique about your product or service; then creatively exploit every aspect of the difference and tie it into what the prospective customers told you they wanted.

Price Differentiation: Some marketing and sales people think the best way to get business is by underpricing everybody else. Thin margins have put more companies out of business than any other single factor. If you choose to be the low-price provider, you better have every expense category cut to the bone, or your company will perish in short order! This might be your worst avenue of approach in trying to build a long-term enterprise.

Relationship Differentiation: Harness the power of relationships and lock out the competition. If there is a solid relationship between you and your clients based on high trust, you have an inside track of tremendous value. This environment will make you the envy of your competitors, and your client may not even give your competitor a chance if the relationship is strong enough.

Build trust with a high-integrity, win-win approach by exceeding their expectations and being a valued resource in every conceivable way. Be prepared to earn their trust, which takes time, planning and perseverance. Be impeccable with your word from the get-go and implement a communication process that keeps you and your clients connected.

Process Differentiation: Many companies don’t attach enough significance to the processes that dictate their business. The “We’ve never done it that way” syndrome bites companies in the backside when they don’t give innovative thought to their business practices. Get the staff together and brainstorm better, more customer-friendly, out-of-the-box ways to do business. How business is conducted changes every day due to e-commerce, the Internet, ever-changing buyer behavior, and new technology. Capitalize on innovation rather than being a victim of it!

Technological Differentiation: New technol-ogy, from blogs to podcasts, affords many opportunities to advance our ways of operating and communicating. Such innovative avenues result in prospective clients better understanding your company. Cardinal rule: Make it easy for the customer to communicate and buy your products or services.

Experiential Differentiation: Can you provide customers with knock-your-socks-off service and experiences that are so satisfying they tell their friends and colleagues? Customer service miracles are anything you can do to make a customer say “Wow!” Your goal should be to create not only a brand but also a service experience that is terrific!

Marketing Differentiation: Determine ways to create a distinction in your sales and marketing approaches that support setting you apart from the competition. If your sales process is so compelling that prospects see you and your offering as irresistible, it renders your competitors irrelevant.

People will always pay for expertise and do business with individuals they know, like and trust. When trust is high, stress levels go down and vice versa, which is why high-pressure tactics really don’t work anymore.

BACK TO THE BASICS

Remember those price objections mentioned at the beginning? Your goal should be to steer your prospect from a discussion about price to a discussion on the differentiated products and services you offer. When the prospect asks if that’s your best price, you should be able to say, “It’s easy to focus on apparent price rather than actual cost. Would you give me a few minutes to distinguish between our product offerings and those of our competitors? We have engineered some significant advantages for you that are unique to the marketplace.”