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Title: How to Sell at Prices Higher Than Your Competitors: The Complete Book on How to Make Your Prices Stick by Lawrence L. Steinmetz ISBN: 0-9631923-0-2 Publisher: Horizon Publications Inc (CO) Pub. Date: 01 May, 1992 Format: Paperback Volumes: 1 List Price(USD): $24.95 |
Average Customer Rating: 5 (3 reviews)
Rating: 5
Summary: New Perspectives on Price, Cost, and Value
Comment: The title of this book is somewhat misleading because it does not indicate the full scope of what Steinmetz provides...and achieves. True, he suggests all manner of strategies and tactics to overcome sales resistance based almost entirely on price. (He correctly suggests that those who buy ONLY on price be avoided. More about that later.) However, I think this book's greater value is derived from Steinmetz's systematic and convincing repudiation of various self-defeating mindsets. For example, those who are so desperate to sell (and earn some money) that they make all manner of unnecessary concessions. In effect, they negotiate against themselves. (Steinmetz: "Business is a game of margins, not volume.") Here's another example. Those who fulfill what I call the "Self-Fulfilling Negative Prophecy": They are convinced that they cannot succeed and therefore eagerly gather and then cite "evidence" to prove it. (Henry Ford: "Whether you think you can or think you can't, you're right.") I stopped counting but there must be at least 50 self-defeating mindsets throughout the book which Steinmetz examines and then dismisses.
This is NOT a sales manual. Rather, an extended dialogue between Steinmetz and those readers who are reasonably intelligent, very ambitious, highly energetic, eager to learn what they think they know but don't, not easily discouraged, and -- most important of all -- willing to consider vary carefully what Steinmetz suggests. He requires each reader to set aside their (probably cherished) assumptions about "salesmanship," most of them based on received wisdom that is either obsolete or never true in the first place. Is selling always a "numbers game"? No and Yes. No if the percentage is based on the number of sales made as a result of cold calls to everyone in the telephone directory whose last name begins with "J." Yes if the percentage is based on the number of sales made to carefully selected, pre-qualified prospects. True, there are differences between walk-in sales (e.g. at vehicle dealerships and department stores) and offsite sales (e.g. at the prospect's location). Even so, Steinmetz cites five "cases" (price, quality, service, competence of salesperson, and error-free delivery) which apply to both. I agree completely that "business is a game of margins, not volume." I am also convinced that re-orders (i.e. repeat customers), not merely orders, should be a primary objective. As Steinmetz explains, price may result in one order but quality, service, competence of salesperson, and error-free delivery create and then sustain long-term customer relationships.
Why avoid those who buy only on price? Steinmetz offers nine reasons:
1. Price-buyers take all of your sales time.
2. They do all the complaining.
3. They "forget" to pay you.
4. They tell your other customers how little they paid you.
5. They drive off your good customers.
6. There's not going to buy from you again anyhow.
7. They'll require you to "invest up" to supply their needs -- and then they'll blackmail you for a better price.
8. They'll destroy the credibility of your price and your product in the eyes of your customers.
9. They will steal any ideas, designs, drawings, information, and knowledge they can get their hands on.
There are dozens of such checklists, step-by-step processes, reminders, dos and don'ts, cautions, and value affirmations. throughout the book as well as hundreds of examples of real-world sales situations. Problems and complications are inevitable. Steinmetz identifies the most recurrent ones and explains how to resolve them. Implicit is Steinmetz's pride in what he views as the profession of sales. He is wholeheartedly committed to quality of product and service. He understands the importance of making prudent promises and then keeping every one of them. He has little (if any) patience with whiners, chiselers, corner cutters, liars, and hypocrites. He views providing service to customers as a privilege, indeed as a moral obligation.
Here in a single volume is a wealth of information and wisdom which Steinmetz has accumulated over a period of many years, presented with a non-nonsense writing style enlivened by his wry sense of humor. All of his advice is eminently practical and easily applicable to most sales situation. However, I presume to offer some advice of my own. Read and then re-read the book, highlighting or underlining whatever seems most relevant to your own situation. Then focus on your most urgent needs. That is to say, do not attempt to apply immediately everything you have learned. Experiment. Take a few prudent chances. Over time, I think you will achieve significant improvement of your skills and a stronger sense of pride in how you earn a living. One final point. Not all prospective customers are worthy of your attention and effort. Concentrate only on the ones who are.
Rating: 5
Summary: LEARN HOW TO MAKE MONEY BY REALLY SELLING
Comment: Tells the truth about discount pricing and the type of customers it attracts, not to mention how it taxes your ability to service your customers effectively while eroding your profitability. Learn how you can make more money by saying no to customers who shop by price only. A crucial lesson in sales economics that every sales professional needs to learn in order to be successful and profitable. I just hope my competitors never read it.
Rating: 5
Summary: One of the best books I've read on pricing
Comment: Larry does an outstanding job of presenting the hows and whys of making your pricing stick. In the process he effectively presents the tricks that buyers use to beat prices down (and you can now use them too to save money) and how to combat them, why it is critical to maintain your prices so you have the profits to develop new products, why it takes 50% more volume to bring profitibality back to the same after a 10% price cut, why you can lose 50% of your business and still make as much with a 10% price increase and other important lessons on pricing. Every sales person and every businessman should read this book.
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