So often we talk about the price of something. I find myself asking it all the time after being shown something new. ‘How much did that set you back?’ or ‘How much does one of those cost?’ The truth of the matter is that often we will ask the price to see if we could afford one in our lives, or if we could throw it on the wish list.

When we buy something, getting a good price makes us feel like we have just outsmarted a system as old as mankind, ‘I’ve done something that no one else has ever done before.’

The psychology of this ‘need to come off on top’ will drive people to do some pretty stupid things. It may, for example, drive them to go to several locations, burning excessive fuel and time in an effort to save $10.00 – this to me is a love of the feeling more than the reality of “getting a good deal.”

We also hear a lot of negative publicity towards sales people and price. With the mass adoption of the internet it’s not easy to get ‘ripped off’ any more unless you really try. Researching a product takes five seconds and can be conducted whenever you want. So the point therein lies that if people are trying to achieve a smoking price, yet the margins are already excessively low from high competition and greater transparency, where else can a sales person take the ‘deal’ to provide the customer the feeling of ‘getting a good one.’

This is where value comes into play – the intangible assets such as customer service, relationships, care, training, etc… All of these other great elements that can make someone walk away feeling like they ‘got a good deal.’

From a customer’s point of view (and we are all customers), constantly trying to screw someone down will lead to nothing but consistently poor service. The fact of the matter is that it is impossible to provide cost price product and still be able to hire someone to provide the service. If I ask my friend to build me a computer at cost, can I really expect him to prioritize me over a client who is paying his wage? If this is the case between friends, how do you think strangers would act? I could be pushed to the end of the priority list forever. As a result I am getting a great ‘deal’ pricewise, however I am not being prioritized, no one is contacting me and I can’t for the life of me understand why???????

So put yourself in the other persons’ shoes. Consider margins when you are a customer, and consider value when you are a sales person. All we both want to do is leave the transaction feeling good about it, and feeling as though we have accomplished what we set out to do.

How much do you value your time? Lets say that a salesperson attends a meeting with a potential client. The meeting lasts for 3 hours and the client seems like they are almost at tipping point. In order to ‘WOW’ the client and potentially secure the sale, an extra 2 hours of work is required. What would you do in this situation? How would you prioritize your time?

Option A – 3 hours invested, 2 more wasted.

Decide that you’ve already invested 3 hours of your valuable time into this sale, and choose not to ‘waste’ any more time on this sale. Instead, you opt to ‘better utilize your time’ in other areas such as sourcing a new client.

Option B – 3 hours wasted unless 2 more are invested.

Decide that you have already invested 3 hours of your time into this sale and follow through with the extra work to increase your chances of success. You believe that those three hours of work will be wasted if you don’t allocate the extra time to secure the sale.

Many people often blame others for ‘wasting my time’. The truth is, we waste more of our own time, than any other person can ever be responsible for.

When we understand and respect this, we can work to make ourselves more productive and more efficient which will ultimately lead to better customer service and greater success in business.

Tip: Spend some time identifying the activities and tasks that are going to win you business. Then prioritise your time around these activities.