Awards & Engraving

August '18

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22 • A&E AUGUST 2018 Sales & Marketing about what you sell then the prospect is easier to convince. Remember that no one knows how your story unfolds except you so if you make a mistake, don't apologize, just forge forward to the next step. Building a bond of friendship (when possible) with the prospect makes selling more enjoyable and rewarding. I always say that selling can be fun for everyone in the process so relax and enjoy the experience. LOOK AT YOUR PRODUCT OBJECTIVELY We must be objective and look at what we offer as if we were making the buying decision ourselves. Be honest with your- self; let others in your operation give their opinions of what you show. Obtaining an extra set of fresh eyes to look at this offering can present a different angle than you might have, and it might be the same as the prospect's. This can be helpful before we present it to the prospect. We are going to touch upon deter- mining how to price products — whether there is a process to follow or do you price your services according to your competition in the public marketplace? It may surprise some of you to realize that it takes a little of our thoughts and ideas mixed with the competition's as well as the current trends in order to find the right combination. Learn to experiment and don't treat every prospective client the same; instead, cus- tomize each story (presentation) to appeal to the individual buyer. I suspect that knowing just how to determine the selling price has been a problem even when things were bought by trading rather than exchanging money. All businesses have had these growing pains. And it is important to admit to yourself what you don't know and look for the answer. With the help of the public and the competition of others in the same busi- ness, we eventually find what works the best for most. Thus, a pattern of doing business is established. Even if we have the best of the best, it must meet with the buying public's antici- pated budget, especially in the recognition business. Say you sell diamonds and a client comes in to buy a necklace for his wife and had anticipated paying $1,000, but when he looks at your selection, the only one he wants costs $1,500. He might be persuaded to pay the extra $500. If he has the $500 and if he is convinced that the person he is buying the necklace for will be pleased then he might dig a little deeper and buy it. In the same light, if a little league comes in to your awards shop and is prepared to spend $9 per item for 1,500 units, then things are different. You can show them a great item for $10, but they might refuse to buy because their budget isn't for a personal item — it is for a group with a budget. Their budget is predetermined by a group, not just the individual buyer. In our next article, we will look at the Formula for Pricing — it may surprise you. If you have any questions, feel free to call 1-317-546-9000 or e-mail me at or write me at Stephen L. Capper A-1 Awards, Inc. 2500 North Ritter Avenue Indianapolis, IN 46218 A&E

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