If you think you have a great product or service that has real added benefit in the marketplace, just watch you don’t get price bashed. Every buyer in the land will tell you are too expensive or that they can get your product cheaper elsewhere. That is a tactic and indeed, all of us are told to ask for a discount at all times.
Just think of your business and what else you may offer rather than give away your margin.
If you have a specialist product, work out your total costs of ownership – the product may last longer, your customer may save money in the long run.
Don’t allow yourself to be compared with other products if you have a unique element to your business.
Take a helicopter view of your business and see what the customer sees.
Examine how you and your team present price with value at all times.
Look at how your internal teams cope with price objections. They are the ones who are price bashed every day and they begin to believe the message.
These views are based on direct experience in client companies who think that everyone buys on price when in fact in many cases, customers want value for money. Tips like these should help to increase and maintain your margins. It requires some thought but gradually, you can move up your margins.