Price Justification Techniques: Building Confidence in Sales with Mike Bosworth

Mike Bosworth is a Co-Founder of WeConcile considered as the world's first Relationship Rescue and Restoration application.

In this episode, Mike shares effective pricing strategies and sales techniques to hold prices.

Why you have to check out today’s podcast:

• Learn about the concept of "buying vision" and help your customers recognize the value of your product or service
• Learn how to stand firm against pricing pressure and maintain your desired price
• Discover how to effectively use "polite No's" to firmly establish pricing boundaries

"Understand the value, i.e. how your buyer would use a particular piece of your product to solve their problem. And if you have that knowledge, it's really easy to defend the value of your price."

- Mike Bosworth

Topics Covered:

02:13 - Mike's pricing approach

03:16 - Understanding why salespeople are losing the conversation when it comes to price

06:40 - What is a 'buying vision' and how helpful it is for buyers

07:26 - The need for salespeople to know well their customer's business

10:20 - How 'premature elaboration' gets you at a disadvantage

13:58 - Explaining 'cost justify' and 'price justify' from the buyers point of view

20:49 - The importance of patience in negotiation and use of "polite No's" to stand your ground on pricing

24:36 - Book resource of major negotiation stories you can check out

25:42 - Mike’s pricing advice

Key Takeaways:

"The only salespeople who can go out and negotiate their own prices are those ahead of quota." - Mike Bosworth

"I say to the managers, if your salesperson is under quotas, you have to go out there and provide the backbone and coach the call ahead of time.” - Mike Bosworth

“We want to teach them how to survive that call, but on their own, they're not going to have the ability to do it." - Mike Bosworth

People/Resources Mentioned:

• Xerox: https://www.xerox.com/en-us
• Sales Force: https://www.salesforce.com
• David Crabtree: https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227

Connect with Mike Bosworth:

• Linkedin:https://www.linkedin.com/in/mikebosworth/

Connect with Mark Stiving:

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: mark@impactpricing.com