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How To Price Condition Using The Investment Factors

By Service Excellence Training How To Price Condition Using The Investment Factors

Do you know what price conditioning is? Conditioning price into your customers’ minds means getting them used to the level of investment they are going to be faced with before telling them the final price. When a large cost is suddenly revealed to homeowners at the end of your service visit, they are usually surprised and reject that price. 

Luckily, there are some steps you can take to slowly get your customer used to the amount of money they may need to spend. This will help them accept the investment that is needed and react more positively to using your services or buying products from you.

The Investment Factors

The best way to help customers understand how you arrive at the final price is to explain the factors that change or determine that price. This technique works for all home service industries because there are always factors that affect the final price.

Size/Scope

If there’s anything we can agree upon throughout all of the home service trades it’s that the bigger the size of the product or project, the more it costs. The more material you have to use, the bigger the AC system, the larger the BTU capacity, all means homeowners have a larger investment. 

Features/Benefits

Factors like efficiency, technology or special features are all going to naturally cost more. When your system can use less energy to achieve the same outcome or offers more customer intuitive control access, it’s going to be marketed as a more expensive option. Fortunately, you’re usually getting what you pay for when you invest in a more costly set of features.

Personal Preference

Sometimes cost is largely determined by what the customer is wanting or needing. For example, if a homeowner wants a whole-home surge protection system even though they can use plug-in surge protectors, it will cost them. The customer’s preference is an excellent factor to point out to them when they are questioning why the final cost is so high. Maybe their own choices can be accepted or adapted to easier when they realize it’s their choices that have pushed the cost up.

Company

It is a great idea to explain to your customer why exactly your company’s time and knowledge is priced higher than your competitors. Employee training, quality products, years of expertise and a stellar reputation are all things that homeowners should want in the technicians they have working on their home. Better service equals higher cost, but the guaranteed satisfaction your company can guarantee should make up for it.

Customers Determine Their Own Investment

Although you should emphasize your willingness to offer options and give advice to customers as they decide what they want out of these investment factors, you ultimately have the perfect explanation for the high end cost. 

The customers themselves are the ones who pick and choose the level of service and product they want, and it’s because of them that the cost rises. Even though the investment factors can slide up and down on the expense scale, it is the homeowner who decides what they want – and how much they want to pay for it!

Service Excellence Is Here To Help

Many objections and obstacles you’ll face from the customer come from a misunderstanding of these investment factors. If you can accurately explain how the customer is raising or lowering the price, you’ll have an easier time overcoming objections. Service Excellence has all the tips you need to succeed in your industry. You just have to reach out and talk to us!

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