Buyers are Less Concerned About Price Than You Think
When you start shopping for a new website, is pricing your number 1 concern? Or is it more important to have a good looking website that lands you more business? If you can get four times the business, would you pay twice the price? I would!
So from a buyer’s perspective, the price you pay for a professional service is not always their top priority.
However, sellers of professional services tend to think price is very important to their clients. As a result, sellers then tend to lower prices – which can decrease their credibility and profitability.
Research work from Hinge Marketing supports the theory that “sellers grossly overestimate the importance of costs.” Here is some of the data that Hinge provides:
So in simplified terms, sellers of professional services are more worried about price than their buyers.
What do buyers care most about? Key items include reputation of the firm, customer service, expertise, flexibility and past performance
Professional service providers need to focus on delivering value to their clients – and clearly communicate the value that they deliver. Once that is done, price becomes a secondary conversation.