When it comes to winning the confidence of a prospect, nothing speaks louder than a good deal. Persons who are responsible for securing goods and services for their employer love to save the company money.
It enhances his or her reputation with the officers and owners. At the same time, no one wants to end up with a low-cost service that ends up being a dud. This means the good or service needs to perform well along with being cost efficient.
Your job is to match low-cost quality goods or services with the business type of your prospect. Once you demonstrate how one of your low-cost offerings will consistently outperform the competition and save money for the prospect’s employer, you will be poised to help roll out your low-cost offering throughout the organization, making your profit in volume distribution initially.
Once your offering is functioning throughout the organization, you may find that not only do you have the ear of your initial contact, but now you have the ability to interact with persons throughout the organization that may be interested in other offerings that you can supply.
Providing additional goods or services that are in a similar price range will be another way you will increase the profit margin. This is sometimes referred to as lateral selling.
Simply put, you are not really pushing items with a higher price tag, or even enhancements to services you have already sold which would increase the profits. You are simply broadening your current situation to include more of the same, from a charge perspective.
There is nothing wrong with lateral selling. In fact, it can be quite profitable. However, in time it reaches a point where there is no more room for more of the same and you need to move on to the next level.