What’s Your Best Price?

A buyer’s first question will almost always be about price. The way a seller responds will set the tone for the rest of the conversation. Many sellers will dodge the question altogether, but if you can respond in a direct and confident manner, you can turn the conversation around and build value for your customer.

When shopping online, buyers have the option of using a website that allows them to compare prices from various retailers. This can help them get the best deal on a particular product and save money in the process. These websites often include user reviews and detailed product information to assist consumers in making an informed purchase.

In a healthcare setting, the term Best price refers to a policy that requires drug manufacturers to offer state Medicaid programs the same discounted prices that they offer other purchasers. Exceptions to this policy are made for the Department of Veterans Affairs, the 340B drug discount program and prices negotiated by private insurers under Medicare Part D’s value-based purchasing arrangements.

To help salespeople address the “What’s your best price?” question properly, one author suggests establishing three pricing levels: Wish, Optimal and Walk away (WOW). Wish is the rack rate that the seller wishes he could obtain. Optimal is the rate that provides the most profitable outcome for both the seller and the buyer. The WOW price is the rate that a seller will not sell below under any conditions. Best price

Author Image

Leave a Reply

Your email address will not be published. Required fields are marked *