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72 • NOVEMBER 2011 • WORLD FENCE NEWS Why would anyone buy a $100,000 suit? The world's most ex- pensive suit is designed and made by Alexander Amosu and features musk ox wool, diamonds, 18-carat gold but- tons and takes over 80 hours to com- plete. You may be thinking a man would be crazy to buy such an article of clothing. Yet, Amosu says, "I firmly believe that in the wake of the reces- sion, there is still a demand for un- compromising quality." Hmmm, I wonder if your fencing products and services warrant a de- mand for uncompromising quality. What does it take to demand top dollar for the products and services you pro- vide? Interestingly, further examination of the $100K suit reveals the immense There's a method behind the madness of the $100,000 business suit BY PAUL MONTELONGO detail in the tailoring, materials and design. For example, the suit features over 5,000 stitches. Therein lies the key to demanding top dollar for your product. Details, details, details. In fact, the devil is in the details. In order to warrant a hand- some price, your product and the pres- entation of your price must be fortified with relevant details. In fact, the more details you provide to your prospective customer, the more value they will at- tach to the price. What sort of details should you present to your customer? The more World Fence News Welcomes You To Visit The World Fence News Crew At Booth No. 1516! World Fence News and The Fencer's Almanac – Your No. 1 Source of Fencing Information! pertinent question is: what details could you possibly leave out? None. After establishing rapport and a measure of trust with your prospect, you can move to the next step of demonstrating your product. Demon- strate the features and amenities of your product that specifically relate to the needs of your customer. Then pro- ceed to fill in the gaps with the details that support your price tag. Details can include, but are cer- tainly not limited to, time invested in researching the best methodology for installation. They may also include your work- force protection plan, your project management process, your commit- ment to on-site cleanliness, your dedi- cation to promptness, your warranty details, the specific equipment you use, your tenure in the business, the overall experience factor of your in- stallers, the amount of time you have dedicated to education or certifications in your industry, etc. There is virtually no end to the list of details you can provide to ensure the perception of value is high. There is virtually no end to the list of details you can provide to ensure the perception of value is high. The more details you provide to your prospective customer, the more value they will attach to the price. However, in order to build value August 2011 Monthly Issue Fencer's Almanac 2012 You May Also Read World Fence News Online at www.worldfencenews.com with the finer points of your business, you must take the time to learn the de- tails to be able to identify them. Gather your sales team, your proj- ect management crew, your installa- tion crew, your office staff and collect from them all the information possible about what they do for the customer. Even the briefest of meetings will re- veal more details that your competi- tion uses. Furthermore, once you complete a project, make certain to interview your customer to determine what value they saw in your product and how they war- ranted your price in their mind. You would be surprised – or maybe not – at the microscopic facts that impress a customer. Recently, a Harley-Davidson salesman told me one of the most pop- ular features on their new Ultra Classic series bike was the built-in port for an I-Pod. That tiny little hole that was provided to plug in your own music was helping to close sales to the week- end Harley rider. Back to the $100K business suit; it's likely that the market demand for those suits is very narrow. However, the buyers are very loyal and repeat business is almost assured. By offering a higher price tag and building huge value with the details, you will attract a more loyal customer base that will reward you with repeat By offering a higher price tag and building huge value with the details, you will attract a more loyal customer base that will reward you with repeat business and referrals. business and referrals. The old adage is true…if you sell based solely on low price, you are surely going to be un- dercut by a competitor offering their product for a few pennies lower. However, when you build value with the details to warrant your price tag, you will have a much more sus- tainable business. Paul Montelongo CGR, CSP is an international authority on sales motivation, author, syndicated columnist, and a hous- ing industry insider. He conducts process ori- ented corporate sales training pro- grams, delivers inspirational keynote addresses and offers retreats for sales and management teams worldwide. Paul has built two multi-million dollar construction companies in the highly competitive South Texas market. Paul is a featured speaker at housing in- dustry conferences all across North America and Europe. For more re- sources, articles and a free newsletter, visit www.PaulMontelongo.com. A woman takes her parakeet to the veterinarian. He says, "Sorry, it's dead." She says, "I don't believe it." The vet calls in a Labrador Re- triever. The dog sniffs the body of the bird, lowers its head dolefully, shakes it left to right and walks out. In comes a kitty, licks the para- keet, lowered head, sad nod of head. Leaves. $1,000." geous." The vet says, "That'll be The lady says, "That's outra- The vet responds, "It would have been $200, but you've got to add the lab report and the cat scan." Exhibitor ough thr contact him at 800-231-0275, rld Fence Ne s: W For inf o o ws, rmation on the ad y dr e-mail editor@w op b ver and speak with Ric tising pr orldf ograms a encene k Hender v ailab l w e s.com. s on or AF A MEMBER SINCE 1984 Look f official FENCETECH'12 poc r this displa y fr om W o Jan uar y 25-27, Y 2012, ou are attending the sho Miami Beac rld Fence Ne o ket guide to be a right? h Con w , ws on the inside bac v ll see y vention Center e' ailab l W e at the trade sho k co ou there! , Miami Beac ver of the h, w ! Florida