Overcoming Price Objections on Material Handling Equipment
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Strategies for distributors to hold the line on prices and protect margins.
Dewitt, NY: One of the featured articles in the Fourth Quarter 2010 issue of The MHEDA Journal, the leading online magazine for the forklift, storage & handling, and general material handling equipment industries, offers tips for material handling distributors to overcome the price objections customers give during the process of an equipment purchase. Sales coach, speaker and author Tom Reilly outlines several strategies for helping material handling distributors win their "price war."
As Reilly explains, four keys to better negotiate prices include preparation and planning, educating the buyer, changing the conversation and developing discount discipline. Adopting these strategies will help prevent material handling equipment distributors from caving into customer price pressure. "There are many legitimate reasons to lose a piece of business: wrong product, product availability, delivery or maybe your price is wrong. The one inexcusable reason to lose a piece of business is that the customer out-prepared you for the price negotiation," Reilly writes. "If the buyer did a better job of preparing than you did, shame on you. If you reduce your price because the buyer out-negotiates you, you have learned a valuable but painful lesson."
This is just one of the many pieces of valuable advice offered in "You Can Win This Price War," in the October 2010 issue of The MHEDA Journal. The full text of the article is available at The MHEDA Journal Online at www.TheMhedaJournal.org. The print version of The MHEDA Journal is mailed out to subscribers in January, April, July and October.
For more information, contact Chris Powers, editor of The MHEDA Journal, (315) 445-2347, e-mail: chris@datakey.org.
About MHEDA
Founded in 1954, the Material Handling Equipment Distributors Association (MHEDA) is the premier source for manufacturing knowledge, education and networking. Through its member journals (http://www.TheMhedaJournal.org), e-magazines, newsletters, and industry wiki (http://www.wikimheda.org), MHEDA connects the manufacturers of storage and handling, lift trucks and conveyor equipment and distribution leaders for the purpose of delivering optimal solutions to the users of those products. MHEDA publications are the industry's voice for all matters related to the latest technology and the most up-to-date processes spanning the movement and storage of all materials. A 501(c)3 organization, MHEDA members span all of North America.
