There has been a recurring theme at work lately. My team at The Weaponry has been involved in several new business pitches. Which means we are competing with other advertising or design agencies to win a project. Sometimes there are 2 agencies. And the pitch is like a rap battle, or the knife fight in Michael Jackson’s Beat It video. Sometimes it is a Royal Rumble where you are competing with every superhero and their sidekick.
The 3 Factors
There are 3 factors involved in winning a new project from a client or customer. At least where organized crime is not involved. (Those organizations add a few other important factors. Like how much you enjoy your family, and your limbs.)
- The Proposal. This is the written plan detailing what you are going to offer the customer or client if they choose you. This is quite literally the overview of the product or service being offered.
- The Price: This is the summary of how much your offering is going to cost. Your price relative to your competitor’s price is important. The critical question is how does the price and value of your offering stack up against the other options they are considering.
- Your likability. Do the deciders like you? Do they trust you? Are you funny, smart, kind, good-looking or tell great stories? Do they want to spend time working and problem solving with you?
All Things Considered
Recently we have heard several times that our price was more expensive than the other options we were weighed against. However, they chose us anyway. This creates a valuable math equation boys and girls.
In this case, what we were offering and our likability combined was greater than the price we were charging for it.
Offering + Likability > Price
This is exactly where you want to be in business. When you offer superior products or services, and a combination of likability, fun, and trustworthiness, more times than not you will not lose out on price. In fact, if the other two factors are strong enough you can charge more, because you are offering more value. And everyone comes out ahead.
In any business transaction, there are always more factors at play than price. As the seller, your responsibility is to provide a superior product and service. And if you deliver that with more likable, more trustworthy people you will not only break any ties, you will add more value to the overall experience, and people will be willing to pay more for your offering. So don’t fight others on price. Compete with them on the offering itself, and on the people who offer it. And like Bob Barker said, the price will always be right.
*If you know someone who could benefit from this message, please share it with them.