What are some techniques a company can employ if a customer is hung up on price?
Price is only one issue and if you help your customer see beyond price you might be able to secure more sales.
Firstly, you need to stress the benefits of the product. For example, when you are selling and marketing your product, you need to really educate your customer of the benefits of the product. For example, let us say you are selling a t-shirt, and your shirt is 35$, but a competitor shirt is only 14$. It might be your customer's first instinct to go for the cheaper alternative. However, if you educate them on the benefits of your product you can help then get past the price. If you explain that your t-shirt is made from very high quality cotton that won't shrink, fade or tear you are stressing the benefits. Your t-shirt will last long, and still look good even after years of use. If you buy the 14$ product, it ...
If people are "hung up" on price, you have to help them see beyond price. One way is to stress the benefits of the product. Another way is to evaluate the product positioning, you can set your product as a status item, and finally you can stress the product's uniqueness.