Latest / Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint / Price, Value, and Perception: How to Win Over Customers and Clients

Transcript

Price, Value, and Perception: How to Win Over Customers and Clients · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

• 0:01
  Hello and welcome to the show. Today's episode is going to be a
• 0:04
  noisy 1 because it's a full house, you know, kids are home
• 0:07
  and it's a weekend. And the topic we're going to
• 0:11
  look at today is how to deal with price objections in the
• 0:14
  beauty and skin care space, dealing with price objections in
• 0:17
  beauty and skin care sales. And the reason why we're looking
• 0:22
  at this today is because of another podcast listener
• 0:27
  comment. We're going to call her Neca the
• 0:30
  Pretty Serpent. Of course, that's not her real
• 0:32
  name. So Neca the Pretty Serpent is
• 0:34
  based off based in Inugu. She's a podcast listener, been
• 0:38
  chatting on WhatsApp a bit. She's a member of a WhatsApp
• 0:40
  community of other beauty and skin care sales professionals.
• 0:46
  And the folks in the group had some questions around how to
• 0:49
  deal with price objections in that space.
• 0:52
  You know, you're trying to sell your lipstick or to try and sell
• 0:54
  your bleaching cream or your hair cream or your, or your
• 1:01
  normal Vaseline cream or your sunblock kind of cream, You
• 1:06
  know, stuff that people sell, you know, cream that's supposed
• 1:09
  to deal with stretch marks from pregnancy and all these sorts of
• 1:12
  things. So you're trying to sell it and
• 1:14
  then people say things like you're too expensive or they
• 1:17
  shout at you. They say 65K for what or you
• 1:21
  know they say you want to build house or they say 100K in this
• 1:25
  economy, you know those sorts of things.
• 1:27
  So that's what we're going to look at what how to deal with
• 1:30
  today. Now if you'd love to connect
• 1:33
  then hit me up. The phone number is 08064662140.
• 1:38
  The country code is lost 234 for those of you who are not
• 1:40
  Nigerian and then connect with me on socials as well.
• 1:44
  The place where I spend most of my time is on LinkedIn, the name
• 1:47
  to look for establishment IED. Now before we start going into
• 1:53
  how to tackle the objections, First off we need to define what
• 1:56
  an objection is in the 1st place because there are a couple of
• 1:58
  people who are listening to the show who are newbies and who
• 2:00
  don't understand, you know WTF an objection is.
• 2:05
  So an objection is just any reason that people give, the
• 2:12
  potential customer gives the person on the other side any
• 2:14
  reason that they give for not taking the next step or for not
• 2:17
  continuing with the relationship.
• 2:20
  So like with the examples that I gave, for instance, if the
• 2:22
  person says you're too expensive and because of that they seem to
• 2:26
  hem, they seem to hawk, and it's like they're not really feeling
• 2:29
  the whole thing. Again, that's an objection.
• 2:32
  If the person says 65K for what, but the person goes ahead and
• 2:36
  pays, then that 65 K is not really an objection.
• 2:39
  The person was just doting a concern.
• 2:42
  Let me just put it that way. But if somebody says 65K for
• 2:46
  what and it looks as if things are slowing down or the person
• 2:48
  is ghosting you, things like that, then that's an objection.
• 2:52
  So whenever people say all these price related things and it
• 2:55
  looks like that's the reason why they are not taking the next
• 2:58
  step, why they're not continuing with the business relationship,
• 3:01
  then that is an objection. Now, this is not the first
• 3:05
  objection episode that I've made over here on the podcast.
• 3:08
  So once you're done listening to this episode, if you're a
• 3:10
  newbie, just go to YouTube because all the podcast episodes
• 3:13
  are there over 1000 podcast episodes.
• 3:17
  Oh, by the way, I'd like to thank all of you guys that have
• 3:19
  been with me from the beginning because we have hit 1000
• 3:22
  episodes. So thank you very much guys for
• 3:24
  keeping me company over the last.
• 3:26
  I can't remember how long it's been, but I know it's since
• 3:31
  before COVID became a thing. So since before COVID.
• 3:35
  For those of you who've been following, supporting, liking,
• 3:38
  sharing, commenting, reaching out, doing business with me, I'd
• 3:44
  love to thank you guys for supporting me for 1000 episodes,
• 3:49
  or rather as at today, 1001 episodes because I think this
• 3:53
  particular one when I loaded up should be 1002.
• 3:56
  So thank you very much for the support.
• 3:58
  I really appreciate you guys for keeping me company along the way
• 4:02
  and I'm looking forward to another, you know, thousand or
• 4:06
  however many episodes that we still have left together.
• 4:09
  And I'll do my best to keep providing value to you guys over
• 4:14
  here to help you grow your businesses.
• 4:17
  Remember to keep liking and sharing with other people who
• 4:20
  might also find value from these podcast episodes as well.
• 4:24
  So where was I? Where was I?
• 4:29
  OK, I lost my train of thought. OK, well, we're talking about
• 4:35
  objections, how to deal with objections.
• 4:37
  And we had defined what an objection was.
• 4:39
  Yes, I think that's where I was. Now the like I said, I have
• 4:43
  dealt with a number of double objections in the number of
• 4:47
  podcast episodes before. So when you're done listening to
• 4:49
  this one, if this is your first time listening to the show, then
• 4:53
  go over to YouTube because you have over 1000 podcast episodes
• 4:56
  there, 1000, I want to be precise.
• 4:58
  Then just hit in the search button, just hit right Tavishima
• 5:03
  and then write objections. And every single podcast episode
• 5:06
  that I've made that deals with handling price objections or
• 5:10
  just do Tavishima price, do Tavishima price objections,
• 5:14
  Tavishima objections in any number of combinations like
• 5:17
  that. And you should get all the
• 5:18
  episodes that I've done dealing with this sort of topic, but the
• 5:22
  general approach is always the same.
• 5:24
  First off, we want to agree or empathize with people because we
• 5:27
  want them to know that what they're saying actually makes
• 5:30
  sense. They're not being total idiots.
• 5:34
  Also, because I mean, let's face it, if you're the high-priced
• 5:36
  option, it's like you, you can't sweep it under the wrong, the
• 5:40
  wrong, you know, if you're a high-priced option, you're a
• 5:42
  high-priced option. It's not something you can run
• 5:44
  away with. So just by the bullet, agree,
• 5:46
  empathize, then we need to ask some questions.
• 5:49
  And the reason why we need to ask some questions is because
• 5:52
  sometimes people have unrealistic price expectations.
• 5:56
  In that case, we need to educate them so that they know what's
• 5:58
  up, especially when it comes to, you know, all this feminine
• 6:01
  stuff. Because like someone like me,
• 6:03
  now I can look at let's say hair, for instance, and I'll say
• 6:06
  like, why should this one cost, you know, 300K?
• 6:08
  And by the time they explain to me, OK, this one is genuine
• 6:10
  human hair gotten from the heads of somebody in Bangladesh, but
• 6:14
  then this other one is darling yaki.
• 6:15
  And Darling Yaki can be manufactured by refining Petro
• 6:19
  chemicals that can be done, you know, cheaply in Port Harcourt.
• 6:21
  You know, then, you know, even even if I can't see the
• 6:24
  difference, at least from a business perspective, I can
• 6:29
  understand why one is more expensive than the other.
• 6:32
  Because for the other one, you actually have to go to
• 6:33
  Bangladesh and shave somebody's head and then knit it together
• 6:36
  into a skull cap and then sell as human hair.
• 6:38
  While the other one, all you have to just travel down to pH
• 6:41
  and then buy from the suppliers who are making Darling Yaki
• 6:44
  because they're refining Petro chemical products.
• 6:48
  Now by the way, I'm not in the feminine beauty space, so I do
• 6:53
  not know how these things are made.
• 6:54
  This was me just freestyling. So if you're involved in this
• 6:56
  industry, then please connect with me.
• 6:59
  Like I said, give my phone number earlier.
• 7:01
  The number is 08064662140. So connect with me, let me know.
• 7:08
  It'll be nice to let us know what are the factors that affect
• 7:12
  the quality and the price of these sorts of things.
• 7:14
  So just educate me so I can also educate other members of the
• 7:18
  community. Apart from that, if you're able
• 7:21
  to educate other members of the community and you guys start
• 7:24
  thinking in terms of what the value proposition is, then it
• 7:27
  will make it a whole lot easier to start educating people once
• 7:31
  you start asking them some questions.
• 7:32
  So remember, first of all, agree and then empathize.
• 7:35
  Next, ask a couple of questions because we want to be sure that
• 7:39
  people have realistic price expectations in the 1st place
• 7:43
  and that they have a firm grasp of price versus value because,
• 7:47
  you know, it depends. And then we also want to make
• 7:52
  sure that people are comparing us accurately because sometimes
• 7:55
  somebody comes and says that for what?
• 7:57
  You're too expensive, but meanwhile the person is
• 8:00
  comparing you to something, but you know, on the face of it
• 8:03
  looks like you're equal. But by the time you ask
• 8:05
  questions, you realize like there's no comparison
• 8:07
  whatsoever. This is something that I see EBO
• 8:10
  traders do very well, like people in the builders market in
• 8:14
  Abuja here off of a Gudu junction.
• 8:16
  It's something that they do very well.
• 8:18
  You can go and you can try to price roofing sheets, for
• 8:21
  instance. And the person tells you that
• 8:24
  it's, let me just guess, I can't remember the actual price
• 8:28
  because it's been a long time since I went to builders market.
• 8:30
  So the person can tell you that maybe it's 200K per square meter
• 8:33
  or something. And then the other person says
• 8:36
  like how now, OK, Chuku said he'll give me at 85 K per square
• 8:40
  meter, you know, But by the time he asks a couple of questions,
• 8:44
  by the time the trader asks you a couple of questions, say 85,
• 8:46
  that's a good price now, then, then take it now.
• 8:48
  But in fact, but before you go self, that 85 per square meter,
• 8:53
  is it is he from China, he's getting it or is he from
• 8:57
  Switzerland? Personnel asked China,
• 9:00
  Switzerland, what's the difference?
• 9:01
  Now the EBO trader, EBO trader, now start educating the person.
• 9:05
  Nah, that is a difference. Now that the one from China is
• 9:07
  made with something, something coating.
• 9:09
  The one from Switzerland is made with something coating because
• 9:12
  of the way that our sunshine is. It actually is better if you get
• 9:14
  that one from Switzerland because at least that one
• 9:17
  because of the way that we made it is made.
• 9:19
  We are able to give you 100 years guarantee.
• 9:22
  But that one that is based in China and this kind of coating,
• 9:24
  we don't expect nothing to last long.
• 9:26
  Worst case scenario will give you like five years guarantee,
• 9:29
  the person like five years guarantee.
• 9:31
  So you see that's how the EBO traders, that's how they use
• 9:34
  this thing very well. They ask you a couple of
• 9:36
  questions because on the face of it, you're trying to make a very
• 9:42
  simple comparison. Like you, you're saying 200K per
• 9:44
  square meter. These other persons say 85K per
• 9:47
  square meter. Well, by the time they ask some
• 9:48
  questions and they educate you, like look, the reason why this
• 9:50
  guy is saying 85K per per square meter is because he's selling
• 9:56
  the China version. And in fact, if you're OK with
• 9:58
  the China version, come and buy it.
• 9:59
  I have the China version in my shop.
• 10:01
  In fact, instead of giving it to you at 85, I'll give it to you
• 10:04
  at 84500. You know, something like that.
• 10:08
  But they go into this whole education process like, oh,
• 10:11
  which one? Are you sure?
• 10:13
  Is this or this the reason why it is like this is like this is
• 10:17
  because of that. And this is how it affects the
• 10:19
  price. This is how it affects quality.
• 10:20
  This is how it affects warranty. So this is something that our
• 10:23
  EBO brothers in these sorts of industries, you know, in the
• 10:26
  building space, they use this technique very well.
• 10:29
  And it's something that those of you in the beauty and skin care
• 10:32
  space can do as well. I agree and empathize.
• 10:35
  Then ask them a couple of questions.
• 10:36
  You even want to know. Was the understanding of price?
• 10:39
  Was the understanding of value? Is the comparison accurate?
• 10:42
  And another reason why I should ask is because sometimes the
• 10:45
  reason why people are shouting is just because they don't have
• 10:48
  all the cash right now. So for some people, payment
• 10:51
  terms actually will solve the problem.
• 10:53
  Some people will shout like 65K and you might think, OK, they
• 10:58
  need a discount and then you start running into discount.
• 11:01
  But actually they would be fine if you just offer payment terms.
• 11:04
  OK, you know what 65K is it that is too expensive.
• 11:07
  I mean, you don't have 65K now this is no honestly, I don't
• 11:10
  have 65K with me now. When I came here, I was thinking
• 11:12
  that 35K will settle it and then you can do payment times like
• 11:16
  OK, so if you drop 35K now, when can you bring the remaining 30K?
• 11:21
  And then you have you have that conversation.
• 11:24
  Although for me, I'm not a fan of, you know, when it's physical
• 11:27
  products, but anyway, you know, when it comes to feminine
• 11:32
  products, you know, the, the, the conventions are different.
• 11:36
  So they're used to doing business like that.
• 11:38
  And you know, these partial kinds of credit, like, OK, you
• 11:42
  bought clothes and you bought clothes worth 400K, but right
• 11:46
  now you only have, you know, 320 K.
• 11:49
  So you transfer 320 now and then when you get next month's
• 11:52
  salary, you now pay 80 and then stuff like that.
• 11:55
  But if you must do that, just remember to keep your records
• 11:57
  and know that you have to be chasing people to get your
• 11:59
  money. But generally, this is the
• 12:03
  general approach #1 agree and empathize #2 ask some questions.
• 12:07
  You need to gain some clarity here.
• 12:10
  Are their price expectations correct?
• 12:13
  What is their sense of price versus value?
• 12:16
  Are they making an accurate comparison?
• 12:18
  And then is it amount of payment terms and cash flow?
• 12:21
  So one week that I have done this in the past, when somebody
• 12:24
  says you're too expensive, I say, you know, I just agree.
• 12:27
  I say, yeah, yeah, we're expensive, but expensive
• 12:29
  compared to. And then I leave it hanging
• 12:32
  because I'm trying to get a sense of what actually I'm being
• 12:35
  compared to. Or back in my wedding
• 12:38
  photography days, whenever somebody came at me with a
• 12:41
  ridiculous figure, I'll just laugh and say, OK, it's obvious
• 12:44
  I'm the first vendor you're talking to, right?
• 12:46
  And then just keep quiet and then hear what the person has to
• 12:49
  say. Because for the people who now
• 12:51
  say yes, actually you're the first person I'm talking to, I
• 12:53
  would now go ahead and educate them.
• 12:55
  OK? Look, based on what pertains in
• 12:58
  Abuja for wedding photography, there are like two or three
• 13:02
  classes of wedding photographers from from you know, 100K to so
• 13:07
  you can expect to get certain kinds of people.
• 13:10
  If I pull up your Instagram, so you know, you see this guy, you
• 13:12
  see this guy, these are your 100 to 150 K kind of guys.
• 13:16
  And this is what you can expect to get from them.
• 13:18
  And then from this class, you know, 300 to so this is what you
• 13:22
  can expect. And in fact, this is where I
• 13:24
  fall in. So look at my Instagram handle.
• 13:26
  Let's pull up a few others. You know, you see, this is the
• 13:30
  class, this is what you can expect.
• 13:31
  And then there's those other people who charge, you know,
• 13:34
  like 700K and above and this and this is exactly these.
• 13:38
  And these are the kind of things that you can expect.
• 13:41
  So you don't have to do business with me, but just go ahead and
• 13:44
  talk to some other people and you'll find that what I've given
• 13:46
  you is an accurately of the land.
• 13:48
  You can expect to do from 1:50 to 2:50.
• 13:51
  You can expect to talk some people from 3:50 to 607 hundred
• 13:55
  and you can expect to talk to some people from 700 and above.
• 13:58
  And this is what you'll expect. So why don't you just go talk to
• 14:02
  a couple more people and then let's talk about this again in
• 14:04
  another 2-3 days. So that's how I used to use the
• 14:09
  education thing back when I was still in wedding photography.
• 14:12
  You know, I just laugh it off and say, look, it's obvious I'm
• 14:14
  the first vendor that you're talking to.
• 14:16
  And typically that will be the case because it was not uncommon
• 14:20
  for someone to maybe her older sister got married, you know,
• 14:24
  like 3 or 4 years ago. And so she's using the price of
• 14:27
  three or four years ago to now judge the vendors that she's
• 14:30
  talking with today. So those sorts of things happen.
• 14:33
  So expensive compared to, or am I the first vendor You're
• 14:37
  talking to all those sorts of things, but you just have to ask
• 14:41
  a couple of questions. Now for the technique that our
• 14:46
  IBO brothers use who are in the building space.
• 14:50
  By the way, I'm not trying to stereotype IBO boys here.
• 14:53
  I'm just talking about IBO brothers and sisters who are in
• 14:56
  a particular industry, you know, the, the building industry
• 15:03
  because back when Monzi was still working on her house and
• 15:07
  some relatives were building some stuff back then, instead of
• 15:13
  buying things in Macudi, the scope was that you could get
• 15:15
  higher quality materials in Abuja.
• 15:17
  So I was spending a lot of time in the builders market then
• 15:20
  buying, helping relatives buy stuff.
• 15:23
  And that's when I got to see some of these things in action,
• 15:25
  you know, because of my own interest in sales and business
• 15:27
  development. I'm just there and I'm listening
• 15:29
  and I'm watching and I can pick out the the techniques that
• 15:32
  these people are that these people are who are using.
• 15:37
  So somebody says back to now, beauty and skin care person says
• 15:43
  65K for what? Indistinible economy, you know,
• 15:46
  you just agree and possess my sister now.
• 15:49
  So we say I'm Oh yes, you know, nowadays these things are very,
• 15:53
  very, these things are very, very expensive.
• 15:55
  But then you ask a couple of questions because you're trying
• 15:57
  to figure out who are they comparing you to?
• 16:01
  So you can ask, OK, have you found this thing cheaper?
• 16:04
  And then they say, yes, no, I saw it now I'm not coming from
• 16:06
  chemical shop. And this one that you're saying
• 16:09
  65 Cami was selling it at 45. Then you can now start asking
• 16:13
  more questions and do the education thing.
• 16:16
  You say, OK, so the one that Cami was selling, is it organic
• 16:21
  or something, something and personal ask is not all the same
• 16:24
  which one is organic or inorganic?
• 16:26
  Now you go into the educational thing.
• 16:28
  If it is organic, we're using natural tomato and purple to
• 16:32
  derive our vitamin A Something something, it is not industrial
• 16:35
  something something because if you use the China industrial
• 16:38
  something, the way the thing will burn your skin when you
• 16:41
  enter into the sun, the way your skin will do, your skin will do
• 16:44
  like this. Your skin will do like that.
• 16:46
  But if you're using the organic one that is made from natural
• 16:49
  purple and natural tomato, the thing will just bring out your
• 16:52
  real color, you know, blah, blah, blah, blah, blah.
• 16:54
  You know, all that education jazz.
• 16:56
  So you can now have that kind of conversation and now opens up
• 16:59
  the person's eyes to oh, OK, this one that I'm looking at for
• 17:02
  the 5K and the one that, sorry, 65K and the one that kept me is
• 17:06
  selling 45 K. Even though the bottle looks
• 17:09
  similar and the on the face of it, the, the name seems to be
• 17:14
  the same, but there actually is a difference.
• 17:17
  Then you go about doing the education.
• 17:19
  So sometimes the education is going to be around quality.
• 17:26
  Yeah, around quality. Organic or inorganic education
• 17:31
  could be around meals that's around them size.
• 17:35
  Because for those of us who are uneducated, they actually is a
• 17:38
  difference. Because like for me, since I'm
• 17:40
  not really a perfume person, my wife is a perfume person, you
• 17:42
  look at 1 bottle, you look at another bottle and they say well
• 17:44
  this one is 150 K, the other one is 80 K.
• 17:50
  You know, for me as a layman, I just say let's carry the one
• 17:52
  that is 80 K. Now that's the way I would look
• 17:54
  at it. But then my wife would now say
• 17:55
  no, no, no, no, no. Actually, now one is 100 and
• 17:58
  something is 165 meals, but this sort of one that is 80 K
• 18:02
  actually is only 86 mills. So if you do the conversion and
• 18:06
  everything, you will now see that this one that is 86 mills
• 18:08
  that they're selling for 80K actually is more expensive, you
• 18:11
  know, blah, blah, blah. Because for some of us who are
• 18:14
  novices, you just go there, you see a bottle and you know, the
• 18:18
  bottles look like it's the same size.
• 18:19
  Because after all the difference for those of us who are
• 18:22
  untrained, the difference between 120 mills and 105 mills
• 18:27
  doesn't look like a big thing. The bottle does look like it's
• 18:29
  the same, but for people who know what's up or people who
• 18:33
  have been educated, the actually is a difference.
• 18:34
  We can have that conversation about quality, about meals, you
• 18:38
  know, how many meals is it? Let's see what else.
• 18:43
  OK. And then also the conversation
• 18:44
  around brand premium. That's also an honest
• 18:47
  conversation to have. But yeah, my sister in this
• 18:50
  economy. But you know, that's just the
• 18:52
  way that we see it. This one that I'm selling to you
• 18:54
  now is authentic. Mary Kay.
• 18:56
  Something, something something, something something the one that
• 18:59
  Kami is selling to you is ABBA made, Nigeria made Makodi made
• 19:04
  Cameroonian made something something, something whatever.
• 19:07
  And unfortunately by the time this Mary Kay lands at custom,
• 19:11
  this is the docking price. So if this one is the docking
• 19:14
  price, how much you want me to put on top, that is going to be
• 19:16
  my profit. In fact, my sister, this price
• 19:19
  that I'm giving yourself is a giveaway price because this one
• 19:22
  I'm only making 10K on top. You know, help me open market.
• 19:25
  You know that all those, you don't have all those things that
• 19:29
  people say so you can have those honest conversations about brand
• 19:33
  premium because it's something that I have been exposed to
• 19:38
  recently. We had to buy some when the kids
• 19:40
  are going back to school, you know, buy school bag, buy these,
• 19:43
  buy that. So those are some of those
• 19:44
  conversations that we've been having.
• 19:46
  That's for parents who it matters to those sorts of
• 19:49
  things. Although for me, when it came to
• 19:50
  the shoes, like I couldn't be bothered, like UK shoes, Niger
• 19:53
  shoes, you know, I don't give a hoot, just give me shoes.
• 19:56
  This one looks like it'll work, so let me have it.
• 19:59
  But yes, you can have those conversations as well.
• 20:03
  So let's see, have I covered everything?
• 20:09
  You know what, this is just a general approach you take.
• 20:10
  Basically somebody says you're too expensive, you start raising
• 20:13
  money things. I agree and empathize.
• 20:17
  Let them know that. Excuse me, that they're being
• 20:20
  reasonable and that they're trying to get value for money,
• 20:23
  but ask them some questions. You want to be sure that they're
• 20:26
  comparing you accurately to another thing.
• 20:30
  In fact, this is one reason why we should ask questions about
• 20:33
  the accurate comparison because we're actually doing it to
• 20:36
  protect our customers. Some of you just think, and this
• 20:39
  is too expensive, chemi selling it at 20 K cheaper.
• 20:42
  They don't want to buy from chemi.
• 20:43
  No, if you know the value of what it is that you're selling,
• 20:48
  and if you know that you have a superior product, you can't
• 20:51
  force this lady to buy from you. But at the very least, you owe
• 20:55
  it to her to educate her so that when she's buying it, she's
• 20:57
  buying it with a very clear eye and that she knows the risks.
• 21:02
  That if you buy the real deal, you can continue with your life
• 21:06
  as normal, or you can enter us on you can jump, boss.
• 21:08
  You can do whatever. You'd be fine.
• 21:10
  But if you buy those cheap knockoffs that would destroy the
• 21:13
  epidemics of your skin, you won't be able to stand in the
• 21:16
  sun for more than 10 minutes because if you stay in the sun,
• 21:18
  your skin will just be red or you will just start looking
• 21:20
  green or whatever. So you owe it up to them.
• 21:24
  You owe it up to your customers to protect them and to make sure
• 21:27
  that they are well informed. If they have listened to your
• 21:30
  whole story and they say, you know what, let me just go and
• 21:33
  buy that 45 K-1 and you've done, you've done your best.
• 21:40
  But if they listen to you and they buy the good stuff from
• 21:44
  you, even if they don't buy the good stuff from you, let's say
• 21:45
  they go and buy from someplace else, at least you have done
• 21:48
  something to give genuine value to people who come by your
• 21:51
  store. So we actually owe it up to our
• 21:54
  customers to make sure that the comparisons that they're
• 21:56
  comparing us to other people want to be sure that it's it's,
• 22:02
  it's the same, it's the same comparison.
• 22:04
  The level of quality, the level of durability, whether it's
• 22:08
  warranty or whether it's whatever.
• 22:09
  We need to make sure that it's an exact comparison, but that's
• 22:14
  just a general approach. So agree and empathize.
• 22:16
  And that's a couple of questions.
• 22:18
  What is their sense of price? What is their sense of value?
• 22:21
  Are they comparing us to other people accurately?
• 22:23
  Why is this just a moment? Is this just something of
• 22:26
  payment terms? So, OK, 65, OK, but you came
• 22:32
  here with 35, so you now start talking about payment terms
• 22:36
  instead of dropping the discount.
• 22:42
  In fact, some of you might ask from an accounting point of view
• 22:45
  and it would depend on a case by case basis, you know, which is
• 22:47
  better to actually discount and then collect a lump sum now or
• 22:52
  to take flexible payment terms and then give credit and collect
• 22:55
  money later? OK, something I should research,
• 22:59
  but it's going to be on a case by case basis and it would
• 23:01
  depend on the industry which one is better to just collect big
• 23:05
  money. Now let's say you discount and
• 23:08
  you collect 98% of money now instead of this system, 100% of
• 23:12
  the price. But then they pay 50% now and
• 23:14
  then they owe you the other one and they paid maybe after two
• 23:17
  months or something. And the interesting
• 23:18
  conversation. Yeah, I'll talk to some
• 23:20
  accounting professionals about that and hear what their opinion
• 23:23
  is. But that's just a general
• 23:26
  approach. So that is all for today.
• 23:29
  If you would love to sky rocket your business, then call me.
• 23:33
  Let's have a no cost business audit where we can discover
• 23:37
  actionable strategies to deal with your business problems.
• 23:39
  The number is 08064662140. Again, the country code is +234.
• 23:46
  For those of you who are not Nigerian and also reach out to
• 23:48
  me on socials, I'm on LinkedIn. My name is Tavishima Aidi.
• 23:52
  Thanks for your time and attention.
• 23:53
  I'll catch you guys at the next episode.