The difference between price and cost

Posted March 1, 2022 in
Sales Sales

Connor DeLaney

"If you’re not prepared to be wrong, you’ll never come up with anything original."

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I just finished reading Zig Ziglar's Secrets of Closing the Sale: For Anyone Who Must Get Others to Say Yes! and absolutely fell in love with the price vs cost discussion.

What's the difference between price and cost?

Price is a one-time agreement, right at the initial purchasing decision. The cost is the long-term quality for the entirety of the agreement, including upgrades, repairs, improvements, etc.

Zig provided the example of buying a bike at a price of $64 vs a $34 bike. They bought the $34 bike but it cost them much more over time to repair, making the cost much higher than the $64 bike. Seeing that difference brought me a ton of clarity on the true intentions and hesitations of a buyer. 

My takeaway: If someone is concerned about Price, dig deeper to see if that true worry is about price or if it's really about cost (value long term). 

Has anyone else read this book before or applied this principle? Definitely, something I'm thinking about more and more. 
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