What is the prize frame?
If you are in business you have likely heard the term “prizing”.
You may use the term yourself. You may even encourage team members to “prize” themselves.
But what does prizing actually mean?
What is the prize frame?
The prize frame is a mindset and in sales it is one of the most powerful and significant shifts a business can make which has an immediate and “forever” impact on everything you do.
In sales invariably the buyer sees themselves as the prize.
They have the money, they have the power to do a deal, write a purchase order, sign a letter of intent, pay a deposit.
And most businesses, most sales people will act supplicant and do anything to get it.
This will then come across to the buyer as desperate and needy and then the buyer will only do business with us if it suits them.
They will negotiate on price, terms, they will seek concessions and only deal with us based on their charity, if the deal is good for them.
And this is no way to run a successful business
To start with its not fun
Nor is it profitable.
The prize frame mindset starts with the self belief that you, your business its products or services are the prize, not the buyer.
That you are the prize
That the buyer has a pain point or problem to solve and that they need you to solve it, you don’t need them.
That you are the prize
That you are an expert in what you do, in solving the buyers pain or problem with your product or service and without you, the buyers pain will remain.
That you are the prize
That you will decide, not the buyer if they are a good fit to welcome into your business
Because you are the prize
And once you and or your team develop this mindset, just watch the changes that occur.
- You start attracting and doing business with the quality buyers.
- The buyers who understand value and don’t constantly negotiate
- Discounting will become a thing of the past
- You will engage buyers that are committed to work with you
- Revenue rises
- Profits increase
All because of a change in mindset
That YOU are the prize.
There are a number of frames that businesses need to understand, check out the blog on Frame control
https://thesalesstrategist.com.au/what-is-frame-control/