Price shoppers come in all shapes and sizes and represent less than 20 percent of the market. My company's research indicates it is about one-in-six. Understanding the type of price shopper you're selling to will help you maintain your sanity and your margins.

They buy because it's cheap. Whether it's a lack of resources or self-control, they can't pass up a sale sign. When you're cleaning out the warehouse to make room for new products, bargain hunters can be part of your cleaning crew. Just make them a deal that is too good to pass up. Bargain hunters don't signal that your regular price is too high; they simply want what is cheap. In your selling strategy, be clear to advise the buyer that it is a one-time, special-pricing action. You do not want to destroy the psychological reference price for your product.

They hate to part with their money. It's painful for them to spend money. Brain-imaging research has demonstrated that the pain centers in their brains light up when they spend money. It doesn't matter what they're buying, it's painful for them to let go of their funds. This means you have a real battle on your hands selling to a tight-fisted buyer. Can you help them part with their money? Yes. Acknowledge their emotional aversion to spending money—let them know you understand. Then give them enough rational reasons to act. “I know you hate to waste money and here's why our solution makes sense. ...”

They like to save money. It feels right to them. Brain imaging demonstrates that the pleasure centers in their brains light up when they save money. It's not that they hate spending; they find saving money pleasurable. Demonstrate how investing money in your product will save them money. For example, “One of the major advantages of implementing our solution is the return on your financial investment—the long-term savings associated with our product. This is truly a case of spending a little more to save a lot more.”

These are particularly pernicious buyers. Consu-mer research has shown they represent 10 percent of the buying public. They lie, cheat, steal and engage in a host of other unethical practices to drive down the price. Showing you a competitor's bid fits this bill. A last look at a quote to drive down your price is predatory. Taking 2 percent terms for early payment and then paying you late fits this category. Lying about supply alternatives or using phony data in a negotiation is manipulative and creates an adversarial atmosphere. Don't be seduced into believing that any of this is sharp negotiating—it's lying! And lying automatically places the buyer into this category.

So what's a salesperson to do? Be aware and beware of the price shopper to whom you sell. Then decide how and if you will sell to them.