When you get price objections, consider these suggestions:
1. Clarify what the prospect means when she says your price is too high.
• She may mean she can’t afford the price, although the product is worth what you’re asking.
Strategy:
a) Focus on payment options rather than price.
b) Try creative financing.
c) Switch to a more affordable product, if available.
• She may be trying to tell you that her current understanding of the product’s features/benefits isn’t worth what you’re asking.
Strategy:
a) Review special features and upgrades that make product worth the price.
b) Check benefits by asking for feedback.
• She may mean that from her point of view, the product doesn’t offer as much as someone else’s.
Strategy:
a) Make sure comparative factors the prospect is using are of equal weight.
b) Focus on important uniquenesses and advantages.
• She may mean that she feels that her money would be better spent on something else (see Priority below).
• She may be trying to tell you that the product is a good value, but not to her, for X reason(s).
Strategy:
Create new selection criteria and come up with a new option.
2. Differentiate between price and total cost.
• Price is what you initially pay — a one-time charge.
• Total cost is what you pay over the term of ownership, including recurring expenses.
3. Ask the prospect for help in solving the problem. Say something like:
• “I sense that you have a concern about money. In an ideal world, how could we structure the financial package to best meet your needs?”
This article was originally published on topsalesworld.com
Dr. Tony Alessandra is a behavioral and communication expert, and author of 17 books including The Platinum Rule, Collaborative Selling and The Art of Managing People. Today he is a leading business motivational speaker on communication, customer loyalty and sales.
