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In fact, do you know that in every single company that I work with most of the sales reps say they have trouble with price objections?
I have worked with companies in the same industries, in the same cities and their sales reps are saying the same things – our customers complain that our prices/rates are too high. So how can everyone’s prices and/or rates be too high?
The fact is it's all a matter of perception and belief. One of my clients who has a very large and successful business with about 50 account managers was having the same problem. About half of his salespeople were having trouble with pricing objections. The reality was that his sales team was forgetting about the 5,000 clients who were using his service right now!
During the training, I urged each and every sales rep to pick up their cel phones and call their clients and customers and ask them, do you feel you are paying too much?
Puts things into a different perspective doesn't it?
My advice to you is, don't ever forget the people who believe in you. If they haven't stopped believing in you and your product or service why have you?
For one, we live in a price conscious society. As a consumer it is the easiest way for me to compare products or services. There are also some who live by the creed “you don’t get what you don’t ask for” so for them it’s normal to ask for a better deal. They’re fishing, and their hoping you will take the bait.
Lastly, every purchase decision we make involves the risk of making a bad decision. I work hard for my money as I am sure you do. So as you can see, someone saying your price is too high doesn’t mean your price is too high. What they are really saying is PROVE to me that buying from you is a good decision.
So taking things one step further, my belief is for someone to even mention price as an objection, means that you have a an interested buyer!
Stated another way - Price objections are in fact buying signals. If someone is so concerned about not being able to afford your product or service, or that your price is not in line with other suppliers - does it not make sense that what they are really saying is - if your price was lower, or "I would expect to pay for something like this" - then indeed you do have someone giving you a "buying signal".
Now that you understand that you have a buyer, we need to position our prospect so that he or she “feels” that they are getting a “good deal.” I always present my products or services as worth more than they are – it’s a mindset that I have before I even enter into the presentation.
I look at it as me being solidly planted on "my rock" - you have to have an unshakable belief in the value of the product or the service you are selling.
This is where market research will really pay off for you - you need to know what your competitors are offering - what their competitive advantages are and their weaknesses.
Other tools to have in your “tool box”:
1) Show them testimonials from current and past clients who are happy with your service.
2) Ask them, have you ever bought the cheapest one or the one on sale and regretted it?
3) Be up front, yes we do charge more and the results are worth it… Are these kinds of results important to you?
4) Show them value, take a piece of paper and write down how the benefits outweigh the costs.
5) Reduce price objections to the smallest number ie: If you spend $200.00 more that works out to about $16.00 per month.
6) Tell them you don’t want to lose a deal over a few dollars. Where else can I move that can help us put this deal together?
7) Make it easy for them to buy. Get creative in your billing/financing/terms - We can bill you 25% now and the rest in 30 days. (or you can offer financing).
And the best reason of all… “When you purchase this item, you also get me!”
Can you think of a better reason than that?
I honestly don’t believe in price objections. Studies show that the vast majority of all purchases are made for other reasons other than price. I know myself I am almost always willing to pay a little bit more if I know that I will get the results that I want. In fact, price rarely stops me from buying something if I think it will do what I need it to do.
So you have to ask yourself, maybe I just didn’t sell my product or service properly… maybe the price objection is a smoke screen because I didn’t sell my prospect on value. And ultimately that’s the bottom line, until you can show value, your product or service will always be over priced.
Category: SalesHow To Overcome Objections Easily And Effortlessly! was written by:Author:Kevin BoyleAdded: Tue, 16 Sep 2008 22:34:46 -0400 This Article Has Been Read 34 times View all Kevin Boyle's articlesAbout the Author: Kevin Boyle is an expert sales coach/trainer and the author of "The Secrets to Sales Mastery" If you would like to learn more innovative new skill sets and strategies to help you build an incredibly successful business and dramatically improve your sales results, visit my web site and subscribe to my FREE 8 part email home study e-course on relationship sales and marketing. |
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