Is Price a Valid Objection?
1. First, write down all the places you have heard that pricing is a concern or that you should lower your price to get a deal. These could be articles on the web, your uncle George or the news. Consider whether or not the purpose of these messages is to make you do better or worse? Consider the source of all of this information that you have heard. Are these sources valid? Now get the idea of agreeing with the sources that it is “OK” for you to fail. Does that really give you the power to change this? Now, DECIDE TO DISAGREE WITH THESE MESSAGES AND PROSPER! This is the first step. Your decision is the most powerful and important!
2. Next create a list of why your product/service is worth the price. This should be 10 items at least. When you make this list, notice whether or not the list is based on your point of view or the viewpoint of the prospect. Ask “why would the prospect feel your product or service is worth the price?” (Note: if there is a problem creating this list you need to run an internal campaign to handle any doubts sales and other employees may have on your product/services being worth the price).
3. Then you want to make sure you follow your sales process, this is your step by step process that your company developed in order to ensure each sale goes through a precise routine every time (if you don’t have this please contact our offices for a process analysis/review). It has been found through hours and hours of working with sales professionals when a salesperson short cut the sales process price objection is inevitable.
4. Now sit down with someone else, could be another salesperson at your company and practice the following:
Client: “I would like to do it but the price is too high for me”
Salesperson: “(first name) I completely understand your hesitation it is a big decision and it is perfectly natural to ensure you are getting the best price but let me ask you, have you ever purchased something of lesser quality at a lower price only to find when you took it home it didn’t work well or broke shortly after buying it?”
Client: “Yes”
Salesperson: “Me too! What did your purchase?”
Client tells you about his bad purchase
Salesperson: “Thank you for telling me that. One of the points of pride regarding our company is providing you a High Quality product the first time, ensuring your experience is better than expected. This way our clients are willing to pay a little bit more to do it right the first time, wouldn’t you agree that is the best policy?”
Clients: “Of course”
5. Compile a binder/book/web page that has 3rd Party Endorsements, Case Studies, references, competitive analysis and marketing collateral. Ensure that you and your sales team have full access to and use this material during your sales process. (if you don’t have this please contact our offices for a Marketing Collateral analysis/review)
This used as part of your continuous improvement system of Core Sales Abilities that will be very effective in closing more sales.