Turning Around the Price Issue

Most of the specific objections you’ll deal with will come down to price in some form or fashion. You must keep in mind that ability to pay and willingness to pay are two very different scenarios.

Turning Around The Price Issue

The problem with the price, rate, commission or fee objection is that most salespeople won’t deal with it or even worse they get defensive and try and justify it. How much something costs is about your perspective. Look at it this way…your product or service is really free. How is that? Well most products or services actually pay for themselves…don’t they? Most products and services save your customer time, make your customer more productive, help them perform better, and/or reduce their expenses over time. So don’t all good products and services eventually pay for themselves?

Turning Around The Price Issue

When your customer says that your product or service costs too much, they can’t afford it or it’s too expensive there are a variety of ways to turn their position around. One effective method to assist you in this pursuit is called parroting. What is parroting? You can probably tell how this technique works by it’s name. You simply repeat what the customer says back to them in the form of a question. For instance when the customer says that your price is too high, you can simply say, “The price is too high?” At this point the customer will expound on the reasons they feel the price is too high and usually realize with your help that many of them are unfounded.

Turning Around The Price Issue

Another way to handle a price objection is to ask, “Why do you feel that way?” This is another tool to help the customer realize that their rationale may not be well-founded. You can also ask, “Is price your only concern?” This question will get the customer focused back onto value and away from price. Remember that oftentimes the customer simply considers you, your company and your product or service a commodity. They think they can get the same thing, from anybody, from anywhere…can they? Of course not…but it’s your job to not only get the customer to see this, but feel the implications of it.

Turning Around The Price Issue

Expense, cost and price are often relative things. They can mean different things to different people. So when the customer mentions the price is too much, you can use some of these questions:

As compared to what? How much too much do you feel it is? How far apart are we?

These are terrific questions to ask because most salespeople often try to deal with the entire price, rate, commission or fee instead of what the customer has an objection to. Look at it this way…if you’re asking for $ 500 a month and the customer responds with, “That’s too expensive.” You can ask, “How much too much do you feel it is?” In turn they may respond with, “$ 475 is the most we were budgeting for.” Isn’t it easier to go back and re-create value in $ 25 a month than in $ 500 a month?

The bottom line is that you shouldn’t make your job harder on yourself than it has to be. Learn the tools to make your job easier. Every tool doesn’t work on every job, but the more tools you have to pull from your toolbox, the more efficiently and effectively you can get your job done.

The key here is that your customers will ultimately sell themselves if you let them, but first you have to figure out the right questions or tools for them to be able to do that. Telling is not selling…asking questions is. Now would the tools we just spoke of work every time? Of course not. But if you talked to ten prospects regarding your products or services, how many of those ten would mention the price, rate, commission or fee as a question or concern? Most will tell me eight out of ten. Might you use that technique to turn one or two of the eight around? And if you did it this week or this month, could you do it next week or next month? Absolutely!

And if you did it next week or month, could you do it the week or month after that? Yes. So, how many more sales could that mean for you over the course of the next year? Dozens…maybe more?

I am currently holding free sales training workshops in the Denver CO Metro area.
If you are interested in having me visit with your sales team contact me at 615-364-2184
I will hold 2 half day Sales Training Conferences on August 12, 2009 at the Colorado Convention Center.
8:00-12:30 will be for Business to Business and 1:30-6 will be for Professional Selling. For more information about
me and my company visit us at http://www.summitgroupint.com

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