"Your Price Is Too High!"
What do you do when the price isn't quite right?
In our Persuasive Sales course, we spend a bit of time evaluating and discussing the objections attendees get from their customers. Time and again, two objections are first and foremost on their minds. One is how to handle price objections. The other we will save for our next newsletter. So, how do you handle price objections? A list of ways to deal with them follows.
1.

Ask about it
This is the best way to deal with any objection. The customer claims your price is too high… as compared to what? Is this a reference to a competitor’s quote or a number they have come up with in their heads? Have market conditions changed? When is the last time they inquired about the price of what you sell? Questions about why they think the price is too high uncover any misconceptions the customer has about what you are selling or the market in general. Don’t be so smart. Ask questions to clarify your customers unique view of their business and your solution.
2. Apples to apples
Make sure the customer is comparing your solution to similarly configured options. At least make sure they understand and appreciate the difference in quality or value. Comparing a Chevy to a Lamborghini is hardly fair for either company or the customer for that matter.
3. Focus on the difference
Speaking of differences, that is exactly where you should focus. If your price is 8% higher, you only have to justify the 8%, not the entire price.
4. Challenge the prospect
Do this in the form of a question? “You want both feature A and feature B for this low price?” Then get quiet and listen. This tactic may not be for the faint of heart, but it works in the right situation. A less threatening way to do this is to ask, “Whose would you buy if the prices were the same?” You have more selling to do if the customer says “Theirs”. Ask why. Listen for the true objection. However, if the customer says “Yours” then ask why. Before long they will be selling your product to themselves. All you will have to do is say “Right! That’s why ours cost more.”
5. Compare results, not the price
Focus on the results gained from the added value. Compare the difference in price to the added ROI. This can make the difference seem insignificant.
6. Make it smaller
Break it down over the usable life of the product or service. For just $7.38 per day, you have ours versus theirs. For this to work, customers have to associate greater value with your solution. It’s your job to make sure they do.
This list is by no means exhaustive. There are hundreds of ways to handle this situation. Remember - just because the customer thinks your price is too high is no reason to quit.

The next tip ~ Handling Objections ~ Part III
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