What is the price?
How does a salesperson answer their prospect or customer's question, and how does that answer affect the relationship?
Some training recommends the following:
- It's not about the price, so hold on to that information until necessary.
- Keep the talk light and friendly before bringing up the price.
- Before you bring up the price, build value in your prospect's mind by focusing on the underlying interests of your prospect and how your product or service will benefit them.
- Never reveal the price until you have built significant value.
We believe these ideas are all from the salesperson's perspective. Of course, we don't want to reveal the price until the prospect understands and buys into the value.
But do we consider the prospect's perspective when they ask this question?
We asked executives who often buy products and services their opinions. We hope their answers help you the next time your prospect asks, "What is the price?"
"I don't like surprises. If I ask, I want to know at that moment."
"I never want to be blindsided."
"I want to know the price now if I ask."
"Let me tell you a story. A salesperson wanted to tell me all the great things their products and services could do for me. While talking to him, I just put my hand over my face, shaking my head. Finally, I interrupted and said, let's get to the bottom line here. What will this cost, and tell me why you're the right choice. He didn't do either. So I told him I don't think we can do business together. If he answered my questions, I might have said, okay, tell me how we do this. I want to know quickly. When someone gives me a proposal, I go to the last page before discussing it. If I go to the last page and it's unreasonable for what I'm trying to do, I want to know so I can tell them and they don't waste a lot of time, or if they maybe have another level I might be interested in for less money. But I won't sit there and talk about it until I know whether it is viable. I want to know now!"
"That's probably the first thing I will ask. I can't listen to anything else unless I know at least a ballpark idea of the price."
"Before I go further into the sales process, I want to know the price."
"I want to know upfront what price I'm dealing with."
Price is tied to value. That is true. Successful salespeople realize this question is tied to trust.
How you answer can erode or build trust in the prospect or customer's mind, which can either keep the sales process moving or stall it.
Successful salespeople know that prospects and customers buy from people they trust.