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Oct 19, 2022 · In the intro, we discussed that there could be a lot of different sales objections hiding behind the price sales objection. As a salesperson, it’s your job to get to the root of the problem and understand what’s holding your prospect back from buying your product. The best way to do this is to ask questions.
- “It’s too expensive.” Note that this objection is not the same as “We don’t have the budget.” Your response to this objection puts you in 1 of 2 positions
- “We don’t have the budget.” Remember that you’re in this conversation for a reason: Your prospect has a pressing issue that your offering can solve. Their problem needs an eventual solution, and waiting to find that solution will only prolong their pain — and could even make it more severe.
- “I can get a cheaper version somewhere else.” This objection requires a bit of detective work. There are a few explanations and it’s important to find out what you’re dealing with.
- “We’re being downsized/bought out.” Unfortunately, this objection usually means the end of the road. If your prospect no longer has a business, then you no longer have a deal.
Why prospects raise price objections Customers object to price for 3 main reasons: 1. Comparing your product and price to others. 2. Their expectations about the price. 3. Beliefs about the cost and value. When you understand the reasons prospects raise objections such as: It's too expensive... handling price objections becomes a lot easier.
- They don’t see the value in what you are selling. Often when a prospect tells you that the price is too high, what they’re really saying is that based on what you’re telling them they’re getting, they don’t feel the spend is justified.
- They believe they can get it cheaper somewhere else. With the Internet making your solution available to nearly anyone – or a solution your prospect thinks is the same – it’s difficult to compete on price.
- They actually can get it cheaper somewhere else. This can seem difficult to at first handle, because after all if they can get it cheaper somewhere else, why wouldn’t they do it?
- Price is just a smokescreen hiding other objections. Often times prospects are not ready or willing to move forward with a purchase for a host of different reasons: If they are a business, then initiatives can change, or personnel changes, timing, scheduling, etc., also affect purchases.
Apr 24, 2024 · 2. Own your high price upfront. In order to effectively overcome objections on price, avoid positioning yourself as the lowest-priced option in your industry. Embrace the fact that you offer premium pricing to increase your profitability. Confidence in your pricing is key; don’t engage in price negotiations or try to compete solely on cost.
Apr 4, 2023 · “Whatever you do, don’t compromise on quality, even in the face of price objections. Compromising quality to adjust to a lower price can negatively impact people's perception of your brand. You could lose credibility as a reputable service provider and put off potential clients in the future.”
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Price objection can arise from different factors such as budget constraints, comparison to competitive prices, or doubts about the product's quality. 1.1 - Definition of Price Objection. In simple terms, price objection is a customer's objection to the price of a product or service.
