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- The good news is that when someone says you're too expensive, it needn't always be the end of the conversation. Often, when a potential client mentions your pricing, it's a signal that they want to buy from you, but may need some convincing in order to overcome their reasons for hesitating.
www.muitsun.com/respond-to-you-are-too-expensive/How to respond when a client says you're too expensive - Mui Tsun
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- Gratefulness. You need to remember and use these two words: "Thank you!". Firstly you need to react as following: "Thank you very much for checking out my work".
- Expensive compared to what? Thanks to this question, it will be easier for you to identify the essence of the client’s resistance and whether he has been price - comparing you with the other professionals in the field.
- Stay Reserved and Quiet. At the end of the day, you don’t have to defend yourself and your prices - if you don’t want to. It’s your right to ignore the objection as much as it’s the client’s right to object to prices.
- Ask What is Their Budget. Keep in mind that there are many clients that are not just trying to be bitter and take advantage of you. Some might really want specifically you on their event but do not have the means to “get” you.
- Let's Start with How You Shouldn't respond...
- Instant Download: No-Sell Sales Call
- Tips on How You Can Respond
- Important Things to Remember About Pricing
- Why People Don't Buy
- Tips For Creating Incentives to Encourage Your Prospect to Buy
- Fine-Tuning Your Sales Calls and Pitches
- Help Your Potential Clients Dig Deeper
Don't automatically assume you've lost this client.
When you hear these words - recognise it as an indication that you're at the start of the sales journey with somebody who might actually be interested in what you have to offer. It's just that there's still some work you need to do to help them arrive at the right decision for them.
Don't panic
Don't immediately lower your pricing out of panic when someone says you're too expensive, otherwise they'll assume that you were over-charging to begin with. That's not what you want. And you'll miss a chance to open a dialogue that can lead to better understanding of your client's requirements and concerns.
Don't defend yourself
At the end of the day, it's your business. You don't have to defend yourself or your prices, unless you want to. Just as your client has the right to object to your prices, you have the right to stand by them. This is especially the case if you are happy with your current workload.
Want a reliable and repeatable framework that will guide you through your sales calls, so you know how to lead the conversation every step of the way, and direct it to the best outcome for you and your clients, all without feeling pushy or salesy? Get my training guide "No-Sell Sales Call"below.
1. Start a conversation
The good news is that when someone says you're too expensive, it needn't always be the end of the conversation. Often, when a potential client mentions your pricing, it's a signal that they want to buy from you, but may need some convincing in order to overcome their reasons for hesitating. These objections may have nothing to do with your price and everything to do with where they're at. Sometimes they're either not 100% committed to a particular course of action, e.g. they may just be price...
2. Acknowledge that you're expensive
Communicate to your clients the real value of your work, the processes and time involved to help them get results. Explain to them that it's taken years of dedication for you to build your expertise and knowledge in your field. So yes, you are expensive. But if you can convey the true value of what you do, then your clients will realise that your services are worth the price tag.
3. Focus on the return on investment
In a previous blog post 5 Reasons Why Nobody Is Buying From You, I share why clients may not be ready to invest in you, and it's rarely about price! One of the common reasons is that they don't understand the values/benefits of your offerings. Focusing on the ROI and the results you'll help them achieve is key. Say to your client: 1. "You reached out to me because you need help with [XYZ]. I'm confident that I can help you." 2. "What would it mean to you if I can help you solve the [XYZ] prob...
Pricing is subjective
What one person considers expensive is often deemed affordable by another. But it isn't just one person's perception of pricethat influences the subjectivity of price; other circumstances can affect it too. Subjective pricing was a topic of interest for Richard Thaler, an economist who found that the perception of prestige swung the subjectivity scale for most people. He tested the theory using bottles of Budweiser. Thaler found that people were happy to pay a higher price for a bottle of 'Bu...
Beware of projecting your perception of price onto your customers
No two customers are the same, and many won't align with your personal pricing values. Bearing this in mind will help you to remain reflective when considering your response the next time somebody tells you 'you're too expensive.'
There are many reasons why somebody might decide not to buy from you. Many of these reasons have nothing to do with the customer's initial perception of price, but have everything to do with how they perceive the value of your product or service. Research suggests that 'the price is too high' is the least common reason why people don't buy.
Here are some ways you can position your product or service to give customers reasons or even incentives to buy: 1. Create irresistible offers. 2. Offer testimonials, case studies and quotes that demonstrate the effectiveness of your product or service. 3. Develop a coherent brand that gives your customers a sense of trust. 4. Pay attention to your...
If you're a freelancer, a coach, a consultant or a service provider, you'll likely to conducting sales calls with potential customers. How you structure your sales call can have a big impact on the perception of price.
If your prospect still tells you you're too expensive at this point, it's time to help them dig a little deeper. There are usually only a few genuine reasons why people don't want to pay your price. By asking them the right questions, you can help them sort through their thinking and reasoning, work through their fear and reservations, and help the...
What to Say When a Client Says You’re too Expensive. The “too expensive” objection. If you’ve been in business for a while, by now you would’ve come across clients or prospects giving you the too expensive objection. Mastering the right mindset and believing in the value you’re offering is so important.
The key to responding when a client says you’re too expensive is to remind yourself, first, how incredibly deserving you are of your rate. You are an artist, you are providing a service, and you deserve to be paid for it. Well.
- Reconfirm the scope and your approach. If your fee is too high the first thing to determine is whether your understanding of the scope is correct. Before you start giving things away, make sure both you and the client have the same understanding of the project and your proposed approach.
- Get the client to do more of the work. Your aim is to help the client move forward with the project in order to achieve their objectives. We’ve already established that, as you’re in a pricing discussion, the signs are that the client is keen to do the work and is interested in engaging you and your firm to assist.
- Reduce your cost to deliver. We are entering risky territory here! Be careful where you tread. One way in which to reduce your cost is to go review your estimated effort and assigned expertise to determine
- Ask for a testimonial. Testimonials create trust and authority in your prospects. If you haven’t already got a testimonial from the client, then consider trading a reduction in fees for a guaranteed testimonial.
Mar 17, 2021 · How to respond when a potential client says you’re too expensive. If you’ve been in business for a while, you’ve probably come across a client that thinks you’re too expensive or out of their budget. Before you let it send you on a downward, self-doubting spiral just know that it’s happened to all of us and the best of us.
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Nov 1, 2021 · Let’s look at an example of how to respond when a potential client says you’re too expensive: 🚫 My wholesaler charges $3 for long-stem roses because they’re a premium flower, so I need to charge at least $6 in order to make a decent profit.
