Bar none, the biggest objection a customer ever raises is price. Often they don\u2019t comprehend the value of your solution, therefore concluding that the number you\u2019ve quoted is completely arbitrary, maybe even greed-based. It\u2019s true that today\u2019s customers exist in a climate of global competition; they know how to \u201cGoogle it,\u201d etc. But information isn\u2019t always knowledge, so they\u2019re not necessarily well-versed when it comes to your products and services. At the decision-making phase of the sales cycle, act as a trusted advisor and guide your prospects toward a deeper understanding of how you can fill their need.<\/p>\n
In the early stages, be prepared for price objections to rise like odors from an ancient sea chest. It\u2019s your job to both anticipate and neutralize those objections, \u201cFabrezing\u201d them with explanations that will get prospects to understand that your price corresponds, as we\u2019ve said, to the value of your solution. Below is a list of common price objections and how to effectively respond to each.<\/p>\n
It\u2019s Not in My Budget<\/strong> Shock and Awe<\/strong> The Price Is Wrong<\/strong> Bait and Switch<\/strong> Playing the Urgency Card<\/strong> Buyers whose sole focus is price will try one of the above to lower the dollar amount for what they want. They may pull two or more tricks out of their bag. Don\u2019t lower your need based on their price expectations. What they really want is a good product; they know it and you should too. Remember that price isn\u2019t the only thing that makes a sale. What you have to offer are great goods and services\u2014stand behind the power of your solutions. Keeping that in mind will help you stay calm. Focus on asking about their objections and addressing those concerns. Be a trusted advisor, making sure that everyone walks away happy\u2014and comes back for more.<\/p>\n","protected":false},"excerpt":{"rendered":" Bar none, the biggest objection a customer ever raises is price. Often they don\u2019t comprehend the value of your solution, therefore concluding that the number you\u2019ve quoted is completely arbitrary, maybe even greed-based. It\u2019s true that today\u2019s customers exist in a climate of global competition; they know how to \u201cGoogle it,\u201d etc. But information isn\u2019t […]<\/p>\n","protected":false},"author":1,"featured_media":100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[21,11,17],"class_list":["post-99","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-b2b","tag-sales","tag-training"],"jetpack_featured_media_url":"https:\/\/maven-side.com\/wp-content\/uploads\/2016\/04\/2-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/posts\/99","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/comments?post=99"}],"version-history":[{"count":0,"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/posts\/99\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/media\/100"}],"wp:attachment":[{"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/media?parent=99"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/categories?post=99"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/maven-side.com\/index.php\/wp-json\/wp\/v2\/tags?post=99"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nWhen customers are bound by a budget, they\u2019ll naturally base their range on its restrictions. But they may also use the old budget excuse for insisting on a lower price. Be a proactive seller, throwing out a number before the customer does. And then, if you choose, ask if that price falls within the range they\u2019re comfortable with. If the customer does trot out a number before you\u2019ve had a chance to name your price, ask how they\u2019ve arrived at that figure, and then explain why, based on your value proposition, you can or cannot meet them at the price they say they\u2019re locked into.<\/p>\n
\nWe\u2019ve all witnessed the wide-eyed look of shock on a customer\u2019s face, as if the price we\u2019ve put forward has physically harmed them. The shock can be real, but it can also be a bit of theater. Don\u2019t cave in to their emotion, real or \u201cacademy award-winning.\u201d Just be direct and ask why they feel your price is too high. See this as an opportunity to link your benefits and features with their needs that you should\u2019ve uncovered by now.<\/p>\n
\nYou could say, \u201cThis product is free\u201d and that would still be too high a price for some customers. That\u2019s because they\u2019re poised to balk at the price before you\u2019ve even begun the conversation. When they object to the quote, ask them why. In order to reason with them, you need to understand their rationale. Many things can account for customers\u2019 unrealistic price expectations, including misinformation and limited information. They may have done bad research. When they say they\u2019ve paid less in the past, gently point out that if they\u2019d been satisfied with their last supplier, they would not be looking for alternatives now. Again you\u2019ve got an opportunity here to make the connection between their needs and your goods and services.<\/p>\n
\nIt\u2019s sometimes the case that a prospect asks for a quote for a large order, but then decides they want a smaller order, only at the same price per unit. Never give them your answer without first reviewing the pricing based on the new scope of the order. As a trusted adviser, look at the sale as part of a whole\u2014you\u2019re building a long-term relationship, not cutting a deal and then never seeing them again. Get more insight from the buyer, and then build on that conversation in order to reach a happy pricing ground. Even though the order is smaller than what you\u2019d bargained for, offer concessions. Keep the relationship going.<\/p>\n
\nIt\u2019s not only bad sales reps who play the urgency card; customers will sometimes make it sound like a decision has to be made right away or the whole deal is going to blow to smithereens. They might use the line, \u201cI\u2019ve got a meeting in one hour and need to present my options. Is this the best you can do for me?\u201d At which point, you\u2019ve got a choice, you can get scared and cave, dropping the price to suit the \u201cemergency.\u201d Or you can say, \u201cI can\u2019t make that kind of concession without in-house approval. If I\u2019m not able to meet your deadline, I hope we can discuss working together once your meeting concludes later this afternoon.\u201d If you do get a reaction from them later in the day, you\u2019ll know they were never going to dynamite the bridge.<\/p>\n