Overcoming price objections is one of the first things you’d be taught in sales traing.
Now we know…we live in enlightened times.
Price objections are caused by seller not buyers.
So, accept that reality and overcoming price objections becomes a thing of the past.
Just don’t create any more price objections.
Yes, I know…it’s just way toooooo simple.
But sometimes simple works.
Simple works really well.
And this is basic sales…but very often forgotten.
To sell with minimum price objections have this one thought in your head…
‘My product/service/company and I offer such overwhelming value that what we sell is worth two or three times the price we ask, and I’m going to prove it to this buyer so he understands what he’s getting and what a gift it is…at any price’
Now, some sales people will read that and think what?!?
Because they don’t like the super human effort to engage and delight buyer to deliver such value…
That’s ok, they’re not real sales people.
For the rest of you, read on…
But, here are the rules:
Overcoming Price Objections | Rule 1 | Don’t Put Yourself in Lock Down
When the only way out is a buyer discount!
Don’t ask for the business until you know what you’re quoting for….that means don’t get to the buyer saying ‘yes, that sounds great…but what’s it going to cost me?’
If you get to this position, look behind you and to the sides…you’re in a box.
Your buyer has put you in a box where the only negotiable is price.
After all, he loves what you’re selling, now all you have to discuss is your price.
You’ve just made it super easy for your buyer to chip your price.
Overcoming Price Objections | Rule 2 | Talk About Value All Through the Sales Discussion
You want your buyer to know that this, whatever you offer, is not a cheap option.
Give him the facts and figures.
Past results from other businesses/buyers who have brought from you.
Show him some testimonials.
Be ruthless in getting him to spec out the cost of his current solution AND the cost of doing nothing.
Talk to him about the huge benefits (not features) of having your solutions – the intangibles and the tangibles
Help him understand the value inherent in ditching the status quo and embracing the value laden future with your product/service.
Give him as much as you can deliver…no lies. A realistic moon on a stick.
Blow his mind with value.
What does this do?
He knows, before you say a word, that your solution won’t be cheap.
He’ll know you don’t discount…why should you?
And for something this fantastic, well, he might still ask for a discount, but his heart won’t be in it.
Overcoming Price Objections | Rule 3 | Get the Buyer to Start Selling Your Solution/Product to Himself…
So you don’t have to!
You can do this with your questions…here are just two examples:
So, what will you tell your team about this solution to ensure their buy in to your decision?
When you get budget released for this, what will be the foundation of your business case to the FD?
How the buyer deals with these questions tells you whether you’ve got a converted buyer or he’s still shopping around.
AND, if he does give you a glowing pitch, asking for a discount post such a demonstration of his own sales pitching, influencing and persuasion skills will leave him a tad shame faced…
So, overcoming price objections is really easy…if you don’t create the price objections in the first place!
Who knew overcoming price objections was that easy?
So, this is just a very quick whistle stop tour of how to deal with price objections, simply because it came up in some call coaching I was doing this morning, but if you want a more comprehensive discussion of how to NOT back yourself into a corner over price, give me a shout.
Likewise…start believing that you and your solution are worth every single dime you ask for and more, many times more, then angle your sales presentation to prove it to your buyers!
And if you need help with that – Help Me Kill Price Objections Before They Kill My Sales Pitch
And if you want to check out what else you can do to handle more general sales objections, then hit the link – How to Stop Losing Sales You Should Be Winning!
Overcoming price objections is a mugs game, don’t be a mug.