“Your price is too high!” We’ve all heard it, more than once, and how you deal with it can be the difference between winning and losing a sale. Objection management is one of the most neglected skill development topics in the sales training industry. As a result, many sales people are inadequately prepared to effectively prevent and overcome buyer objections, especially price objections.
In some cases, price is a legitimate concern. However, in almost every selling situation, price is a miserable place to sell. If the difference between gaining and losing a commitment is based solely on price, sellers may not have effectively identified costs or communicated the value of the products and services. In the following ten response examples, you will notice an emphasis on value over price.
The Top Ten Responses
1.I’ve learned over the years that people look for three things when they make purchases: They look for quality, service, and the lowest investment. It’s also been my experience that no company can offer all three. We choose not to focus exclusively on price so that he long-term satisfaction of our clients is not jeopardized.
2.Is it the price or the cost that concerns you? Let me share with you what I mean by that: you pay the price only once, when you purchase. Cost, however, is of concern for as long as you own the product. You might find a lower price, but I don’t believe you will find a lower cost.
3.Is price your primary consideration? Are you going to make your decision based solely on price? If you are looking exclusively for the lowest price, we’re probably not the best option for you.
4.In order to be fair and equitable to all of our customers, we offer competitive pricing right from the start.
5.Let me explain why your requests, taken together, take me further than I can go. Our policy and procedure is to adhere to our proposed pricing model, which means I’m not in a position to make a price allowance. Would you like to discuss what I think might work?
6.We may not be able to offer the lowest price. But, we do guarantee the best product with the best service.
7.How important is quality in your evaluation? Sometimes sacrificing quality can end up being very costly.
8.Other than pricing, is there any other reason why you wouldn’t choose our product over the competitor’s?
9.Is it price or cost that you are evaluating? Have you considered the total cost of ownership?
10.A year from now, price won’t be of concern if the product lives up to your expectations. If you pay a lower price, you’re likely to deal with the long-term cost of poor performance, inferior service, and lack of quality.
Keep in mind that most of the above responses are reactionary. No response, regardless of how clever or well worded, can replace effectively building value prior to a price discussion or negotiation. Learning to overcome price specific objections is an invaluable selling skill. Sellers who know how to deal with price demands overcome more objections, give away fewer unnecessary discounts, and ultimately win more sales.