Money Making Monday: Overcoming Price Objections

Overcoming price objections

Price is the single most common objection encountered by salespeople, but it doesn’t have to be a deal killer. Here are five field-tested ways you can skillfully handle price objections.

1. Talk it over. Always talk about price before sending the client anything in writing. This positions you to respond right away if objections are raised.

2. Be committed to your price. If you don’t think your price is are fair, no one else is going to believe it either. Know what competitors are charging, and gauge the benefits of your product or service relative to the asking price.

3. Assume nothing. When most sales people are told their price is too high, they make an immediate assumption about what “too high” means. Before you counter-offer, take a deep breath, relax and don’t say anything for a good three seconds. Just pause, look at your customer and gather your thoughts.

4. Get the facts. Find out what “too high” really means. Acknowledge the customer’s objection and show that you appreciate them sharing it with you.

5. Respond and move on if necessary. It’s instructive to ask: “is pricing your only consideration?” If a prospect is really only interested in buying the cheapest option available, you need to know this as early as possible. Be prepared to walk away from business where the prospect isn’t willing to pay what the marketplace has determined is a fair price.

Dedicated to making this your best year yet,