Dealing with Price Objections

Have you ever heard, "Your prices are too high."

The dreaded pricing objection. We've all had to deal with it at some point in our careers. Regardless of what form it takes, it can be one of the most frustrating challenges sales professionals have to face.

If price always seems to become an issue for you, one of the most effective strategies is head it off and deal with it right up front. This goes with any objection you hear often. Don't be afraid of the issue. Train yourself to bring it up first and get it on the table as early as possible in the sales dialogue.

Try telling your prospective client something like:

"You need to know that ours is not the cheapest product available. You will always find someone who is less expensive than us, and you will always find someone who is more expensive than us. We are always competitive. Knowing that we are not the cheapest, does it make sense for us to go ahead?"

When you ask this question, one of two things will happen: The sales cycle will end right here because the client only wants the cheapest product and you don't have it. There's no point wasting your valuable time with someone who has no intention of doing business with you anyway.

If the client reacts negatively about the price you will want to acknowledge thier discomfort.

"I sense that you're uncomfortable with that price. What were you expecting?", or"You don't seem happy with that price. Are you only looking for the lowest price?" Notice that both of these questions have two distinct parts. First, you acknowledge that the client appears to be uncomfortable. This will help build trust and get them on your side. Next, you ask a direct question. You can use this formula every time you are faced with an objection.

If the client verbally tells you that your price is too high, your first move is to take a breath and remain quiet for a full three seconds. Then ask them: "I guess you're looking only for the lowest price?"They will either say yes or no. If they say no, you can ask: "Really? What else is there?" If they answer yes, you can say: "Okay, knowing that we will not be the lowest price, does that mean we will never get the chance to do business together?"The most powerful word for handling objections When it comes to handling sales objections, "never" is the most powerful word in the English language. Most people hate it. Very few are willing to commit to it. As a result, the vast majority of prospects will respond to it by saying, "well, no... not never!"In that case, your job is simply to ask: "Really? Why?" The client will then either tell you what it will take to do business with them or ask you for something that you can't provide. Either way, this puts the control back in your hands by letting you choose between making the sale or turning down the deal and walking away.

If a client is dead set on getting the lowest price and you know you can't offer it, then you may as well end the conversation right now and get to work on deals that have a better likelihood of closing. Spending time trying to sell to someone who is never going to buy from you is both a bad decision - and a costly mistake. Brainstorm your best answers.

Finally, take some time to sit down (on your own or with your team) and brainstorm your best possible answers to every potential objection. Practice your responses out loud until you've mastered them. Make them your own. Then review your work each quarter to make sure that everyone on your team knows which responses are working best.If you can reduce the number of objections you receive, you will sell more. Period.

Tips from http://www.engageselling.com

"Choosing Success!"

Gail Wahl
www.homewithmiabella.com