One of the most frustrating objections you can receive from a prospect is, “It’s too expensive” or “Give me a lower price.” As these objections come out, you can literally see sales professionals cringe as they hear those words! However, top sales pro’s know those objections are buying signs and are more than likely smokescreens or stalls to closing today! So here are 5 tactical strategies that can help you eliminate or at the very least minimize a price objection from coming up:
- Sell based on value: Although this seems very simple, if your value proposition is focused on being the cheapest, you may be in trouble. Your solution needs to provide value and help the customer solve some sort of problem. The bigger the problem you solve, the more you can charge! Those who solve the biggest and most problems are the ones that generate the highest incomes. For example: if you sell software and your software provides features/benefits that solve an existing problem your prospect’s current software does not solve, you have now shown the prospect greater VALUE and that your offering is BETTER. This allows you to charge more.
- Meet only with qualified decision makers: One of the biggest mistakes you can make is not clarifying to understood who the decision-makers are and what the decision-making process looks like. If you are meeting with “Seymore’s” (people that want to “see more” of this or “see more” of that but can’t make a decision), you are wasting your time. 99% of the time after you present to these information-gatherers, they take it to their boss aka the right decision-maker and there is no value being presented. It is, “Hey boss, here’s the cost for XYZ program. What do you think?” This ultimately can lead to them pushing back on price as they did not get to see the value you are proposing!
- Connect the solution to their overall business goals: A common mistake sales professionals make is that they focus heavily on the features and benefits of their offering and don’t tie it back to how it helps the prospect’s business. This makes the offering a “good-to-have” vs. “I must have this as it will help me achieve my business goals.” For example: if we use the same example from above on software – “Ms. Decision Maker, our software solution has XYZ features and benefits ultimately will help you GROW YOUR BUSINESS double digits like you mentioned and make your sales professionals 25% MORE PRODUCTIVE.” This aligns the solution to how it helps the business achieve their XYZ goals.
- Offer unique products or solutions: If your business offers unique products or solutions that no one else offers, that is a massive competitive advantage. If you are the only one that can offer it and it is of massive value, price becomes irrelevant. Think of what competitive advantages, products, or services your company offers and look to offer those first as a solution.
- Master objection handling: At the end of the day, you may still get objections regarding price despite all of the above that you execute on. However, it may simply be a default objection to stall the close with no real substance. Your ability to truly clarify and dig into what the root objection is critical to understand what is really holding them back from moving forward. Remember that an objection is simply the prospect stating, “Help me understand why XYZ objection should NOT be a concern and why I should move forward with you today!” When you master objection handling, you’ll close more deals faster!
So there you have it: 5 Strategies to Eliminate Sales Objections About Price! By focusing on proactive strategies, this will ultimately help you close larger and more profitable deals. If you enjoyed this article, please share and like below. Also, access my new Cheat Sheet on 4 Steps to My Proven B2B Sales Process to Earn 6-Figures+ Annually!