How to Handle Price Objection

Jan 14, 2019

A very common objection that shows up during the sales conversation is the price objection.

The prospect might tell you "This is too expensive, I can't afford it and the price is just too high."

In this short video, I'm going to share with you three reasons why the objection of price shows up in the first place and then I'll tell you four proven methods to mitigate the issue of price and get past this objection.

The first reason is that you're simply talking to the wrong person. By that I mean the person you're speaking with is not a qualified prospect. They're either not the decision-maker at all or they don't have the money to buy your services or products or they might simply be shopping around and it's not the right time for them to buy if they don't have the need yet (They're just shopping around and they want to get some information they're not going to buy from you at this point of time).

The second reason why prospects give you the objection price is that you're doing a bad job of explaining the value of your product or service. In other words, the prospect is thinking to themselves that the pile of money money 'i'm giving away weighs way more than the pile of value that I'm getting. So you're not doing a good job of describing the true value and benefits of your product or service.

The third reason that the issue of price shows up during the sales conversation is because of some untold risks. The prospect might be feeling some risks that they are not even mentioning. For example, they may be thinking: "I'm not sure if I'm making the right decision. I don't think this is the perfect fit for me. I don't have confidence in you .I don't trust you .I don't think you can provide excellent services after you've made the sale" and so on and so forth. What they might be SAYING is "It is too expensive, the price is too high, I can't afford" it but the REAL reason is not the price: it's the untold risks that they're not even mentioning.

What's the solution to the issue of price? How can we minimize the issue of price and get pass the objection of price in our sales conversation?

Number 1: Try to qualify the prospect early on in the sales conversation. Make sure that they are the decision-maker. Make sure they have allocated a reasonable amount of money or budget to buying this product or service. Make sure that it's the right time for them to buy and they do have the need for this product or service.

Number 2: Try to get great at showing the value of your product or service to your prospects. Tell them about the different financial, emotional, physical and even spiritual benefits that they will achieve by buying this product or service.

Number 3: Try to predict the risks that might come up in your prospect's minds and remove them before you get to the closing part of your sales conversation. How can you do that? It's mainly something that you can learn through practice, through making hundreds of sales pitches and paying attention to what the prospects say and asking good questions.

That's the key point: Asking good questions and noticing the answers that come up so that you will prepare yourself for your next conversation and you can remove those risks in the mind of your next prospect so that you will be successful at making the sale in that next sales conversation .

Number 4: Try to break down the price to a ridiculous degree so that your offer would be just something they can't refuse. It's one thing to say the price is $300, and it's another thing to say it's just four $75 installments charged to your credit card over for four month periods. It's just $75 a month which means two and a half dollars a day. So you're paying two and half dollars a day to get this huge bulk of value and benefits that this service or product provides.

Thanks for watching if you think somebody you know might need to watch this short video, please be generous and pass it on.

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