I downloaded a handy informational guide of overcoming sales objections from Resourceful Selling, which I am going to share you over the next couple of blogs.
The information starts with a headline:
“The price objection is the quickest way for a prospect to get rid of a salesperson. But a price objection shouldn’t mark the end of a discussion.”
Good advice. I have seen too many salespeople give up when a potential customer says that the price is too expensive. But giving up should not be your first option.
First find out what may be behind the customer telling you that the price is too high or that it is more than they usually pay.
- You may not have asked enough questions about what the customer is looking for
- It may be that you haven’t communicated the value of your product in a way that makes sense to your customer.
- The customer may not have been fully made aware of the differentiation of your products or service from that of your competitors
- The customer may be fishing to see if you are willing go down on the price, but will buy it anyway if you don’t
For any of these reasons, price may become a serious factor in whether the customer buys or not. So your job is to identify the reason for buying your customer will be most susceptible to. In this article I was reading, they quoted a study by Alpha Marketing who ranked the reasons why customers choose to buy:
- Company reputation
- Level of service
- Reliability of salesperson
- Ability to meet deadlines (which may not apply to you)
As you can see, price is not the first thing on people’s minds. Yes, it is a factor but I believe with the right information, good customer service and a genuine interest in what is best for the customer, the price objection may be easily overcome.
Next week ways to overcome price objections
A tip of the glass from me to you