Overcoming the Price Objection

Person paying for item with credit card

Why do prospects always get hung up on price? You might think it is because you are charging too much, but more than likely, that not the case.

When heading toward the close of a sale, nothing can kill your momentum faster than an objection. And when it comes to pricing, it is important not to take it personally. Often, when you hear this objection, it means that the prospect cannot match the cost with the value.

No two sales should ever be the same. It's important to remember that every potential client has a unique set of needs. You must tailor each new deal to the individual you're selling to, meaning that you need to take the time to understand and uncover what's important to them so you can sell to their specific needs. 

Defining the need is about helping your prospect figure out what they truly want. It's about getting clear on where they are now and where they are trying to go so that you can help bridge a gap to their desired outcome. 

By establishing a need, you can partner with your prospect to find a solution if you can align your product/service with their needs, the odds of making a sale skyrocket.

If you are currently dealing with a client who is caught up on the price, I would push you to dig deeper. Begin questioning and understanding the why behind the concern on price.

Here are three questions you could use to try to make sure you are providing enough value.

  • What is most important to you when making your decision on this? Why?
  • What does the best case scenario look like for you with this sale? Why?
  • What would I need to do for you to select me for this?

While you can't charge whatever you want for your product or service, you can set a fair amount for what you are providing, which is probably higher than you think. Understand your customer needs and prove you can provide exceptional service, and the deal is yours.

Adding this tactic to your sales process can help you uncover your buyer's needs and start closing more deals. If you're unsure where to start or need more help with your sales process, you don't have to go at it alone. Schedule a free two-hour session to dig into your business.

 



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