Here's a situation that most, if not all, sales people can resonate with: you're selling value and the competition is selling on price.
You want the customer to pay a bit more for more value, yet, all they say is "your price is higher than your competitor.
" You want to emphasize on value, but ALL the customer says is "Give me the pricing!" Here are some suggestions how you can overcome such price objections: Ask "Besides price, what other buying criteria do you think is important to you?" If you are selling on value, and the customer is just asking for your pricing at the outset, you can get them to focus on other factors that are important to them, apart from price Say "I'm glad you raised that question.
Do you know why our price is higher?" If you really have something of value to offer, don't be shy about it.
If your selling price is higher because you provide more benefits and value to your customer, use their price objections as the opportunity to educate them what they will be missing if they don't buy from you Empathize with "I understand that your budget is limited.
But if we can prove that we can deliver better results, is it possible to request for a higher budget?" Sometimes, customers use "limited budgets" as the reason to lower your prices.
Other times, they really have limited budgets, and may not afford your offering.
Whatever the case, show that you empathize with them, and then get them to focus on their buying objectives.
Chances are, if they are willing to see you, there's likely to be some objectives they want to achieve by purchasing your products and services.
Clarify and re-emphasize what those objectives are, and make sure they have a higher priority over budgets or price.
Ultimately, while price objections are the most common objections that sales people face, few customers buy based on price only.
If they don't buy solely based on price, that means they are likely to based their buying decisions on the value you provide, and the strength of your relationship with them.
In either case, it is your job to find out what are their buying criteria (apart from price), be it to solve problems or to be more profitable or simply to boost their image.
Whatever is their buying objective, if you can understand what they really want, you will be in a much better position to overcome their price objections.
You want the customer to pay a bit more for more value, yet, all they say is "your price is higher than your competitor.
" You want to emphasize on value, but ALL the customer says is "Give me the pricing!" Here are some suggestions how you can overcome such price objections: Ask "Besides price, what other buying criteria do you think is important to you?" If you are selling on value, and the customer is just asking for your pricing at the outset, you can get them to focus on other factors that are important to them, apart from price Say "I'm glad you raised that question.
Do you know why our price is higher?" If you really have something of value to offer, don't be shy about it.
If your selling price is higher because you provide more benefits and value to your customer, use their price objections as the opportunity to educate them what they will be missing if they don't buy from you Empathize with "I understand that your budget is limited.
But if we can prove that we can deliver better results, is it possible to request for a higher budget?" Sometimes, customers use "limited budgets" as the reason to lower your prices.
Other times, they really have limited budgets, and may not afford your offering.
Whatever the case, show that you empathize with them, and then get them to focus on their buying objectives.
Chances are, if they are willing to see you, there's likely to be some objectives they want to achieve by purchasing your products and services.
Clarify and re-emphasize what those objectives are, and make sure they have a higher priority over budgets or price.
Ultimately, while price objections are the most common objections that sales people face, few customers buy based on price only.
If they don't buy solely based on price, that means they are likely to based their buying decisions on the value you provide, and the strength of your relationship with them.
In either case, it is your job to find out what are their buying criteria (apart from price), be it to solve problems or to be more profitable or simply to boost their image.
Whatever is their buying objective, if you can understand what they really want, you will be in a much better position to overcome their price objections.