Price objections are a way of life for sales professionals, but they don’t have to hold you back! So we asked our SpringDeck team member, Kevin Tromp, to share some of his own personal insights for overcoming price objections and closing the deal!
“Everyone who participates in sales will be faced with price objections. I believe it’s important to remember that most people are happy to spend their money once they realize there’s more value in having your product than holding onto their money. If you haven’t done a superb job of building value in the client’s mind in order to decrease their money resistance, then you need to find out why by asking questions.
A customer will purchase a product if it will solve a problem or simplify his or her life, so communicate those areas strongly. I’ve received pushback on pricing many times and I restate the value, ask several intriguing questions, and then simply ask the client, ‘What do you think is a fair price?’ or “Why is this price too high for you?’. By asking these questions, you are trying to get into your client’s mind.
I remember a time when I was proposing a manufacturer buy a 12-month commitment of services. I did everything perfect, from presenting the information clearly and highlighting the problems, to pinpointing the solutions through our services. When it came to pricing and agreeing on a final amount I received pushback, hesitancy and doubt. It’s funny how someone who seems so interested in your product can become less interested when numbers are discussed, right?
Once I got the rejection I asked the client if the price was fair, and he actually agreed it was! So why was I running into a roadblock on price? I needed to re-establish or drive home once again all the solutions my service provided. I’ve learned not to repeat verbatim, but readdress the solutions in a different context or vernacular. The client deemed their monies more valuable than my services, so I had to make sure they understand completely what the service can do for them and how much time and money it will save them.
Here is one very important lesson I learned that day: You must do your best to build rapport, trust and perception that you’re an expert from the very beginning, because this always helps when discussing numbers later on.
I was patient and willing to create a scenario where the client could discover new solutions to old problems on his own, and in the end, the invoice was paid within 48 hours!
Be persistent, engaging and helpful to the customer. If you believe in your product and in yourself, then pricing won’t be a problem. However, if pricing ultimately deters a client from buying your product, then guess what? They aren’t your type of client anyway! Not yet, at least!”