Learning to Overcome Price Objections

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!”

Three Ways to Save Digital Briefcase Space

Our digital world provides several ways to avoid carrying around unnecessary papers, brochures and catalogs. We no longer have to be bogged down with a million things to carry to our next sales meeting. However, saving “briefcase space” has now become a digital problem. You can store content on the Cloud, save it on your device, sync, upload, download, and the list goes on. The flurry of options can leave you a bit fragmented:

Not sure where you saved that email attachment?

Can’t remember your passwords?

Tired of excessive app switching?

Not only do we carry a digital briefcase, but it’s just as disorganized and cumbersome as its physical predecessors. For today’s salesperson, saving briefcase space both in the physical and digital realm is of utmost importance to moving the client relationship and sales process along. SpringDeck is a sales and marketing tool created by salespeople for salespeople. We get this problem, and decided there had to be a way to cut down the clutter:

1. Find one centralized place to store all of the content (and actually be able to find it fast)

   Having access to your sales collateral on one device doesn’t do it anymore. You need to get all of your product collateral in one place on that device, and be able to locate files on the spot. Nothing looks worse than when you are app switching or looking for an email attachment in front of a client. The SpringDeck app organizes product content into libraries and categorizes them into one area, based on your sales areas. Then the app’s search function makes it easy to use keywords to find products and pull up all the options for the client to view!
    

2. Make your sales presentation work for you
   Forget handing out clumsy brochures or using linear PowerPoint presentations and charts. Find a way to make the presentation go fluidly using digital devices people are familiar with. For example, when our users present their products using the SpringDeck app on your iPad or computer, not only does the client perceive it as tech-savvy, but you can instantaneously flag the client’s favorite products and create custom presentation links to send right away! This saves you time and delivers content to clients when it’s fresh in their minds! Plus, avoid accidentally getting stuck with outdated files during a presentation. In SpringDeck, once a product library is updated with new content, the entire sales force automatically receives notifications with the fresh content ready to go!
    

3. You need digital tools to track and follow-up on sales actions
   The sales process doesn’t have to be a shot in the dark; nor do you need to use post-it-notes to jot down client follow-up reminders. SpringDeck software tracks every interaction the client has with the product content you give them – after the presentation is over! You receive email notifications when they open product links, and can see what products they interact with the most. This way you don’t waste their time (or yours) during a follow-up call.

Reviews and Testimonials of the SpringDeck Sales App

“The SpringDeck team has really opened my eyes to the possibilities that exist on how to use this tool. Their sales teams are truly professional, and have helped me have a better vision of how we might be able to organize and have a more effective sales team.”

— Jason George, Assistant General Manager, Tulsa Drillers Baseball and Tulsa Roughnecks FC

“The days of selling by the seat of your pants are long gone, the SpringDeck platform equips the professional with a much deeper client buy-in...”

— Frank White, President & CEO, Stay Tuned

“I’ve been getting our library set up and have begun using the app. I do have to say it is every bit as good as I was hoping - great job!”

— Richard Friesen, President & CEO, Absolute AV Consulting

“SpringDeck has definitely been a great system to introduce products to clients, designers and contractors. It is much easier than going through multiple apps to find the same products. ”

— General Manager, Sound Components AV

“SpringDeck is a unique tool that is perfect in our digital age. Its ease of use and great product information will allow AU members to save time and close sales more easily.”

— President, Azione Unlimited

“SpringDeck sales app gives integrators the means to show their clients the best options...This helps clients visualize the possibilities for their systems and move the conversation forward to quickly get to the next step to close more business.”

— Tim Bigones, VP Sales & Marketing, D-Tools

“When I saw the demo of SpringDeck I was blown away. We thought so much of this product and service that we decided to invest in our dealers and purchase the software license for every single one of our dealers, sales reps and partners. ”

— Daniel Kippycash, CEO & Co-Founder, The DaVinci Group

4 Ways To Cut Time Wasters And Start Selling Smart

Managing a business backed by sales teams working to get your product noticed can be one of the most exciting experiences, and one of the most frustrating. Companies who understand what exactly is going on with their sales teams at the ground level have a clear advantage over competition. Finding out what is working (and not working) in the sales process allows replication throughout the entire sales force. Identifying and eliminating time inefficiencies will certainly free up more selling time for all – which of course leads to higher revenue!

Overcome less face time with more expertise

Sales teams have a countless number of daily responsibilities that start from lead discovery and end with closing deals. Establishing rapport with a client is extremely integral to the sales process, but it’s no secret salespeople are getting less face time with clients today. Sales reps must capitalize on every moment by being experts in their products and services. The best way to do this is to be prepared with product information at any given moment. Spend time finding tools to help sales reps become knowledgeable and confident in their products. Being able to pull up product info quickly, and not fumbling to find the cut sheets, will establish the expertise needed to move the sale!

Remember the “80/20 Rule”

The 80/20 Rule says 80 percent of results come from 20 percent of activities. The main objective here is to focus on qualified sales leads by spending more time on customers who are most likely to purchase, and less time on non-revenue generating tasks. Sales reps who create additional, ineffective tasks for themselves throughout the day are in a sinking ship.

Switch to digital sales tools

Too often, salespeople spend vast hours assembling flyers, brochures, catalogs, or fumbling around cloud-based software with no ease of accessibility. Sharing information quickly with clients is essential to effective sales presentations. Find a software that can use on a tablet, while on the go. Remember: It needs to be more than just pictures displayed in a camera roll. The last thing you want is personal pictures accidentally getting mixed up with the latest product models!

Evaluate the unknowns

Avoid making business decisions on unknown information. This will by far be one of best ways to cut out wasting valuable time resources in your business. Unknowns can range from not knowing what products reps are presenting, to how clients are responding to the products after the pitch. Gathering and understanding information on every step of the pipeline is possible with the right technology. it helps you move your business forward, instead of relying on “guesstimates” of what you and salespeople should do next.

Quick Tips For Trade Show Success

Attending a trade show is a great way to gain new business and share your product with a target audience. With several trade shows under our belt, we have noticed the small things can make a big impact on having a successful trade show:

Know what you want to accomplish

This sounds given but don’t assume everyone on your team is clear on what you want to get out of the trade show. Is there a specific product you want to introduce? Do you want more leads? To build customer relationships? To meet with specific industry leaders? Take the time to make sure your entire team is clear on what you want to achieve, so everyone is going in the same direction during the actual event.

Offer an experience

Leave plenty of open space within your booth so people feel welcome and can spend time talking to you. If the space is poorly planned and cramped attendees will feel rushed and in the middle of traffic. Also, color selection is massive. The booth’s color palette is crucial because it sets the tone for the entire attendee experience. Do you want your booth to feel calming and sincere? Use light blues, white and some grey. Research how colors affect mood and mix it with your branding to create an attention-grabbing booth.

Stay off your phone

The last thing you want is attendees walking by  while company reps are glued to their phones. Put your phone away, be aware of your surroundings and be welcoming. Step away for 15 minutes if you need to check your email, reply to messages or make a call. You can’t smile and invite people to check out your product when your face is down in your phone!

Get ZZZZs

Make sure to get plenty of rest. Trade shows are a fun way to connect with people and colleagues but you’re also there to work and represent your company to the best of your ability. If you’re staying up late, barely sleeping and eating whatever is convenient while trying to be on your “A” game, your professionalism will suffer and gaining new clients will be a struggle.

Ask questions and listen!

Every attendee is getting pitched on why they should buy “this” or do business like “that”. Start by asking attendees questions about their business. Be quiet and listen to their response instead of being distracted by what you are going to say next. We recently experienced proof that this can go a long way at a trade show: Our Sales Director had an attendee thank him because he didn’t interrupt like many of the other trade booth reps he had visited. Bottom line: Ask questions, listen to what problems they are having and then present a solution through your product.

Gather content

Trade shows are a great opportunity to update your online network and strengthen your brand story. Designate a team member to snap candid photos and video at the event. Use this content to post to social media, your website and connect online with like-minded people to drive awareness. Find out if the event is using a hashtag and get in on the conversation by posting behind the scene photos, quotes and highlights of the event. This CEDIA 2014 video is a good example of using a trade show experience to create content other companies will want to share with their network, while embracing your brand: