4 Strategies That Will Stop Price Objections Cold
If your business relies on your ability to close more sales to survive – and let’s face it, whose doesn’t? – chances are you’ve found yourself in a situation where someone tries to get you to discount your pricing.
And if you’re like many business owners and salespeople I talk to, far too many of your selling conversations inevitably end up with you trying to defend your price.
Guess what? The next time you have a prospect trying to get you to give him a lower price, find a mirror and repeat after me:
“The real reason my prospect wants a discount isn’t because he actually WANTS one. It’s because I didn’t help him understand why it was worth every penny.”
Paste that wherever you can see it and only remove it when you’ve learned how to sell value.
Don’t worry…I’m going to tell you HOW to do that right now.
After all, you set your pricing based on a firm belief that what you’re offering is worth it.
So, when this happens, what do you do?
It’s important to understand WHY so many prospects focus on pricing.
And the answer might surprise you.
It’s because we force them to do it.
That’s right. We do a poor job of helping prospects “see” them how our service or product will make their lives better.
If you don’t do that, then your prospects will compare the only thing they can compare when they don’t see a difference between Product/Service A and Product/Service B.
Here are 4 strategies that will allow you to put an end to price objections forever once you start to build them into your selling conversations.
Strategy #1: Stop being a peddler
Your prospects don’t want products and services. They couldn’t care less what you sell. Your prospect couldn’t care less. They want to know HOW your product will benefit them. Think about it…If you start off with ‘here’s my widget, it’s got a handle, it’s available in blue or red and it comes in three sizes’, the obvious question to the prospect is, “how much?’
Instead of talking about your product, clearly explain how your product or service is going to change your prospect’s life. And keep your ears open. If a prospect STARTS by asking you about my pricing, it could mean one of two things. You are dealing with a prospect who may not even appreciate a value discussion. Or, it could be a shining opportunity to “wow” the prospect by opening his eyes to all the great things your product or service offers.
Strategy #2: Make it easy for your prospect to pay your price
Help your prospect see the value of what you’re offering. How do you do it? By asking the right questions!
Start by asking your prospect tell you the value he assigns to finding a solution to his problem. This is far more valuable than you telling him what it is.
Even if you do direct your prospect’s attention to the value you can deliver, you’ll be a lot further down the track than many of your competitors who are simply in ‘stop me when you see something you like’ mode.
Get your prospect FEELING how great his life will be when your product or service solves his problem. The only way to evoke this key emotion – and get your prospect to stop focusing on price – is to present your offering in such a way your prospect can easily see the benefits he can expect to enjoy.
Strategy #3: Ooze value online and offline
Your first contact with your prospects should result in such an overwhelming experience of value – an experience they actually thank you for. The idea is to leave your prospect looking forward to having more conversations with you.
Your competitors will be your biggest ally here. Why? Because most of them are just pushing products and services. Very few of them will ask your prospect the powerful questions that help him get clarity around his problem and what it is costing him.
This insight is of great value to your prospect. And you can help him see it. He will recognize and appreciate your professionalism and see the value in further developing the relationship.
And believe me, once you start to do this, the spotlight will be turned of price.
Strategy #4: Ratchet up the value
Once your prospect begins to see how you add value, keep the momentum going. Explain ways you can add even more value. At this point, he is primed to listen. Why? Because he’s beginning to be “sold.” He is starting to understand why you’re his best choice.
By finding additional ways to add value, you will overcome any lingering objections that stand between him and making a buying decision.
When you ask the right questions, your prospect can’t help but see the value in doing business with you.
You will literally make price objections disappear.
Remember: it’s YOUR job to explain to the prospect why you are the best choice. Learn to do that and you will hardly ever face price objections in your selling conversations.