How to Overcome Price Objections …
It’s time to pony up and handle price objections like nobody’s business!
Out of all possible objections, a client saying they just don’t think they should be paying that much for your service (or product) can be one of the most painful. And … one of the most common. And, it’s only natural for business owners (myself included) to want more value for their money — even when you’re presenting them with the most valuable thing in the world. People will almost always ask for a price cut. They just want to feel like they’re getting a good deal.
Knowing that is in your best interest. It will help you be ready and understand the nature of price objections inside and out. So, today’s blog post is just about that … how to overcome those nasty, stressful price objections. So, let’s start by getting you prepared — to the core — on how to handle them. Like nobody’s business!
First off, let’s start with a short list of common objections to get in the frame of mind. Imagine yourself as the customer (which I’m going to assume you are at some stages of your business) …
- It’s too expensive and we can get this cheaper somewhere else
- We are super swamped and have too much going on right now
- We don’t have any budget left – Call us back next quarter
- We don’t want to get “stuck” in a short/long-term contract
- We are already working with another
- Just send us some more information via email and we’ll get back to you
- Touch base with us in a few days … week … month …
And the list of excuses goes on.
I hope you don’t get offended by my use of the word “excuses” but that’s what these are when people aren’t ready or holding themselves back because they can’t (or are afraid to) make a decision to go forward. Trust me and stop doubting yourself … IT’S NOT YOU!
Be real about what you do. Stay true to the voice inside you. Don’t let the ‘business’ change what it is you love because the people, the fans, respond to what is heartfelt. They can always tell when a singer is faking it.
~ George Jones, Musician, Singer and Songwriter
If someone is interested and loves what you’re offering – whether it be a service or product – they wouldn’t have reservations about the price, value, relevance to their situation or purchasing ability. They would just buy it ASAP. Or in most cases, within the week after some budget crunching (if needed) and planning. Granted they’ll have questions and may try to wiggle you out of your current price and/or contract offering BUT keep in mind it’s YOUR BUSINESS. No one can steer you away from or make you doubt your offerings but you.
You may not be a pro salesperson but you’re a good salesperson. So, naturally you spend a lot of time thinking about why your prospects would decide to purchase your offering as opposed to your competitors. You’ve fine-tuned every detail. Now what you really need to do is put yourself in their shoes and run through every possible obstacle of why they might say “no” or “not now” … And how you should reply. If you’re new to the sales aspect of business, there’s a learning curve and hopefully these next few sections will help with that!
This process boils down to a few simple steps … (1) listen, (2) explore, (3) summarize, and (4) circle back.
You want to hit that internal “mute” button and hear their concerns. Pause. Reflect. Then ask no more than 3-4 questions to gain more details and insight. Follow their response with a summary of their objection then circle back to the value of your offer. This is all about creating value.
Yes, it’s really that simple!
Price objections allow you to acknowledge your customers’ concern without immediately slashing your price or doing or saying something that causes them to walk away. Once you’ve got a handle on the “blocker”, you can determine whether this is a customer you want to have or if you need to walk away.
Sales is about magical moments and objections are often just about reframing the offer to help the customer understand how you can create value for them and their business. Try thinking of a sales objection as an opportunity instead of a hurdle … An opportunity to do a better job of “selling”.
Objections are an inevitable part of business. This is also a good time to learn to trust your gut a bit more as some objections are legitimate reasons to stay away (been there done that – lesson learned). If the customers’ needs/wants/desires are critical and/or time sensitive and what you offer cannot solve it or your current workload can’t hack it, perhaps it’s time to move along.
To be successful at overcoming price objections, one must learn how to both discover and resolve these objections. Some days it takes thick skin but then again, those are the times to trust your gut and move on …!
If you’re ready to put the “ZING” in amazing …
Then keep scrolling to learn about how to handle objections LIKE A NINJA!
(Thanks TAMCO Shield for the infographic)
Have some price objection strategies or stories to share?
We’d love to hear them! Feel free to drop them in the comments or send them to us via email.
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