It is rare to find a salesperson who has never had to deal with a “pricing objection.” Almost every salesperson has encountered this objection at some point throughout their career. The price objection is a poison that may kill your sales.
You could not afford to lose a good prospect because of a pricing objection after working on it for several days. Most salespeople’s sole thinking about closing the purchase is to provide a discount, but this would have a major impact on the business, so do not do it. Instead, discover an alternative technique that helps you seal the deal,
“Stay confident and strive to overcome the price objection “.
Here are a few tips with examples for handling the “Price is too High” objection.
Many salespeople assume that pricing is the stumbling block to closing a deal. That is, they believe that lowering the price will help in the sale. When a prospect objects, many salespeople are eager to drop the price of a product or service because they believe that if the product or service is priced cheaper, they will acquire the sale.
When you disclose the price too quickly, you will typically get pricing concerns. Prior to discussing price in the sales process, you must first determine the prospect’s needs, convince them of the product’s worth, and have them describe the benefits of your solution. If you reveal the price too soon in the conversation, you will have a higher probability of losing the prospect pretty quickly.
“The bottom line is to hold off on discussing price until you are confident that the prospect appreciates the value you wish to deliver to their company.”
Please ensure that anytime a prospect raises a pricing concern, the salesperson must take a brief pause. The salesperson should not be in a rush to respond in the middle of a conversation because this increases the possibility of the deal being broken. Instead of giving up, ask your prospects some questions to get them thinking about anything other than the price.
When a customer is unhappy about pricing, it means you have not done a good enough job of communicating the product’s value. Reconnect with the prospect’s requirements and goals. Assist them in determining the value of the product to them. When the prospect recognizes the value of the solution and puts it in financial terms, you will notice that there is a lot less pushback to the price.
The prospects may have an issue that your product can address. As a result, early in the sales process, it is vital to understand the prospect’s challenges and primary requirements. Dealing with the price problem should be simple if you gathered enough information during the early discovery calls.
When people are under duress, they have a tendency to respond quickly. Simply remind the prospect of the circumstance they are in and ask them to consider the implications of not fixing the issue right away.
Use the fact that the salesperson worked hard to build a database of satisfied clients to your advantage. Create case studies and distribute them to potential customers. You may also publish client stories on how they were first put off by the price but are now satisfied with your product.
To attract clients, most competitors will strive to lower their pricing. This is used by a number of prospects to justify their “high-price” You must be cautious in this situation. To begin, assess your competitors’ strengths and weaknesses and identify any gaps that may exist. Look at what more you have to offer and tell your prospects about it to help them trust your product beyond the price.
Offering a free trial as a SaaS firm is critical since it allows prospects to personally experience the product and gain more insight into the platform. Your potential customer may have some concerns about the product that they are not communicating with you. So the best course of action is to provide a free trial. Allow them to try the product to clear up any questions they do not want to share, and we will be able to minimize the price objection.
The objection to the price is not the end of the route. You will be able to deal with this objection. So, never give up; try again in a different manner. If there are any issues, find out about them and address them. Change your prospects’ perceptions by giving them time to consider. Keep in touch with them. Send them a follow-up email if they do not respond to your call. You will undoubtedly win your future prospects in this manner.
“The Objections Have Been Overruled,” I say.