“Dylis, I do really well getting an initial meeting with prospective clients but seem to fall at the last hurdle when it comes to price. Do you have any suggestions to help me overcome the price issue”
First of all, the prospective client must have been interested enough in the product to have that initial meeting. People are too busy to spend time on things that are of no interest.
So, if they are objecting to the price, then you haven’t convinced them in your presentation that your solution is worth the money.
So the first step is to look at how you are presenting yourself and your company.
- Are you establishing your credibility by outlining previous companies that you have worked for and the results your product or service has achieved. Building a picture of what “You Are Worth”?
- Are you asking questions to establish the challenges your client is experiencing and exploring the impact of those challenges on them, the business and in monetary terms?
- Then presenting solutions which address those challenges, showing the positive financial impact of using your product/service.
If all of the above are in place you will dramatically reduce the amount of objections you will get.
However, if you still find you are getting those pesky objections then here is a very simple way of dealing with them:
Here’s the 3 step process
1. Ask questions to find out the REAL objection
2. Agree with the thought process and outweigh with value
3. Agree a way forward
- Ask questions to find the REAL objection
Your client tells you “You are too expensive” What does he/she really mean by this. This is far too broad a statement to deal with, it could mean many things and you need to uncover that reason.
For example it could mean:
- The price is over my budget
- I really want a discount
- I don’t think it is value for money
- I can get it cheaper elsewhere
So, ask the question to find out what is behind the “You are too expensive” statement
“That’s interesting, what makes you say that” or “How much too expensive.”
You may have to probe further for more detail but you have to get to the REAL objection to allow you to deal with it effectively and allay any concerns that your client may have.
- 2. Agree with the thought process and outweigh with value
When I say agree with the thought process that is what I mean, I don’t mean agree with the objection. You are not going to say “Yes, I agree we are too expensive”
You would say something like:
“I can understand why you might think that as I have had some clients in the past who initially, thought exactly the same as you but what they found was………..”
At this point you need to pile on the value giving a cost saving in the longer term.
“What they found was that the device lasted twice as long and the saving over a period of 6 months was £x.
They found that this far outweighed the additional cost of £y, in fact giving an overall saving of £z
It may be that your after sales service is significantly better, in that you give 24 hour maintenance support. This would mean for example that the company would suffer less downtime and the cost saving would be considerable. In this example you need to find out through questioning, the cost of downtime .
Now ask your customer if that satisfies their concerns and do they have any other concerns.
It is important that you uncover and deal with anything else that might be stopping them from moving forward with the purchase.
Then at this point say something like:
“So if we can make those sorts of savings for you would you be happy to proceed on the basis of our initial discussion”
If you find it difficult to come up with a £ cost saving, then talk to some of your existing customers and find out how they benefited from using your product or service and the cost savings they made.
I remember suggesting this to a sales team a while ago and most were very skeptical thinking that their customers would never give them that sort of information.
Surprise, surprise………the people who made the phone calls and had the conversation with their customers were blown away at the positive response they got.
Having this information will undoubtedly help with both your value proposition and with dealing with objections.
If you are struggling to overcome objections or any other element of your sales and marketing process please take advantage of MY FREE GIFTS TO YOU –
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Success to you all.
“Find a Way” and Be the Best You Can Be.