Overcoming the Price Objection
Why do customers always get hung up on price? You might think it is because you are charging too much, but that is more than likely not the case! When hearing this objection, it is important not to take it personally or look at it like it as a brick wall. Often, when you hear this objection it means that the customers are unable to match the cost with the value.
If you are consistently hearing this objection, then I challenge you to review your sales process. This objection is best handled before it gets brought up. Is your customer understanding what you are bringing to the table? Are you fully covering your customers’ needs? If you are currently dealing with a client who is caught up on the price I would push you to dig deeper. Begin questioning and understanding the why behind the concern on price.
Here are 3 questions you could use to try to make sure you are providing enough value.
- What is most important to you when making your decision on this? Why?
- What does the best case scenario look like for you with this sale? Why?
- What would I need to do for you to select me for this?
While you can’t charge whatever you want for your product or service, you can charge an equitable amount for what you are providing, which is probably higher than you think. Understand your customer needs and prove you can provide exceptional service and the deal is yours!
Dave LeVeque is an enthusiastic business advisor, with a passion for guiding businesses to the next level. Pulling from nearly a decade of experience starting, growing, and maintaining businesses, Dave motivates owners to take ownership and achieve their goals.