How do you address price objections?

Digging deeper into objections is indeed pivotal. Building on this, it’s also valuable to create an environment where the prospect feels comfortable and safe to voice their concerns. The manner in which we respond to their initial objection can set the tone for the entire conversation. A defensive stance might deter them from sharing more. Instead, approaching objections with genuine curiosity and a willingness to understand can lead to more open dialogues. This not only helps address the immediate concern but can also strengthen the overall relationship, fostering trust and mutual respect.

I understand your concern over the price, and I want to help you find the most suitable solution. Your goal is to ____, right? Is there unneeded value within this solution? Or is there value missing that does not justify the cost for you? Reposition the buyers goal as the focus point, then have them select out what they value and what they need to complete that goal. From there you can position the separate values of the product/service to prove they are there to help accomplish the goal. Up-selling or cross-selling come into play here with the buyers goal as the main focus, and when trusted as you are making it clear you are there to consult in what they need not what you want to sell.

I understand your concerns over the cost of the new product. However please allow me to explain the differences in the new product over the old / alternative one. I would high light the advances in the newer technology giving better results of the output from the new product. Sometimes giving examples of other prospects that have purchased the item and have come back to me telling of their results/ delight/ excitement with how the item has turned out for them. Often expressing my intention to purchase or have purchased. I am a firm believer in if I have faith in the produc. Believe it is the best option for the prospect. Then this comes over in my sales manner.

Whenever there is a price change, I like to do the research on it first. Basically to justify reasoning. If the reasoning is legit, then I have no problem with paying the higher price.

Just about always price objections come about because the sales person "springs" the price on the prospect. The sales person paints a fantastic emotional tale and weaves the real and virtual advantages and disadvantages of the product or service. I've found there is just about ZERO price objections when one or two of these tactics are employed: 1) Put a sticker on the item or print out a sheet with the price on it clearly showing the price and add-ons; and/or 2) Give the prospect 3 prices - the low cheaper product or service, a high quality product or service and a medium quality product or service. Usually they will choose the middle price with equal amounts of prospects choosing the lower and higher priced items or services.

Prevention is better than cure. This also applies to price objections. If the customer has not got budget to buy, a sale is just not going to happen. Instead, ask a straight question during discovery. “What budgetary constraints, if any, do we have to work within…..” The answers will help to qualify what pricing expectations the customer has.