Your price is too high!
The dreaded price objection. You could search the world high and low, and never find a sales professional who hasn't encountered it. So what do you do when a prospect looks you in the eye and says, "Your price is too high?" Just stay calm and remember this tip from sales trainer Colleen Francis.
"When most salespeople are told their price is too high, they make an immediate assumption about what 'too high' means," says Francis. "If they're presenting a $10,000 proposal to a client who says the price s too high, for example, the salesperson might automatically assume 10 percent too high, or 25 percent, or 50 percent or so on. Then, they offer a discount based on that assumption, rather than basing it on what the client really had in mind."
"'Too high' is a very subjective comment," continues Francis. "Before you start making any counter-offers, take a deep breath, relax and don't say anything for a good three seconds. Just pause, look at your customer and gather your thoughts. Sometimes, those three seconds of silence are enough to encourage the client to elaborate. If they don't, come right out and ask them precisely what they mean."
If, after you let them explain their objection, you find that they won't budge on the price, and it's below what you consider to be fair - move on! "You can't and won't sell to everyone," says Francis. "Having a healthy pipeline (and consistently prospecting to keep it full) is your best defense against any objections, because it gives you the confidence to walk away from a deal that could cost you more than it's worth."
Check out more of Colleen's advice at www.engageselling.com. You can also reach her by calling 877-364-2438 or emailing her at [email protected]
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