Not liking the price is one of the most common objections of prospective customers. Usually there is someone among your competitors who offer a seemingly similar product cheaper, and the prospect therefore finds your price too high. This is despite the fact that your product is objectively better and more economical for your client. Lowering the price is not always desired or possible. So what can you, as a salesperson, do when the prospect does not like the price you are asking for the product?
Do not ignore their hesitation
As INC.com states, many salespeople try to avoid the price issue and many inexperienced salespeople brush the whole thing off and do not react when they sense that the prospect is hesitant about the price. However, that is a big mistake. Do not underestimate the importance of price to the prospect, and when the prospect hints that he or she is not satisfied with your suggestion, stop immediately and talk the price over in great detail, focusing on the impact price has on the quality of the product.
Focus on the long-term profitability of the purchase
You need to focus on over-all results and long-term profitability, not just the short-term outlook, considering just the price of the product itself. If you were, for instance, a seller of printing machines, you could get into a situation in which a prospect wants to buy a cheaper version of a machine, which, however, is more expensive to maintain and with which the costs per page are higher. In that case, you should emphasize how long the investment in the more expensive printer will pay off and how much money the client can save in the end.
Tell a story about a client of yours that profited from buying the product
You can use a story with your client as a hero to illustrate your point. In different variations, you can say something like: “Mr. XY, who is currently my client, used to think the same thing when he first came here. He did not believe me and he left for competition. In the end, he came back to me and admitted that I had been right. Now he is one of my best clients”.
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