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Handling Objections – Part Five!
posted: Friday, July 22, 2011
In talking about objections, we've discussed everything from acknowledging the objection to giving agreement to increasing the value. The one thing we haven't addressed yet is one of the most common objections: the price.
After, and only after, you've gone through the other steps of overcoming objections is it time to address the price, by asking, "How do you feel about the price?" If the price is fine, then add value to the product or service. If the price is too high, then you must determine whether their concern is based on value or budget. The following question will assist you in determining how to go about dealing with their objection.
Is the price of this ring too high, or is that more than you wanted to spend today?
If the price of the ring is too high, then that will tell you it is a question of value. If it is more than they wanted to spend, then it is a question of budget.
If their objection is a question of value, then it is up to you to add value to the product. You can do this through adding more value with additional FBA's, or Features, Benefit, Agreement Questions. Another way to add value would be through telling additional company stories to increase the value of buying the item from you. Talk with your customer and determine what kind of value that you can add that will lead to, "I'll take it!"
If it is a question of budget, then it is up to you to fix it. The most common way is to simply show your prospect a less expensive item that will still meet their needs. If you choose this route, it is important that you do not compare the less expensive item to the previous one. However if your prospect asks, "Does this have the same feature as the more expensive one?" Simply say, "No, unfortunately it doesn't." They may decide they have to have the features and benefits that the higher priced item has. It is up to you to lead them there. If customers want something bad enough and enough value is added, they may stretch their budget to the outer limits. Don't be afraid to add value even after the customer tells you that the price is too high.
If after all of that, the price is still too high, then it is time for you to ask, "How much did you want to spend?" Once the customer gives you an amount, show them the items within that range. Sometimes sales are lost due to price, but by adding value and listening to your prospect, you can limit those times.
FINAO - Brad Huisken
After, and only after, you've gone through the other steps of overcoming objections is it time to address the price, by asking, "How do you feel about the price?" If the price is fine, then add value to the product or service. If the price is too high, then you must determine whether their concern is based on value or budget. The following question will assist you in determining how to go about dealing with their objection.
If the price of the ring is too high, then that will tell you it is a question of value. If it is more than they wanted to spend, then it is a question of budget.
If their objection is a question of value, then it is up to you to add value to the product. You can do this through adding more value with additional FBA's, or Features, Benefit, Agreement Questions. Another way to add value would be through telling additional company stories to increase the value of buying the item from you. Talk with your customer and determine what kind of value that you can add that will lead to, "I'll take it!"
If it is a question of budget, then it is up to you to fix it. The most common way is to simply show your prospect a less expensive item that will still meet their needs. If you choose this route, it is important that you do not compare the less expensive item to the previous one. However if your prospect asks, "Does this have the same feature as the more expensive one?" Simply say, "No, unfortunately it doesn't." They may decide they have to have the features and benefits that the higher priced item has. It is up to you to lead them there. If customers want something bad enough and enough value is added, they may stretch their budget to the outer limits. Don't be afraid to add value even after the customer tells you that the price is too high.
If after all of that, the price is still too high, then it is time for you to ask, "How much did you want to spend?" Once the customer gives you an amount, show them the items within that range. Sometimes sales are lost due to price, but by adding value and listening to your prospect, you can limit those times.
FINAO - Brad Huisken
