We started talking about objections and overcoming them the last time, and today we continue through the process. If we have gotten this far then we need to determine if it is a price objection.

Address the price: Only after going through all the other steps, should you address the price and you should do so by asking “How do you feel about the price?” If the price is fine, then add value to the product or to buying from you. Remember the additional benefit could be another Company Story phrased as a Feature, Benefit and Agreement

Price can be one of two different issues, either Value or Budget.

If the price is too high then it is up to the salesperson to determine if it is a matter of budget or value. The easiest way to address this is by asking a simple question: “Is the price of this ____ too high or is it more than you wanted to spend today?”

If the customer says the price is too high then that tells the salesperson that is a question of value.

Increase the value: If the objection gets this far, it might be time for something big. Presumably you left a benefit out during the demonstration process that you could always use later. By bringing up that extra benefit now, you may save the sale. This can often be resolved be adding value to the product, whether it be free delivery or something else.

If it is more than the customer wanted to spend, then it is a question of budget. Then ask, “How much did you want to spend today?” If that’s the case, then it is up to the salesperson to see what can be done. Maybe it’s something as simple as looking at a similar product that is priced lower. Remember though that you must sell the lower priced product on its own merits. It’s probably not going to have everything that the higher priced product does, but it has its own benefits that can be featured as well.

The important word in the initial question is “today.” By adding the word today, you put a sense of urgency to the question. You should not emphasize the word but you do want to find out if they are buying, and that’s one way to do it.

Next time, we will take a much closer look at how to deal with specific objections.

FINAO - Brad Huisken