I have often faced objections in Sales. It is a good thing to happen. The prospect has given you a reason to continue to interact with him/her.
I had been in various Sales situations and most prospects say “Your price is too high”. Who has not said that to me. I have lost deals as well as won deals after that.
In the buying process, if the buyer wants to move to the next stage he needs to:
- get answers to all his questions
- clear all his doubts
- get proof of concept
- reduce the risk of investment if not eliminate the risk completely
- be convinced that he is paying the right price and not being taken for a ride
- convince his boss on the RoI [Return on Investment]
- feel smarter by buying from you and your company or buying your product.
There are a lot of things that go into buying a product or service.
As Sales people, it is our job to reassure the prospect that they are making the right decision and help them visualize the scene post buying. We should tell them how our product is going to help them save money or time or both. Also, tell them, how it is going to improve efficiency in their process and help them do more business.
Coming back to the “Your price is too high” objection, I would ask:
- Is it, the price, the only thing you are concerned about?
- What are your thoughts on our Organization / Capabilities / Management / Brand?
- Based on the answers to the above two questions, I would tell them either a) I will continue to be with them through the implementation & post implementation and will get them the ROI as desired or b) I will go back to the drawing board, discuss internally about their specific needs, our commitments, long standing relationship and get back.
- In the event that we decide to give them a lower price I would look at getting them to accept for a case study on them, in return.
What are your thoughts? Please comment. We should learn from each other.