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How to Handle Price Objections- The Do’s and Do Not’s

How to Handle Price Objections- The Do’s and Do Not’s

Price is relative to business problems. If you are selling in the triangle of service, quality and price, then you are not selling value that solves your clients’ problems. You are selling into a similar environment that boxes you into a same-same measurement with your competitors. When you solve business problems, i.e., time, money and risk, then you are in a very different dialogue and isn’t that where you want to be?

Price reflects confidence in the outcome. Let’s play with a 100% guarantee that the buyer’s business issue will be resolved. The client’s willingness to pay the asking price increases. When there’s a price resistance on proposals, perhaps the client needs a reminder of your guarantee. When hit with resistance, ask: "If we could get you a $20 million increase in sales in one year, would it be worth a million-dollar investment?" Their answer will almost always be yes.

Price reflects measurement context. There is no such thing as a true "apples-to-apples" comparison. Complex solutions are almost never the same between two competing companies. Meaning that there is no valid comparison between you and your competitor in price. A lower quality provider in your market is held up as "just as good as your solution" by your prospect, so, therefore, the only point of comparison must be price, right? Only if you allow it to be.

Never haggle. The difference between negotiating and haggling is simple. Negotiating is when you are adjusting to terms, conditions and scope of work between two parties. Haggling is when you are asked to do the same job you have already proposed, but for less money. I don't believe in haggling. If your work is priced correctly, then any adjustment in price will require an appropriate adjustment in scope, terms or conditions.

Negotiating is hard. It’s a drain on resources, time and energy. You just want to get it done so you can move on. The client seems to want everything for nothing if it's not pricing, then its terms, delivery, installation, warranty, risk, etc., etc.

Dislodge a competitor, be chosen on value over price, get more leads now! All this plus more covered at this August 22nd-23rd Super Sales Clinic in Brisbane. Can you afford to miss out?

More information: https://sgpartners.sslsvc.com/supersalesclinic/