Never JUSTIFY Your Price – Demonstrate Value

Price Objection & Your Sales Process

sales price objectionsMoney! Sales people seem to hate discussing it during the sales cycle. Which is odd since every sale necessitates your new client handing over money – otherwise we call it theft.

When your prospect has an objection about the price, don’t justify your price. Justifying is defensive and is a great way to lose your prospect completely. This objection is a clear indication that you and your prospect are not where you need to be in the sales process. If this objection comes up late in the process you have made a mistake somewhere along the line. A few common mistakes are:

  • You don’t have a good prospect, and they are never going to buy from you, because they’re not a good fit for your product/service. You need to qualify prospects early and often.
  • You failed to demonstrate value or how you will improve their life.
  • You failed to make a deeper connection with your prospect and you don’t have the necessary relationship or rapport.
  • You failed to distinguish yourself from your competitors and the prospect automatically defaults to making their purchasing decision by price.

One last mistake is being afraid to discuss price at all and leaving it until the very end. This is way too late in the process. You don’t want to get bogged down or sucked into a price discussion early on; but touching on price once you establish a need for what you offer, is a crucial part of deciding if you have a real prospect.

Is what you have to offer even close to what they’re willing to pay or invest?

Qualify Prospects

If the price objection comes up late in your sales cycle then you need to back up and find out what happened. Ask questions about their need for your product/service or the problem it solves. You need to find out if you really have a prospect in front of you.

If you do not have a real prospect, politely end the sales process and keep in touch if it’s appropriate. It may not be a good time for them or they may need your product/service later. But justifying, or pushing for something that isn’t going to happen, will ensure you’re not invited back if they decide to buy in the future.

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By | 2015-06-04T06:20:59+00:00 June 4th, 2015|Categories: Sales, Uncategorized|Tags: , , |0 Comments