Dealing with Sales Objections: Price
Dealing with Sales Objections: Price
Unfortunately this misread of the situation can often prompt the salesperson to discount in an attempt to fix the concern. This is bad practice for two reasons namely:
1. If the prospect is not presently convinced as to the value of your product, giving away 5-10% discount is highly unlikely to make much of a real difference to the prospect buying.
2. By offering discount, all you may actually be doing is serving to confirm for the prospects that their original valuation was correct, therefore making it even more difficult on yourself to convince otherwise.
So how then do you effectively deal with a price objection?As with any objection, the first step is always to qualify.
The reason you do this is because what may sometimes first seem like a one objection can ultimately be another objection altogether such as competitors etc, In others words, when a prospect says “your price is too expensive” what he may not be telling you is “your competitor is offering me the same product, but for less money” So before you start to deal with any objection, always make sure you are dealing with the real/focal objection.
For the purpose of this post, price will remain our focal objection or as we discussed at the start, the real issue, which is the lack of value/s, the prospect presently perceives related to the cost.
So in this instance, what has happened is that the salesperson originally failed to convince the prospect that there are enough benefits attached to that cost, so therefore dealing with a price objection is straight forward once you know how.
To increase the prospect’s current valuation of your product, you need to convince the prospect that there are:
1. More benefits than he currently perceives and/or
2. More scope in relation to these benefits
The goal of course being to successfully increase the prospect perceived valuation until the price represents value for money and as a result a sale. Just so we are clear, I’m not saying that dealing with a price objection is always easy, its often not, but what’s important is that you understand and approach price issues with prospects correctly which ultimately gives you the best chance of success.
Dealing with Sales Objections Price - To learn more about this author, visit Niall Devitt's Website.
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This objection is sometimes misunderstood in that when a prospect objects to cost, what the prospect is really objecting to is the value/s he currently perceives related to the cost.
Unfortunately this misread of the situation can often prompt the salesperson to discount in an attempt to fix the concern. This is bad practice for two reasons namely:
1. If the prospect is not presently convinced as to the value of your product, giving away 5-10% discount is highly unlikely to make much of a real difference to the prospect buying.
2. By offering discount, all you may actually be doing is serving to confirm for the prospects that their original valuation was correct, therefore making it even more difficult on yourself to convince otherwise.
So how then do you effectively deal with a price objection?As with any objection, the first step is always to qualify.
The reason you do this is because what may sometimes first seem like a one objection can ultimately be another objection altogether such as competitors etc, In others words, when a prospect says “your price is too expensive” what he may not be telling you is “your competitor is offering me the same product, but for less money” So before you start to deal with any objection, always make sure you are dealing with the real/focal objection.
For the purpose of this post, price will remain our focal objection or as we discussed at the start, the real issue, which is the lack of value/s, the prospect presently perceives related to the cost.
So in this instance, what has happened is that the salesperson originally failed to convince the prospect that there are enough benefits attached to that cost, so therefore dealing with a price objection is straight forward once you know how.
To increase the prospect’s current valuation of your product, you need to convince the prospect that there are:
1. More benefits than he currently perceives and/or
2. More scope in relation to these benefits
The goal of course being to successfully increase the prospect perceived valuation until the price represents value for money and as a result a sale. Just so we are clear, I’m not saying that dealing with a price objection is always easy, its often not, but what’s important is that you understand and approach price issues with prospects correctly which ultimately gives you the best chance of success.
Dealing with Sales Objections Price - To learn more about this author, visit Niall Devitt's Website.
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Dr. John OdaJohn Oda Ph.D NLP is a business peak performance expert, an author, and speaker frequently called upon to provide corporate training, workshops and seminars for many companies in the United States. He is an expert in coaching sales and business professionals in overcoming the behaviors and obstacles that may impede their sales results and affect their bottom line. Since 1995, John has created a speaking bureau such topics, which include: time management, sales training, human diversity, leadership programs and etc. He provides companies with a strategic plan to increase their bottom line by over 25 percent yearly. - Visit Dr. John Oda's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Michel NerayMichel Neray has over 25 years of experience as an award-winning copywriter, an Internet pioneer, a tradeshow pitchman and a senior sales and marketing executive. An online pioneer, he was one of the first marketing professionals to embrace the Internet by building websites as early as 1993. In 1994, Michel co-authored a book entitled "The Great Crossover: Personal Confidence in the Age of the Microchip", which made it to Jack Canfield's Achiever's Recommended Reading List. Michel founded Portfolios.com in 1995, the world's first online source directory for creative professionals and one of the first websites based on community generated content. Since creating The Essential Message in 2003, Michel has helped thousands of independent professionals and entrepreneurs as well as growing corporations find a better way to differentiate, position and brand themselves. In 2005, his chapter "Everything Starts With A Conversation" was selected as the lead for the book, "Sales Gurus Speak Out" and re-published in 2008 for 'Awakening The Workplace Volume 3'. He is also a co-author of "In the Company of Leaders" (2008) with 40 top North American leadership experts. - Visit Michel Neray's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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 Niall Devitt (Visit Niall's Website) Niall Devitt is a senior sales training consultant and business mentor with Beyond the Boardroom, a leading business development and training consultancy based in Ireland. For more info, visit our website at www.btbtrainin g.com or to read Niall's blog www.btbtr aining.com/blog
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