We Americans treat money as an ambiguous commodity. We are always in a relentless pursuit of it, and then we cannot wait to spend it. We spend our money even before we have it. (Credit)
If you cannot get the prospect to exchange his money for a product or service, then all you have failed to do is to convince the prospect that the benefits of the product or service are worth more to him than his money.
You can remove the price objection from the prospect by:
1. Adding benefits. If your product/service truly solves their needs & problems all you have to do is give them a better understanding of how your product/service will solve those needs & problems.
2. Showing you are a better value. Show them that your price is lower than the competition. If your price is higher, you must justify it with more benefits. Benefits they receive from buying from you, not the competition. The things you offer that the competition does not. (Service, delivery, extended warranties, etc.)
3. Money will not solve the problem. You remind the customer, in the most specific possible way, that until he purchases the product/service from you he will remain in his present unhappy circumstances. (The problem your product/service will solve.) Remind the prospect that his money will not solve his problem. Only receiving the benefits by purchasing your product or service will.
One day while watching my father selling a color television in our retail electronic store I learned how to turn objections into positives. He was demonstrating a new 21” diagonal screen model which had just arrived. This set was much bigger in overall physical size and more expensive than the advertised 15” model the prospect had come into the store to purchase.
At one point in the conversation the prospect, in an objective voice and tone, said, “The size of this TV is really big.” My father seized the opportunity to turn the objection into a positive by simply saying, “Yes you are right. With this size Television everyone in the room gets a great view.” This is know as the “Turn Device”.
When the prospect asked, “What is the price?”, (In the 70’s retailers did not put price tags on every item the way we now do.) my father said, “$599”. When the customer, in a surprised objectionable voice and tone, repeated the price, “$599!!” (The 15” television he came in to look at sold for $299.) My father used his “Turn Device” and said, “Yes, everyone says the same thing. They cannot believe we are selling a new 21” RCA color television for only $599.”
Recently my clients, “Clean Air Technologies,” the Charlotte area’s experts in inside air quality, used the “Turn Device”. David Thompson (the owner) received a call from a local homeowner asking the price for a particular job. When he quoted her $99, she was astonished and replied, in an objective voice and tone, “$99 !!!!!!?”
David said, “Yes, isn’t it something that we can do so much for so little money?”
She then stammered and started asking more questions. Within 5 minutes he scheduled the job.