Tweet

How To Eliminate The Price Objection Forever

Guest post by: Laura Posey

Article Overview: There are two ways to make money in sales. The first way is to be a low-cost provider and sell a high volume of your product or service. The second way is to be a high-cost provider with large margins and sell few items, but make more on each one.

How To Eliminate The Price Objection Forever

There are two ways to make money in sales.

The first way is to be a low-cost provider and sell a high volume of your product or service.

The second way is to be a high-cost provider with large margins and sell few items, but make more on each one.

I don’t know about you, but I’d rather make more money with less work any day of the week. So how do you raise your prices significantly, without losing sales?

My friend, Vicky, the shoe-freak has the answer.

Vicky has a closet full of shoes, in all shapes, colors, materials and heel-heights. It is really quite impressive to see. It’s fun to go out with her just to see what kind of crazy footwear she’ll have on.

The other day Vicky and I were walking down the street and she was complaining that the shoes she was wearing were starting to come apart at the seam. Assuming that, like me, she had simply worn them out, I asked her how long she had had them.

“Oh, just a few months. I’ve only worn them 5 or 6 times.”

When I suggested she take them back and demand a refund, she replied that she had gotten them a super-discount store and couldn’t take them back. “Oh well, I guess I learned my lesson. You get what you pay for.”

The belief that you get what you pay for is deeply ingrained in the American psyche. Your prospects know that there are good reasons that one product costs more than another and most are willing to pay more for a product that provides more value to them.

The challenge is helping your prospect see that value.

One way to do that is to run through a laundry list of reasons YOU think you provide more value than your competitors and, therefore, are worth the extra money.

A better way is to let the prospect discover for herself what SHE believes the value of using you is. Here’s how.

The next time a prospect notes that your price is higher than one of your competitors, look her squarely in the eye and say this:

“You’re right, Ms. Prospect, our rates our higher than others. Why do you think that is?”

Then shut up and let her answer the question.

Because we all believe you get what you pay for, your prospect must decide for herself what is valuable about you.

Whatever she says next is what she believes is the value in using you (and paying more to do so).

Ultimately, you’ll both win by asking this little question. Your new customer gets a great product that she’ll be happy with for a long time and she gets a feeling of satisfaction knowing she has made a good buying decision. You get a higher commission and a very happy customer who is much more likely to refer you.

That, my friends, is Sales Magnetism.

For more ideas like this check out our Mastering Sales Magnetism course in Richmond and Raleigh or our wonderful Power of Sales Magnetism home-study course.

Related Articles
  How To Successfully Handle Objections
  Handling The Price Objection
  How to Avoid Getting Economy Related Objections
  Dealing with Sales Objections: Price
  Handling pricing and delay objections

Article Tags: marketing, motivation, sales, sales tips, small business



Related Forum Posts
Re: The 3 Factors That are Limiting Your Productivity - Eliminate... automate... delegate... Good stuff. Another video for my blog!
Re: How Not To Start A New Business - Well, these guys these guys will not succeed at all. they need to have a way of doing things. First thing first, which market segment are they targeting? Or are they in the same segment the previous magazine was. They also need to understand the trends, currently people read online magazines so they need a website. After that they need to develop the marketing mix, which will guide them in their marketing activities. This marketing mix will be made of 4 Ps, which are Product, Place,Price and Promotion. I will assume the magazine is the product, the first P, The Price is what is the role the price will play in the market, do they want premium price, or do they want to skim the market. The other P, they need to have, is the Place, this will help in having a strategy on where to place their magazines, this includes the websites, malls, newspaper stands etc. The final P they need to develop is the Promotion, this is the advertising , channels, websites, forums, blogs, name it. Once they have done that, they can sit down and wait for money to come but not without superior customer service, otherwise without all this, they are wasting their time and money.
LastMinute New Web Site (Draft) - Louis, I like it much better than the previous one. I like Topic, Location, Date, Discounted Price. That is what I need to know to get interested. I believe that you are moving in the right direction. Andreas
Re: Is Gas Price Affecting Your Business? - I work at home so I don't have the need for car. My office is a few seconds walk from my bedroom. Gas Price is not affecting my business in any way. All my work is done online
Re: Do you have an affinity to making money??? - Hi ideasuniversity, I think we all enjoy making money and hopefully using it wisely, LOL. It is interesting to see that you are getting involved with Aloe Vera products as these seem to have remarkable advantages for health and wellbeing for many people. I almost became involved here a few years back with a company which was called something like Forever Living products who seemed to be very active but ultimately I didn’t follow it up but I can understand your enthusiasm for the products as you can get anything from Aloe Vera toothpaste up over, the range of products is incredible, best of luck with your efforts, regards, Mal.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Tips to Take Control of Credit Card Debt

Qualities of Leadership Part 1

Why Marketing Outsourcing is Growing So Quickly

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.