Like this article? PLEASE +1 it! Evan Signature
Evan Carmichael Top Header
Share for a Cause









Handling The Price Objection

Written by: Jim Meisenheimer

Article Overview: Handling the price objection is no easy task for most professional salespeople. In fact most salespeople dread having to deal with it. Here are three practical ideas you can use whenever you're forced to respond to the price objection.

Free Download - Sales Flubs By Jim Meisenheimer
Name: Email:

Handling The Price Objection

Handling the price objection is a number one priority for most professional salespeople. And it's no wonder, when you consider all the work a salesperson does to get the business only to get blown away by a demanding sales prospect or customer who wants a better price.

There is a better way! There's no need to feel helpless or hopeless when you're selling. But you gotta stop doing what you've been doing and that's not so easy when you've spent years defending your price. Look, when the conversation turns to price it usually means there's a little or no value on the table.

There's a couple of things you can do to minimize and sometimes even eliminate handling the price objection.

First recognize you're either selling a product of solving a problem. Put yourself in your sales prospects shoes. Which is he more interested in - you selling a product or you solving his problems? Get the picture?

Don't be too quick to assume you understand a sales prospect's problems. Even if you have a good idea it's always wise to get confirmation by asking good sales questions. For example, you can ask, "How do you measure success with your current supplier?" This question will turn heads in your direction.

So if you want to avoid handling the price objection keep asking questions until you know all that you need to know about your sales prospects and customers. Selling gets much easier when you ask intelligent sales questions.

Another thing you can do to eliminate getting the price objection is to do your homework. Avoid doing quotations because people looking at quotations are only looking for the pricing. Hello! Do a comprehensive sales proposal.

Pay attention to the pricing page. Never have pricing that looks like this $35,000. The zeros are an invitation to open the price negotiations. You see, if your price was $34,997 the specificity of this number screams you've already sharpened your pencil.

And remember this, numbers that end in 7 sell more than any other number - trust me on this.

Here's another strategy you can use. Whenever someone asks you, "How much does this cost" simply reply, "It depends!" It never fails because your sales prospects will then respond with, "It depends on what?"

Now you're in a good position to tell him, it depends on the size of the order, the quantity ordered, what else can be added to the order, and even the length of the contract. In essence you're saying you can wiggle with the pricing, if he can wiggle with the size the order. It's a great way to level the playing field.

Here's one more idea you can use when it comes to handling the price objection. If you're an American, you probably know the Pledge of Allegiance. At least I hope you know it. And, you can probably say it without having to think about. You can probably say it without saying any "Ahs" and "Ums."

And that's the way it should be. Because about 19.5 years ago when I first started my sales training business I routinely had to deal with the price objection. I took a pounding! It was bam - slam, bam - slam and it was costing me lots of income.

So I learned how to deal with the recurring price objection. It took me 20 minutes a day for three weeks to develop an intelligent response to the price objection I was getting. And finally, I could deliver my response the same way I could say the Pledge of Allegiance.

No thinking, no blinking, and certainly no hesitation! That's where you need to be!

And you may not believe this next point - but it's the absolute truth. Once I knew how to handle the price objection I didn't get it as often. When I did get it, I was able to deal with it.

If I can do it, you can too.

Some wise sage once said, "Profitability is the applause of a happy customer."

Go make your customers happy! Ask better sales questions!

Related Articles
  How To Successfully Handle Objections
  Dealing with Sales Objections: Price
  Handling Objections in Four Simple Steps (Really)
  The 5-Step Method of Handling Objections
  Tips for Effective Appointment Setting - Objections Handling Overview

Home > Sales > Jim Meisenheimer > Handling The Price Objection
Article Tags: blown away, confirmation, homework, invitation, objection, pay attention, pencil, price negotiations, priority, professional salespeople, proposal, quotations, sales prospect, sales prospects, sales questions, salesperson, shoes, specificity, zeros

About the Author: Jim Meisenheimer
RSS for Jim's articles - Visit Jim's website

 

Jim Meisenheimer publishes the Start Selling More Newsletter. The focus is on common sense sales tips and selling strategies based on practical ideas that get you immediate results. You can get more information and sign-up for my FREE Newsletter at http://www.startsellingmore.com

Discover the 12 Best Sales Questions To Ask Customers. When you ask these sales questions, you won't be selling you'll be solving your customer's problems. You'll close more sales when you ask these 12 clever sales questions. And your sales will take-off! Go here now: http://meisenheimer.com/products/salesquestions.htm




Click here to visit Jim's website
Dashed Line

More from Jim Meisenheimer
On Paper With Purpose Is A Sales Tip Worth Remembering
Get It Done
3 Ways To Outsell Your Competitors
How To Get Prospects To Say Yes Instead Of No
Selling Whats Different


Related Forum Posts
Re: How Not To Start A New Business 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) 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? 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
Product promotion strategy Product promotion strategy - The effectiveness of our products is 200% Guaranteed. It is according to our feedbacks and the quality, reliability, efficiency and utility scale of the product. The product is not similar to any conventional products in the market at the moment. It could use to clean almost everything (include clothing’s) that do not contain Caustic Soda, Ammonia, Chlorine and Fumes. In short means, safe and do not work like bleach that damage the matter or fabric of the item being washed. Biggest Objection? I'm not quite too sure about what you are trying to ask here. If it for the product, it is fine. The product sell itself and I haven’t heard back from any of the customers yet. 99.9% of our customers came back for more and brought back more customers or buy for their friends n families. There were some customers that complained the products didn’t work. But majority of them didn't follow the instruction, and we convinced them to follow the instruction and they are happy again. If it for the business, I think the major objection or disadvantage for us now is the lack of business system, resources deployment and networking.
Hiring the best people for the job Hiring the best people for the job - One of the hardest things I had to do as an entrepreneur was to give up control over a project to someone else. Currently, I am having a professional design my website for me. Sure I can do it myself, or hire someone to do it how I tell them, but what would I learn? Handling the technological side of the business is not my strong suit, so i had to find someone who knew more about the subject than I did and also has done what I want to do before. It has been a learning experience, and the great thing about it is it frees me up to do what I do best in my business, and letting someone else do what they do best. I have been brought up with the mindset that [i:vazquuoz]if you want it done right you [/i:vazquuoz][i:vazquuoz]have to do it yourself[/i:vazquuoz]. I am slowly but surely weening myself away from that mindset and learning how to delegate more effectively. Now I am extremely selective on who I hire, and my goal is to surround myself around people who are smarter than myself in their area of expertise.


Recommended Article for You close

  How To Successfully Handle Objections

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.



Featured Article


Bottom Footer
Share for a Cause












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

Soda Vending Machine = Energy Hog

What is the bottom line to you?

2011 Global Brand Trends Letter

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.