Written By: Mike Brooks
What is the real objection to buying your product? The “price is too high” is usually just a smokescreen to some other objection. Ask the right questions and you’ll get the answer. Do they see the value in what you are selling? It’s up to you to dig deeper and uncover the real objection and find a solution to their concerns.
Of all the objections sales reps get, the “price is too high” is still number one on the list. And it makes sense, doesn’t it? I mean think about your own purchases – whether you’re in the market for a new car, a new house, or even a dinner out with the family – what’s the one common component of your own buying decisions? Budget, right?
So it makes sense that all of your prospects have a budget consideration as well. But be careful because the price objection doesn’t always mean that your prospect can’t afford it. In fact, the price objection is often the biggest smokescreen objection of all – meaning that prospects throw it out to hide what the real objection is. And the reason they use it is because it works: again, everyone understands budget concerns because we all have them.
Top producers know how to go beyond this smokescreen objection and uncover what the real objection is. And once you understand what the price objection really means, you will gain a unique insight into how to deal with and overcome it. Here are five ‘hidden meanings’ your prospect doesn’t want to reveal when they tell you that your price is too high – and what you should do about them:
Solution: After you’ve clarified that this indeed the case, then it is up to you to go back and build that value by pitching specific points and tying them down to make sure your prospect sees and buys into the value.
Solution: The solution here is in first discovering that your prospect has another option in mind and then doing the straight forward comparison of “services for services.” This used to be called an “apples to apples” close and it’s still highly effective – if it’s presented correctly. The key, however, is to be able to determine whether that’s the issue and then use a properly worded script do the comparison.
Solution: To answer this question, just ask yourself what motivates you to pay a premium for a product or service you know you could get less expensively elsewhere. Reasons can include:
4. Price is just a smokescreen hiding other objections. Often times prospects are not ready or willing to move forward with a purchase for a host of different reasons: If they are a business, then initiatives can change, or personnel changes, timing, scheduling, etc., also affect purchases. Or, for both individuals and companies, there can be multiple decision makers with different objectives, or prospects decide to keep looking or delay or postpone the decision for many other reasons as well.
When prospects don’t want to reveal what is really stopping them from making a decision, they will often just throw out the price objection because it works. Revealing anything else would require an explanation, but saying it costs to much, or that they simply can’t afford it, usually gets sales people off their back.
Solution: The key here is to find a way to get your prospects to reveal what is really behind their decision not to buy and then effectively deal with that.
5. They actually can’t afford it. Sometimes the price objection is just as it sounds: your prospect can’t afford – or chooses not to afford – your product or service. If this turns out to be the case, then it’s something you should have addressed during qualifying.
Solution: Top producers always qualify for budget – among five other things – and they know in advance if a prospect can afford their solution. If you have qualified correctly in the beginning, and you still get the price objection, then you can be sure it’s a smokescreen hiding items one through four above.
As you can see, the price objection isn’t always about the price, but rather, it often means something else. Your job as a closer is to be prepared with a scripted approach to find out exactly what the real reason is, and so position yourself to overcome it.
Mike Brooks is the founder of Mr. Inside Sales, a North Carolina based inside…
Join more than 360,000 professionals who get our weekly newsletter.
Self-paced courses from the
world's top sales experts
Live, interactive instruction in small
groups with master trainers
One-to-one personalized coaching
focused on your unique situation