Bar none, the biggest objection a customer ever raises is price. Often they don’t comprehend the value of your solution, therefore concluding that the number you’ve quoted is completely arbitrary, maybe even greed-based. It’s true that today’s customers exist in a climate of global competition; they know how to “Google it,” etc. But information isn’t always knowledge, so they’re not necessarily well-versed when it comes to your products and services. At the decision-making phase of the sales cycle, act as a trusted advisor and guide your prospects toward a deeper understanding of how you can fill their need.
In the early stages, be prepared for price objections to rise like odors from an ancient sea chest. It’s your job to both anticipate and neutralize those objections, “Fabrezing” them with explanations that will get prospects to understand that your price corresponds, as we’ve said, to the value of your solution. Below is a list of common price objections and how to effectively respond to each.
It’s Not in My Budget
When customers are bound by a budget, they’ll naturally base their range on its restrictions. But they may also use the old budget excuse for insisting on a lower price. Be a proactive seller, throwing out a number before the customer does. And then, if you choose, ask if that price falls within the range they’re comfortable with. If the customer does trot out a number before you’ve had a chance to name your price, ask how they’ve arrived at that figure, and then explain why, based on your value proposition, you can or cannot meet them at the price they say they’re locked into.