2. DEALING WITH PRICE OBJECTIONS

Q: Out of the many types of objection, the one I dread most is price objection; be it whether the price is high or is not reasonable compared to a competitor that they allege is cheaper. Whether there’s a basis of truth in their objection, it leaves me with little room to get out of it except to bring down the price to their wishes as I really don’t have a clear and well-thought-of-way to handle them. It’s either I lose the sale or I sell at a loss.

Is there a way out of giving in to their demands? Can you help here? - Caught It’s a fact that handling price objections is among the toughest for many sales people, particularly so when they face the very price conscious (even unreasonable) prospects. Like I have said before, bringing down the price must be the last option unless everything else doesn’t work. Bear in mind too on the related costs involved before you drop the price, such as the cost of reinstalling, the manpower involved and the duration, etc. All these add up to the cost factor.

Bottom Line:

While there is no single way to handle this, using what I call the “tai chi” method of handling objections might work better in some cases. Here are a few tips that you can adopt.

Firstly, never run down the competitor who offers a cheaper price than you. Simply say that you are sure they have their reasons for doing so.

Secondly, highlight your other benefits and ensure they are very well articulated as to how they can offset the initial selling price.

Thirdly, offer assistance in whatever means like helping with the installation, training his people, and giving personal time are some ways to show how sincere you are to them.

Powerful Questions:

• How well do you know your products, and your competitors?

• What are the common objections and how satisfied are you with the justifications you are providing?

• What are some strategies that you can use to handle price objections? What will you do now when someone interjects in the midst of your presentation?