Power of Price – Sales Objection on Price – Let me ask you a simple question when your clients ask you the question well, how much do you charge, how much is it?
What’s your response, how do you handle this objection?
Power of Price – Sales Objection on Price
Now, before I teach you exactly how to handle this objection you have to understand why they’re asking that and when they’re asking is also very critical.
For example, if they’re asking you this question, how much is it, you are just two or three, or five minutes into your conversation.
It could be on the phone, or it could be face-to-face. It means that they want to get to the bottom line.
They want to know, just tell me how much is it.
I don’t care for your feature or benefit, I just wanna know if this fits my budget.
Now, the minute you give out the price.
You tell them this is how much, you’ve lost all control because you have not taken the time to build up the needs to discover exactly what they’re looking for before you get to the price.
So when you tell them the price, let’s say it’s a thousand rupees, it’s a thousand rupees, it’s ten thousand rupees.
Right there at the minute, you gave them the price, you’ve lost your power because now all you could do is wait for the client to say you know what, nope, that’s too expensive.
No, I don’t wanna pay for that, or nope, that’s not what we thought that we were gonna spend, then we’re gonna do.
Now you have to go into what I call justification mode.
Right, oh, but we are so good that our product is better, that we’ve been in business for X amount of years and all that, now you turn into this salesperson, right?
You don’t wanna do that.
So, if it’s at the very beginning of the conversation when your clients ask you so, how much is it exactly?
You should redirect, redirect the conversation going back to the needs and find exactly why are they talking with you in the first place.
So, in the beginning, when they ask you the question, how much is it, you would simply reply, it depends.
It depends and then they might say something like well it depends on what?
Well, it depends on exactly what you’re looking for.
So why don’t you tell me a little bit about what you’re looking for?
Great, you go back to their needs.
You go back to their wants, you go back to why are they talking to you in the first place.
Now, if it’s somewhere, let’s say after the middle of the conversation, it’s the end and you’ve done everything that I teach you.
You are qualifying them, you follow the builder’s needs.
You’ve done all those steps and now it’s near the end.
You’re actually talking about money and they say well how much is it?
Now, whenever you give them a price, let’s say it’s ten thousand rupees.
You don’t just say well how much is it, well it’s ten thousand rupees.
Oh and all they’re gonna say is either it’s okay but most people, they will so oh, it’s too expensive, it’s more than I thought.
It’s a near-natural response from your buyer.
So what do you do, you want to also continuously ask the next question.
So it would sound something like this, well how much is it, it’s ten thousand rupees.
Are you comfortable spending that kind of money?
Or it’s ten thousand rupees, is that within your budget?
So right there you took the next question and you go deeper, right, you go to the next step.
And they’ll say oh, yes or they’ll say no.
So, these are some ways to handle sales and especially price objections.
Now sometimes if it’s somewhere in the middle of the conversation, they ask you well, how much does it cost?
If they are pushing and pushing and pushing, you can also give them a range.
You can give them a range of products or services and it depends on what you need.
Let’s say you are a graphic design person and you are developing a logo, a brand, or something for them and they ask you well, how much is it gonna cost me to do all these design packages and all that?
Well, you know, anywhere from INR 5000 to INR 10000.
How do you feel about that?
And sometimes if people do price objection you just wait and watch the delay in the sales. Sometimes if you stick to the price and another person is needy, he or she will pay money to you.
I have practically seen this case many times in my life.
This is another way to handle objections and stick to price.
Remember price is power. So be very, very careful when your prospect
asking you how much is it.
So it depends on when depends on the timing.
You will handle it differently but knowing traditional sales the buyer always has all the power because they have the money but that’s not true.
In terms of closing high-ticket items, you have to be closer, the power should be with you. You need to control by using techniques shared by me. You need not reveal the price till you know your customer needs and you establish your authority.
We need to control when we wanna reveal the price. When we don’t wanna reveal the price.
Maybe it’s too early and we haven’t built up the demand, we haven’t created the needs. So it all depends but you want to retain and remain powerful.
You wanna retain the power so you can lead them to the end and close that sale.
So, that’s all from my side if you need more information get in touch with me at sk@moneyexcel.com.
