One of the most common objections from the customers for business owners is Price Objection.
Most of the time a business owner receives feedback from customers that –
“Your product price is too high… I need some more time to think about it!”
And the moment the entrepreneur hears about this line from their potential customers
What do they do?
They immediately went onto a “justifying mode” by talking about the features and benefits…
Or…
They say something like “the price is not too high…
Or…
They directly jump into giving discounts “We can do something better…
But you know what?
Understand the price is NEVER the problem.
(Provided you have thought clearly how you put the price based on the value you provide them!)
But then how do you handle this price objection?
Price Objection in Business – How to Handle?
# Step 1 Acknowledge customers concerns that the price is high
You may say things like – “I understand that you feel the price is high…”
# Step2 Ask questions and get more clarity
For example, the question can be like –
“Can you help me to understand… what makes you feel that way?”
So that you as a business owner can really understand the truth…
Is it because the customer can’t afford it because the budget is low?
Is it because they don’t see the value as compared to the price?
Or is it just their way of lying… just to get a discount?
You need to understand these things by asking questions and get more clarity!
Most people do this step wrong by never understanding the real concerns of their customers.
#Step3: Close the deal by..
- Giving case study or examples to demonstrate the return on investment
- Demonstrating if they don’t take action now, the loss or cost of opportunity lost will be high
This is the right time to make them realize that the pain they have been having is HIGHER than the money they’ll spend with you.
So that’s one of the ways you can handle these objections as a business owner!
Objection handling is such a vast topic, and most business owners never really realize that this is one of the skill required to master.
Do you think that price objection is concern for your business?
Do you need any help in handling price objection?
Speak your mind share your thought with us by sending e-mail at info@moneyexcel.com and we will surely help you.
