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Sales Tips – How to Handle a Price Objection

One of the most common of all objections you are likely to hear from any prospect is the good old fashion objection about price. Why is it that so many prospects are so focused on price?

I suppose the exact same reason you are when you go to the shops to purchase something.
With Markets these days becoming more competitive than ever, sales professionals need to be more astute then they have ever been before. No objection seems to come up more than the old price objection. Prospects always have a tendency to compare prices and use this as a bargaining tool.
It is extremely important that you do not buy into this, always maintain the focus of your discussion around value, not price.
However you will find that some prospects are absolutely driven buy price and will want to discuss it in detail. A good response to this particular prospect will be to simply explain the difference between quality and price.
“Mr Prospect, when our company first set up our operations we were faced with a difficult decision in determining the price. However we decided that we preferred to explain to our customers the value in our prices once, then to risk apologizing to them for poor quality and service forever. Mr Prospect, you are after the best value for your money aren’t you?”
A response like this that is said with confidence will immediately have your prospect understanding why value is so important, and in most cases they will not bother with the price objection again.
Your ability to earn more commission is directly related to your ability to continuously learn new things!

 

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