“ Your Price Is Too High…”
4 Steps to Respond Confidently To Win !
If you are in sales, this would be the most common and painful objection that you would receive most of the time when you deal with prospects.
Specially in transactional sales, when your prospect say this, it represents either ;
- They have no idea how your platform can bring the value to their business
- They do not realize the return on their investment of your solution
- They know the competitive pricing already and trying to find why you are expensive
Do not worry !
Here are powerful strategies to confidently respond to your clients..
1) First, Find out why your client says it’s too high. Do not Assume !
The major mistake we make here at first, is to try to justify why its expensive based on our assumptions
Before you respond its always important to understand why the client says it’s expensive, is it relative ? Is it about affordability.. Etc..
- Do not jump to answer. Take a minute and ask the following question -“Why do you think the price is too high?”
- Let your client justify it
- Listen to your client to genuinely understand about it, not just listen to respond.
After you listen and discuss with the client, you have more understanding now to answer.. Otherwise, if you assume,it would be another objection you would introduce for your client..
2) Next, Educate them about the Value you are bringing in — “What’s in it for them when they invest on this platform / service !”
- You need to educate that its not just a cost, but an investment to gain more benefit to their business
- Showcase specifically what they get ( Return ) on the Investment !
One powerful strategy to make them think strongly about this is asking the following question -
-“How much will it cost you to do nothing?
- This will make them think about how they would get impacted if they do not have this solution
- Will they lose for the competition
- Will they decrease sales / profits >
- Etc…
3) Then, Bring Evidence — Share Your client success stories to show that people have already invested and got the benefit !
- Showcase how your other clients were also like that earlier and now they are benefiting and getting the real return on their investment.
- Share a success story that directly show the return of investment to let them know we have successes and you also have success
- Nothing powerful than a Text or Video testimonial to make them aware there are already success stories..
4) Finally, Let them know the cost you are bearing to bring that value for them !
Showcase the effort and cost that you need to invest to create that value and ROI
- Any Cost of 3rd party services..
- Any development cost..
- Cost of resources..
- Cost of maintenance …
Note — No need to specifically mention any number , you can also bring percentages and explain the items.
Remember, It’s never really about the price. It’s about the understanding of your client what value that it can bring in.. If they really understand the solid return on their money investment, they really do not mind the PRICE !
Need more help in responding to this for your current situation? — Join from this link for Free personalized One-On-One session — https://forms.gle/CY4NTyy4RUumG9JD6
