95% of today’s buyers will object to price in some way.
It must be frustrating as a business owner to overhear your sales team battling with price as an objection and not being confident they can defeat the most common of all objections.
We hear this all the time.
Buyers are far more savvy today than they have ever been, therefore at Mindcell we train techniques to defeat the most challenging of sales conversations, so you can have confidence your team is equipped accordingly for today’s sales environment.
Most sales trainers will tell you how to use a rebuttal. At Mindcell we fundamentally believe that dealing with price as an objection, requires a more sophisticated response should be ‘set-up’ much earlier in the overall discussion with a prospective customer.
If you’ve articulately described the product or service you’re selling, you’ve already begun to value stack your proposition earlier than when the price objection comes. Therefore when the price objection enters the conversation, simply continue this stacking to justify the price.
If value stacking still hasn’t convinced the prospective customer, ask this: ‘Is the price too expensive for the services you’re offering or their own budget?
Firstly, if it’s a question of services, justify what you’re offering and give them an idea of the results they can expect. It then becomes a challenge of mental arithmetic, they can see your price, they have heard what the results will be – the decision becomes a no brainer.
If further convincing is required, simply tell a story of a previous client in a similar sector and situation and explain the impact of the results for them.
When budget is the issue, you can simply downsize your proposition to match the budget, however there are more intuitive techniques, fact is you’re not there to provide charity, rather to structure a mutually beneficial agreement.
Todd Caponi’s ‘leavers technique’ in his book The Transparency Sale discusses these four elements:
- Volume – ask them to commit to more, you will pay them by form of a discount, this legitimises your price.
- Timing of payment – if they’re willing to pay for the year upfront, you will pay them in the form of a discount.
- Length of commitment – if they agree to an additional length of contract (on top of the original proposition), we can reward that with a discount.
- Timing of the deal – emphasise that forecasting business is extremely valuable, therefore if the prospective customer is willing to commit to an agreement by a certain date, we will pay you by form of a discount.
More than likely they won’t be able to agree to all four, however agreement on one is highly likely.
These tips are part of a much broader training course featured in our Mindcell On Demand sales training.
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