Here is the psychology behind an objection on price, essentially the consumer shops on value. For instance if I told you a car was for sale at only $100,000 you may think, gee that’s expensive. But what if I told you it was an exotic Italian sports model normally valued at $400,000. And what if I added to that the story how each one is handmade in Italy to your specification, that driving one is one of the most pleasurable experiences you could have so much so that if after driving it you don’t agree I will find something that is the most pleasurable and give it to you free?
By now you are probably saying wow that’s great value.
Now this only works if I am talking to someone who is educated or appreciates the difference between a Japanese hatchback and a piece of automobile history. And if not they are willing to listen or learn why there is a difference. And it all comes back to their reason for buying a car, if it was to move the family or move yourself from A to B in the most comfortable economic way no matter how pleasurable the Ferrari is it won’t ever look or feel like great value.
Now let’s look at your situation:
- What are the reasons for buying the *product or service you offer?
- What potential benefit could be experienced as a result of either?
- What extra benefits will you guarantee the customer will get as a result of using yours? I.e. what is different and what benefit does it have over any competitor? If this benefit has no relevance to them they are less likely to buy. For example Our car will get you to your destination quicker than anyone elses is useless if the customer generally has a defensive, cautious, stop in every town driving style.
This is how you could respond to an objection on price:
- Call and say “thanks for giving me your honest feedback, I appreciate it and I’m glad you brought up the price/other product or service”.
- “Would it be worth your time if we spent a few minutes talking more about why our product/service is so valuable to you, what is different etc?
- “Great just before I do that, is there anything else besides the investment that would stop you from going ahead? You essentially get their commitment to buy here provided they see value when you explain and overcome the objection.
- Any objections from now can be dealt with, you want all of them on the table otherwise more will trump you such as “well that’s great I see now why yours costs more but I am not available then anyway?”
- Now all you do is find out why customer is thinking about buying, what will happen if they don’t, show how your product/service has greater value meaning the customer will be guaranteed to derive more benefit and then you will have a shot of converting the customer. Remember if the objection is simply I have no money reply “Great I am happy to accept credit card or offer payment terms” If there is no other reasons not to go ahead let’s get you started now…