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3 ways savvy salespeople handle price objections
3 Ways Savvy Salespeople Handle Price Objections
You would think every salesperson would be proficient athandling price objections, considering how often customers push back onprice.
In my experience, though, most salespeople can strengthen theirskills in this regard. Sorry to be blunt, but too many salespeople arequick to leave profit on the table when they really don't need to.
Here are 3 ways skilled salespeople handle price objections:
1.They don't respond.
"What?" youmay be thinking. It's true, though! When a customer first asks fora reduction in price or makes a comment that the price is too high, skilledsalespeople simply ignore this. The goal is to determine if the customeris serious.
It is not unusual for customers to ask for a lower pricesimply because they think that's what they are supposed to do as acustomer. They haven't genuinely given any thought to whether the priceis accurate or not. Knowing this, skilled salespeople will not evenentertain a conversation that focuses on price reduction the first time thecustomer brings it up.
I have found that this one tactic alone is oftenenough to move the customer off the price issue.
2.They ask "need-based" questions.
Your goal as asalesperson is to always bring the customer back on track to focusing on whatthey want and need. Through effective questioning, not only will youuncover surface needs, you will discover needs and desires the customerpossibly hadn't even considered. The more you can do this, the more likely itis the customer will see value in what you offer - and be willing to pay forit. I know it sounds obvious, but it is ridiculous how many sellingsituations end with a salesperson offering a discount because he or she didn'ttake the time to understand the customer's needs.
The key to effectivequestioning, of course, is body language that clearly conveys your confidencein your product and price. If your words are saying one thing, but yourbody language is conveying hesitancy, the customer will gravitate toward themessage from your body language.
3.They don't waste time on customers who aren't willing tobuy.This sounds harsh, but let me explain. Skilled salespeople develop analmost uncanny ability to differentiate the customers who are serious aboutbuying from those who perpetually prolong making a decision.
If a customer is persistent in pressing for a price reduction orseems stuck in an unwillingness to buy, your "go to" method shouldnot be to sabotage your profits. You should stop investing time andresources in this customer and instead turn your focus toward prospects andcustomers who are willing to buy.
The only way this point works is ifyou have a pipeline full of prospects. I always tell salespeople that ifthey start banking all their sales numbers on one or two big customers, theyare headed into dangerous territory.
The most profitable salespeople are wise about who they spendtime with - and they make sure they have plenty of solid prospects andcustomers with whom to invest that time.
How do you and your team handle price objections?
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3 Ways Savvy Salespeople Handle Price Objections
You would think every salesperson would be proficient athandling price objections, considering how often customers push back onprice.
In my experience, though, most salespeople can strengthen theirskills in this regard. Sorry to be blunt, but too many salespeople arequick to leave profit on the table when they really don't need to.
Here are 3 ways skilled salespeople handle price objections:
1.They don't respond.
"What?" youmay be thinking. It's true, though! When a customer first asks fora reduction in price or makes a comment that the price is too high, skilledsalespeople simply ignore this. The goal is to determine if the customeris serious.
It is not unusual for customers to ask for a lower pricesimply because they think that's what they are supposed to do as acustomer. They haven't genuinely given any thought to whether the priceis accurate or not. Knowing this, skilled salespeople will not evenentertain a conversation that focuses on price reduction the first time thecustomer brings it up.
I have found that this one tactic alone is oftenenough to move the customer off the price issue.
2.They ask "need-based" questions.
Your goal as asalesperson is to always bring the customer back on track to focusing on whatthey want and need. Through effective questioning, not only will youuncover surface needs, you will discover needs and desires the customerpossibly hadn't even considered. The more you can do this, the more likely itis the customer will see value in what you offer - and be willing to pay forit. I know it sounds obvious, but it is ridiculous how many sellingsituations end with a salesperson offering a discount because he or she didn'ttake the time to understand the customer's needs.
The key to effectivequestioning, of course, is body language that clearly conveys your confidencein your product and price. If your words are saying one thing, but yourbody language is conveying hesitancy, the customer will gravitate toward themessage from your body language.
3.They don't waste time on customers who aren't willing tobuy.This sounds harsh, but let me explain. Skilled salespeople develop analmost uncanny ability to differentiate the customers who are serious aboutbuying from those who perpetually prolong making a decision.
If a customer is persistent in pressing for a price reduction orseems stuck in an unwillingness to buy, your "go to" method shouldnot be to sabotage your profits. You should stop investing time andresources in this customer and instead turn your focus toward prospects andcustomers who are willing to buy.
The only way this point works is ifyou have a pipeline full of prospects. I always tell salespeople that ifthey start banking all their sales numbers on one or two big customers, theyare headed into dangerous territory.
The most profitable salespeople are wise about who they spendtime with - and they make sure they have plenty of solid prospects andcustomers with whom to invest that time.
How do you and your team handle price objections?
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