Price objection has become so common in times like today. It has almost become a universal objection that if the client is not sure whether or not they want to move forward they just say that the price is too expensive. But, think about it; is it actually the real objection?
How to handle this?
When you get thrown the objection that “Your price is too expensive compared to others” what the prospect is doing is they’re not comparing you on your value but they’re comparing you on features and benefits with others in the market. But you don’t want to be in that whole comparison game! So, ask yourself “Why are you in that place?”
Well it can be because of 3 reasons:
1. The Prospect Does Not Understand The Value That You Offer:
Yes, you read that absolutely right! The prospect does not understand the value that you offer and that’s the first reason why they’re comparing you with someone else. It’s as simple as that. If they don’t understand what you’re offering then they don’t understand the value and they will feel that the price you’re offering does not match the value you are giving them. That’s when they go and take someone else’s offer and services.
2. Don’t Compare Based On Features And Benefits:
Now, you need to understand that the reason they have actually talked to you about the prices in the first place is because all along you’ve not shown the value you are going to offer to them but you’ve been talking about the features and benefits alone.
When you talk about features and benefits it becomes a comparison to the other person and they will say things like, “Okay so you’re giving me five features while he’s given me six and you are giving me five for this price and he’s given me six for this price… you see, it becomes a comparison.
So, you need to stop doing that. Don’t compare yourself based on features and benefits but instead show the value and show what you bring on the table. Just remember that you are “Unique” and just show that to them. People like dealing with people they like.
If a client is not willing to pay you the higher price then ask yourself “If there are people that are paying me a high price but this client is not paying and making excuses, then what did I say to them that I’m not saying to this client?”
Because if someone else is paying you the high price which you want and this one client is not paying you though you have shown the same value then maybe this prospect is not the ‘right prospect’. So try to understand and reflect on this!
3. Are You Actually Offering Value?
Lastly if nobody is paying you the price that you’re actually asking then you should really ask yourself, “Am I actually offering value to the clients and is there something really unique about what I’m offering?” Once you figure this out, you can then make changes accordingly and start adding more value and getting the clients to pay what you want.
CONCLUSION
So, you will see that once you get all these three questions answered and you make the necessary changes to your offer and add value to your offer you won’t get the price objection from anyone. Surely there will be some people who might still object but just don’t bother about them as they might not be your right target market, so let them be! Hence, this is how you can actually handle the price objection and get the price that you want from the client.
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About the author
Dev Sethi is the Founder & CEO of ‘Wealth On Command’. Dev is a Global Sales Award Winner and “Closer of the Year 2019” in High Ticket Sales across 150 countries. He is the 1st person across Australia, Asia, Africa, Europe and South America to ever win this award.
He empowers business owners and entrepreneurs to monetize their skills and maximize their sales by assisting them in building a high performance sales team. In the last 12 months alone his business has grown by over 560% and his clients have made over USD 5.2 Million in Sales. Dev is a Sales Champion and is now creating more Champions.
He speaks 4 languages fluently and is a loving father and a caring husband; born in Thailand, grew up in India and now living in Sydney, Australia.
