Encountering customers, who object to the price you charge for your product or service, is as old as time itself. I want to add at the outset that, if you are encountering this objection at the end of every sales meeting, then you have made a one or all of the fundamental errors listed below:
- Error no 1: You may not have invested sufficient time to properly qualify your prospect. Are you in front of the perfect future customer, who needs exactly what you have to sell?
- Error no 2: you may not have asked sufficient discovery questions. When you have not asked sufficient open ended or open-up questions, your future customers, has not had the opportunity to explain their needs properly.
- Error no 3: You may not have understood how to communicate your value to you future customer in terms that they understand. The reason for this may either be that you do not completely understand your own value proposition or you have not listened to your customer explain their real needs and expectations.
Avoid commoditising your products
Remember that your prospects, will respond to your product or service in exactly the way you represent it. If you do not know how your product or service connects with each prospects, specific needs and expectations and how it will add meaningful value to them, then you can expect them to raise the issue of or reject your asking price.
There are a few fundamental stumbling blocks to avoid, when it comes to ensuring that your price is accepted by your prospects.
You do not fully understand your own value proposition and how to differentiate it in the marketplace.
- Have you explored your product or service examining all its features and benefits?
- Have you asked the “SO WHAT” question, as you explore each feature and benefit?
For example: Our sales training includes an online training solution.
- “SO WHAT” In other words why should our prospects care?
- It means that each sales team member can work at their own pace.
- It offers a facility, which allows sales team members to convert sales tools and techniques into new sales behaviours.
- It supports the conversion of short-term memory into long-term memory.
- All of the above means that organisations will see a marked improvement in their sales teams performance and results, which means that they will get to enjoy a real return on their sales training spend.