What do you do when a prospect tells you that your price is too high?
Here are a few thoughts that will help!
Don’t do this: Don’t automatically respond with “how much higher?” or “where do we need to be on this?” Doing so relinquishes control, put’s you on the defensive, diminishes the value of your widget and as a bonus, you sound like everyone else!
Instead . . .
Put it into a context: So instead of defending your position, have the other party do the “splainin” as my friend Ricky Ricardo would say. When someone tells you your price is too high simply ask them “Compared to what?” Doing this buys you a few extra seconds to think (never a bad thing) and gives you options you would never have had if you just lowered the price. I’ve asked this question and had people say “Well it just seems high. We’ve never done this before” Does that give me room to maneuver? It sure does does! I’ve had people also tell me “Compared to my other vendor” My response to that is now one of several options:
Get confused: I get confused when I have done a thorough needs analysis prior and the prospect/client has told me that the other company dropped the ball. I will literally say “I apologize, but I am a bit confused. Is this the same company that missed the deadline, nickel and dimes you etc?
Get real: Sometimes a price objection is nothing more than a throw away objection to a much deeper concern.
Here’s how I check temperature on that one: “We can certainly address the price, before we do let me ask you, price aside, what else is on your mind? This approach helps to get ALL the issues out on the table. Once again, it buys time and helps me to direct the conversation.
Do not use this Monkey Style Kung Fu line: “Mr/Ms Prospect, I’d rather apologize once for a high price then repeatedly for bad service”. I’m pretty sure this one went out during the 70’s.
Use this line and you should hang your freakin head: “We offer quality, service or price, pick one” It’s typical and douchey.
Don’t be afraid to unleash your Whup Ass! Look them right in the eye (or both eyes if they have two) and tell them that “the higher price comes with something the other company can’t offer . . .ME! Back it up with some evidence such as some testimonials, a specific example of how you helped a similar company etc!
Tell them the truth: Do you think its fair to reward the best clients to the ones who piss and moan the loudest? Of course you don’t, but saying it that way gets you quality time with your HR person. Say this instead “Unfortunately that wouldn’t be fair to my other clients. We’re fair when it comes to our pricing and we always want our clients to know that we’re fair across the board. Should you become my client, you can count on that same level of respect too!”
There’s obviously a lot more to this (like insurance policies you should be taking out on the front end) and that’s why I’m going to be including it in this Thursday’s How To Close More Deals webinar!
Click HERE to learn more and to reserve your spot BEFORE this Thursday comes and goes!
