A lot has been said and written about this important topic of overcoming price objections.
I don't expect to top any of them. Or for that matter, I don't expect the following secret will overcome every price objection you encounter from now on. But ...
This secret will help you overcome many of the price objections you face. Especially when you can make a case for why your product or service costs less in the long run.
If you can't make a case for why it costs less in the long run you can ignore the rest of this article and simply respond with: "A lot of people say that. Do you want to pay with cash or credit?"
Believe it or not, this will often overcome the objection all by itself, especially in retail where the customer loves the product.
But when you can justify a lower long term cost or lower total cost of ownership: Here's the secret:
For the past few years I've sold a service that costs more upfront than many of my competitors. But people still buy it for one reason: I am able to DEMONSTRATE that it costs less in the long run. And I show how it actually gets them what they want in a way my competitors offering does NOT.
So what do I say when hit with the "It costs too much" objection?
"Do you mean it costs too much to buy the service or too much to own and maintain the solution?"
When I ask this question I am usually met with a glazed look followed by the question: "What do you mean?"
To which I respond with a demonstration of how my competitors offering doesn't do the full job they want and actually costs (emotionally and financially) more to implement and maintain than my solution.
I then ask: "Can you see how my solution costs less in the long run?
If they say "yes", the sale is closed.
If they say "No", I ask, "Which part didn't I explain clearly"?
They will then tell me what they misunderstood. I will clarify. And they will say "I get it now".
And if they can afford to move ahead with my service they do. If they can't afford it they usually tell me they don't have the money right now. At which point I move to payment terms and so on.
Do I close everyone with this method?
Do I get more sales than I would if I simply bought into the objection and lost my confidence to continue asking for the sale?
And that's the point of this message.
Hope it helps.