As you advance in your sales career, you must become more adept at overcoming sales objections and helping customers understand the true value of your company's products. Price objections are especially difficult to overcome because you don't want to get into an argument about what a customer can afford. Fortunately, there are several ways to overcome price objections without insulting customers or coming across as a pushy salesperson.
If a prospect tells you a product costs too much, don't automatically assume she can't afford the product. In many cases, price objections aren't about the price of the product, but about its perceived value. If a customer balks at paying $300 for a product, you have a better chance of making a sale if you can demonstrate that the product will actually save the customer $600 in its first year of use. Explaining how a product saves time, reduces frustration and improves efficiency is a great way to increase the perceived value of the product and help prospects overcome their initial price objections.
Some people make price objections because they don't think they will use some products enough to justify spending such a large amount of money. It's your job to overcome this objection by helping prospects think about all the ways they can use your products at home or in the office. It's important to explain all the uses of a product without seeming pushy, or you are likely to lose the prospect's trust.
Another reason people raise sales objections is because they have seen the same product, or a very similar product, available for a lower price elsewhere. If another store has the exact same item for a lower price, you might have to offer a price match or another incentive to buy from you. If the other company is offering a similar product with fewer features, you must overcome the objection by explaining that your company's product is a more robust solution to the customer's problem. Don't say anything negative about the other company; simply explain that your product has more valuable features to account for the price difference.
In some cases, a prospect truly can't afford a product with an expensive price tag. If you are working with one of these prospects, it is up to you to let the prospect know if your company offers financing or any other options to make the purchase less painful. If your company does not offer financing, talk to the customer about any rebates or incentives available from the manufacturer. Some retailers even offer layaway services so customers can make weekly or monthly payments toward large purchases.
When a prospect raises a price objection, dig deeper to find out if price is truly a concern, or if the customer is more concerned about value. Overcome price objections by demonstrating the value of each product, explaining why your product is better than a competitor's or offering financing to help customers make big purchases more affordable.
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