No sales representative can achieve a consistently high conversion rate without learning how to keep customers interested in a sales pitch despite price concerns. Because many clients have budget restrictions or a basic idea of what they're willing to pay, your goal is to help them envision long-term benefits that outweigh the upfront costs. Find out why a customer is objecting, and strengthen your sales pitch by illustrating the value of the product.
1. Delay Cost Negotiations
When objections happen at the start of your sales pitch, delay price talks until you've thoroughly discussed the solution your product offers. For example: "We have a few price options, but let me first explain how our service works and how it might be a good fit for you." Temporarily put customers at ease by making the cost seem flexible, giving you more time to compare the customer's needs to your product solutions. After all, it's beneficial for you and clients to determine whether they're qualified leads before negotiating price.
2. Offer a Case Study
Cutting costs is a top priority for most consumers and companies, even when they have the budget to pay more. Empathize with client concerns, and use relatable case studies to break down their resistance. Say, "I understand that this seems like a lot. I recently had another customer who was uneasy at first, but she discovered that our service simplified her financial accounting so much that she could recover the investment cost within 60 days." A persuasive sales pitch highlights a measurable benefit of the product or an efficient way to use the product.
3. Provide a Price Breakdown
Parting with a large sum is daunting, and customers often need a transparent cost analysis to consider how purchases can fit into their budgets. Encourage customers to think about the cost at its lowest denomination. For a budget-conscious buyer, a $200 annual membership sounds more appealing when you emphasize the monthly cost of $17 or the daily cost of 55 cents.
When selling an expensive product that customers typically use for years, emphasize how the longevity of the product saves money. For example, a $450 set of dining chairs with a five-year manufacturer warranty equals a worthwhile investment of $90 a year or 24 cents a day. Describe how much use customers can get out of your product, especially if it can maintain good quality long after any coverage expires.
4. Clarify Customer Expectations
Keep in mind, some customers are trying your type of product for the first time, which means they don't have an accurate idea of what it should cost. Others are shopping around and finding lower prices. Respond with, "It makes sense to look for the best deal. What would you expect to pay for this product? What is off-putting about this price?" This sales pitch prompts clients to consider what individual product features offer and how they add more value to the complete solution. You also gain the perfect opportunity to differentiate your value proposition if the customer is comparing you to competitors.
A good sales pitch can be easily adapted to overcome common points of resistance. Understanding what motivates your target clients can help you anticipate their objections and keep your conversion rate climbing.
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