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Sales Training - Objection:  Your price is too high.

 

Ah, the sentence that strikes fear into the sales rep.  The mediocre sales rep, that is.  Learn how to handle this objection and your income will go up.  Probably more than any other objection, there has been more answers provided as to how to handle “Your price is too high,” than any other objection.  Here’s my approach:

1.   Acknowledge - “Okay, I hear what you’re saying, Jerry.”  It’s a simple deflection.

2.   Cushion – “Money can mean everything.”

3.   Clarify – “How high is it?”  This question may short circuit a lot of discussion.  If you told Jerry your price was $50,000 and Jerry comes back and says, “I was thinking closer to $48,000”, you now know what kind of discount you may have to offer.   If, however, Jerry comes back and says, “I was thinking about half of that,” you need to go to step four.  The key is, if you have to lower your price, you don’t want to leave any money on the table.  If you were thinking you might give Jerry a $3,000 discount and Jerry only wanted $2,000 off, you saved yourself $1,000.

4.   Question – “Jerry, how did you come up with that figure?”  Jerry now needs to justify his position. Once Jerry gives you his reasoning, you need to revisit the case for Jerry making his purchase.  You need to present again.  Areas to revisit include:

·         The value your product delivers, including why Jerry was looking at your product in the first place.

·         The strengths of your product over the competitors.  Do this without degrading the competitor.

5.   Reduce – If the above does not work, let Jerry know you can offer that price by reducing or taking away something else.  This could be delivery, quantity, service hours, etc.


Sales Homework
– For a prospect who is hammering you for a lower price, list three of the already agreed on benefits you have discussed with them.  Then write your own script to handle the “Your price is too high” objection.

1.____________________________________________________

2.____________________________________________________

3.____________________________________________________


Sales Managers
– Make sure your sales reps know how to handle this objection cold.  This objection is great for role playing as you can practice many paths as the prospect.    Read more...

   

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