If you’re like most sellers, you get price objections – lots of them. It’s easy to take the path of least resistance, let your nervousness get the best of you, lower the price, and cheapen your offer. But do you stop to think of the effort, time and resources that went into perfecting the product or service you’re selling? Here are two stories that perfectly illustrate how having confidence in your offering and standing firm on your price can get prospects to see the true value of your offering and why it’s a fair deal.
$5000 for THAT? Are you kidding me?
Whoooahh!!! That’s way too expensive.
Here’s another example. A few months back, I read a post on LinkedIn from Ashlynn White and couldn’t resist changing the context to a sales conversation to show an example of how to overcome price objections.
Customer: How much will it cost to do virtual training for our team in for our sales kick-off meeting?
Trainer: $20,000.
Customer: WHOOOOAHHHH!!!!! That’s WAY too expensive for virtual training.
Trainer: How much do you think it SHOULD cost?
Customer: No more than $5,000 – ALL IN. It’s not that hard to teach discovery and value creation.
Trainer: I can’t train your whole team for that price.
Customer: People in your industry are so full of themselves.
Trainer: Sorry you feel that way. Why not do it yourself?
Customer: Because I don’t know how to do any of this. I’m A VP, not a trainer.
Trainer For $2000, I’ll teach you EXACTLY how to train your team. Then you can spend $2000 to do the training, and you’ll still be saving $18,000 – PLUS… you’ll get the knowledge and experience for the next time you want to train your team yourself.
Customer: Cool! Let’s do it.
Trainer: To get started, you’ll need a virtual studio. So you’ll have to buy an ATEM mini, a Sony Camera, a second screen, a Vibe board, a background and a few other things.
Customer: But I don’t have all this equipment, and I can’t buy all of this for one training.
Trainer: Well then, for another $1500 more, I’ll let you rent my studio… and you’ll still save $16,500.
Customer: Hmmmmm… That’s cutting into my budget, but I’ll rent your studio.
Trainer: Okay! I’ll set up a call for next week, and then you can start creating your curriculum.
Customer: Wait. CURRICULUM? What do you mean curriculum?
Trainer: You need to write the content you’re training on, and I might recommend hiring a speaking coach. Creating content and delivering content are two different skill sets. The audience needs to be engaged and moved to take action.
Customer: Okay!! I’ll meet with you next week, but only for an hour. I’m slammed.
Trainer Yeah… me too. Oh… and I forgot… to do the training yourself, you also have to create follow-up materials. Online follow-up is best. Today’s sellers need reinforcement and should have it available on their devices. Everyone is short of time right now, and unless you create bite-sized follow-up modules, they’ll forget 90 percent of what you teach them.
Customer: Online learning? I’m not an instructional designer. I don’t know how to create online learning. I don’t have a training department!
Trainer: I guess you’ll have to hire one, AND an experienced videographer and editor. Do you have a recruiter who can place ads? It’s hard to get help these days.
Customer: Ummm… ya know… I’ve been thinking. It’s probably best if YOU do this training. I’d rather pay someone to MOTIVATE AND TRAIN THE TEAM correctly than go through all the hassle myself.
Trainer: Good move; I’ll send over a Docusign and start customizing the curriculum.
TRUTH BOMB
The final product is never the complete picture. The client is also paying for:
- Knowledge
- Experience
- Track record
- Expertise
- Time
- Results
If you’re getting price objections, the prospect isn’t seeing your true value. Don’t lose confidence and discount right away: circle back in the sales conversation and work harder at tying your value to their pain.
If your sales team is running up against objections that are holding them back from closing deals, check out my How to Overcome Objections and Create Urgency workshop.
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- Three Methods To Answer Your Number One Sales Objection
- 4 Techniques To Respond To “No”
- 3 Methods To Kill The Objection “It’s Cheaper On The Internet.”
- Closing The Deal – Excuses Vs. Objections
- Surprising Secrets To Overcoming Objections
- Overcoming Objections – When It’s Not So Urgent
