Closing a sale after you’ve been told “your price is too high” is all relative.
Albert Einstein, in his theory of special relativity, determined that the laws of physics are the same for all non-accelerating observers, and he showed that the speed of light within a vacuum is the same no matter the speed at which an observer travels. [source]
Sales are being made every day around the world after sales professionals are told their prices are “too high.” You are either accelerating along with that trend or you’re simply an observer. The sales will still happen and go to someone, whether it’s you or a competitor.
The key to winning those sales comes down to painting the picture of relativity for them, and I found someone who can clearly and quickly explain his approach to us.
Speaker, sales trainer, author, coach [and professional stand-up comedian] Butch Bellah (@salespowertips) recently wrote an extremely helpful post about “How To Answer, ‘Your Price Is Too High.'”
Relativity comes into play right away because Bellah’s advice centers around this phrase, and rightly so:
“Compared To What?”
Allow me to state what we both know. Each one of us currently has an approach to handling this specific objection. Butch’s post gives us value because we can essentially sit in on him having this conversation with a buyer and observe how he turns it around into a true sales opportunity.
Seeing how others effectively handle a common objection can spur on ideas to help each of us close more sales.
HOW BUTCH DOES IT
Why do we hear this objection so often? Most buyers use it in an attempt to leverage lower price. Others simply don’t have the budget, so they will need to settle for a product or service of lesser quality. Still others seem to say it out of habit more than anything else:
“It seems as if some people say it before you even get the price fully disclosed—it’s more of an automated response than an actual objection. They know their lines and they are going to get them out. But, it’s still an objection, isn’t it? We still have to overcome it, don’t we?”
The next words out of your mouth need to be, “Compared to what?”
Butch then goes into the variety of ways the buyer tends to respond and how to respond to those answers. This is where this post really gives us high value.
It’s critical that you maintain the attitude of someone who’s genuinely interested in knowing the answer to that question. Don’t allow yourself to become defensive. Don’t attempt to rush toward fixing or convincing them they’re wrong.
The only way they’ll change their stance is if they do so by hearing their own words in response to your questions. So, make sure your questions the right ones to ask.
Read Butch’s post now to understand all of this in the context of his example conversation with a buyer. It’s well-written and well-explained, and worth your time in reading it. [Reading Time: 3:00 minutes]
BONUS: You can get more ideas in another post by Bellah, titled: “5 GREAT Closes For Handling Price Objections.”
Now that you’ve read Butch’s approach regarding how to respond to being told your price is too high, you not only don’t need to fear hearing this phrase, but you can look forward to it. A perceived locked door becomes an open one when you know how to work through this very common objection.
The next time you hear, “Your price is too high,” get excited! Because you now have them exactly where you want them at that point of the conversation.
QUESTION: What advice do you have for other sales professionals about what to do or say when you’re told your price is “too high”?
Let’s talk about it…