Today we’re going to talk about how to overcome price objections in sales.
First, I want to equip you with something to help you if you get this objection a lot. If you have a lot of people hitting you with “it’s too expensive,” then I want to help you with that. Next I’m going to share how to react to a price objection. Lastly, I’m going to share with you a technique that you can execute to greatly reduce the price objection.
What to do if your getting a price objection a lot.
If you’re getting this a lot (regardless of what you’re selling), maybe you’re selling a network marketing product or your own product. If you get the price objection a lot, here’s the big question: do you know it’s worth it? If we have in the back of our head like an unsureness of “is this even worth it?” then that energy is picked up on and you’re going to get that over and over and over and over.
Here’s how you want to handle it if you’re being honest with yourself. You’re thinking “yeah, maybe it’s not worth it…I don’t know.” Well….you need to look at who else has used the product and what benefit have they gotten. Let’s say that you sell a weight loss product. You need to locate people who’ve also used that same weight loss product. Maybe the reason that you’re not sure that it’s worth it is you haven’t lost a lot of weight yet. Locate people who have and ask them this question “hey, was the product beneficial to you and how much would you have paid to get the result you currently have?“
Now let me tell you something. You ask someone who’s lost a lot of weight what they would pay to go from where they were to where they are right now and that number’s astronomical. I can tell you that right now. There was a point in my life that I was 255, 260 pounds, about 65 pounds heavier than I am right now and I would have paid tens of thousands of dollars to lose that weight. Most people would. Most we would pay a lot of money to achieve a result, that’s what you’re actually selling. You’re selling the possibility of achieving a result, you’re not selling the thing. You’re not looking at well how much is pea protein and arginine and making a little list. You’re not selling the thing, you’re selling a mechanism that helps someone get a result.
If you’re selling a house, you’re actually selling the feeling that the person gets when they have friends over at that new house, that’s very different than just the lumber and the siding and the shingles etc. you’re selling a feeling, you’re selling a result, you’re selling the future dinner parties that are being held at that amazing house.
You have to really believe that it is a no-brainer for someone to purchase your product or your service. If you don’t, then you need to do some work. You need to find other people who have generated a result with your product or service.
How should you react when you get a price objection?
What do you do if you get a price objection? I’m going to give you a couple different options. Both of these can be applied in different ways and you can choose whichever one you like the best.
If someone says “oh my goodness, this is just so expensive” or “I can’t believe how much this thing is..“ one approach is to say “hey listen, there are cheaper products out there…..” (use the word cheaper) Now, cheaper should never be a word you use to describe your service or product because it’s not edifying. “Hey, I’m cheaper!” That’s not very edifying so you can de-edify when you’re pointing to other options. But what I might say is “hey, there are cheaper options out there but to be honest, they don’t work as well….if you’re going to go with a cheaper option, you might as well save your money.”
That’s a very powerful way to handle price objections because it gets them away from looking at just price and it gets them to say oh, one works, one doesn’t. Well how much is too expensive for something that doesn’t work? Anything, right? Would you pay a dollar for something that didn’t do what it said it would do? I hope not. It would be cheaper but it’s ineffective.
The other approach I found that works really powerfully, especially in health and wellness or if you have something with ingredients (you could use it in other contexts too). If someone says to you “hey this is really expensive, I can get this a lot cheaper…” or “this is too high of a cost.” Here’s your second option. You say “listen you know what our owners could have picked cheaper ingredients but they really wanted something that worked.”
Again, you’re playing on the same thing. It’s a little bit different way to word it. But your playing on, our owners could have used cheaper ingredients or if you’re making it yourself, you. “Know what? I could have picked cheaper ingredients…Guilty, guilty…I could have but I really wanted something that worked and if you’re looking at some of the….” I would roll right back to the same thing from the last one. “If you’re looking at some of those cheaper things, you know you may want to consider just saving your money because if they don’t work then any amount of money is a waste of money.”
I want to hear from you!
Before we hit my last point, I want to hear from you. Do you have a scenario where neither of those will work, But you have a price objection? Hit me. Hit me with your stuff, drop me a comment. Let me know where you struggle with price objections and I’ll do my best to respond. I do respond to every comment but bring me your tough challenge and let me help you.
What’s the technique to reduce the price objection?
How do you greatly reduce this objection up front? This is a really fun trick and is something that I hate to use the word trick, but it is persuasive. I’ve seen it work over and over. Before you approach someone with your product or service, if you know that it’s a premium price (if you’re not a premium price then this probably isn’t going to work). It’s probably not going to make sense but if you know you’re a premium price, meaning there are other things on the market of similar nature at least that are cheaper, use this approach.
When you reach out to someone, say “hey, you’ve always struck me as someone who appreciated quality. I have this thing that helps “_______ ” (whatever your product does) and then go into your pitch. Just by you saying (even if you don’t think that’s true) what you’re doing is you’re edifying an identity that is an identity that is a desired in people, right? People want to be known as someone who appreciates quality. No one doesn’t. “Hey, you don’t really appreciate anything of quality.” No one wants that identity. People want an identity of an appreciator of art, an appreciator of something nice or appreciator of quality.
You edifying that part of their identity, it’s extremely unlikely that they hit you with a price objection because you started it with “you seem to me/you’ve always seemed to me like someone who really appreciated quality, I wanted to show you this thing I have and what it does is “____”. You will find you get fewer price objections, if you get any. You may get other objections, maybe they just don’t want it but as far as price objections, this will greatly reduce the chances of you getting one.
Are you trying to sell on social media?
If you are, you may want to consider grabbing our social media script book. This is a bunch of scripts that we have tested and proven over the last 10 years on social media. If you need to know how to follow up with people, what to say with certain objections (other than the price objection…that’s also in there but you know how to answer it now). If you need help around what to say, this little book will really help you.
Here’s the link rankmakershop.com/products/social-media-little-book-of-scripts.
Click the link and you will be taken right to it. Very affordable but this little baby could make you a lot of money.
Play Bigger. Make An Impact.
Considering Coaching? Check out my Work with Me tab and Survey where we Help People Everyday