Are you still ad-libbing a response to the “your price is too high,” objection?
This is perhaps the oldest objection in the world, I mean think about it: In ancient Egypt (4,000+ years ago), at the open markets with all the vendors at their stalls selling everything from food to clothing to pots and pans, when a buyer asked how much an item was and was told the price, what do you think he/she automatically said?
“That’s way too much money for that!”
Sound familiar? Let’s face it, buyers have been using this objection way before you or your father or great grandfather got into sales, and you’d think that by now we’d all know how to effectively handle it. Some do, but with all the calls I listen to, there are still plenty of sales reps and companies that don’t…
So here are the best practice responses to the age old budget question or objection. Write these down, customize them so you are comfortable with them, and start moving past this objection once and for all.
Technique One:
Avoid this objection from every coming up. What, you didn’t qualify for budget on your first call? This is a rookie mistake, and one that you need to fix right away. If you’re still getting the price objection when you’re presenting your product or solution, then that’s on you.
What you need to do is find a natural way to prequalify for budget as part of your qualifying questions. You know, the questions about decision making process, timeline, etc. Here are a few ways to do that:
“And {first name}, our solution ranges from $4,000 to $15,000 depending on the options you want. Is that range within a budget you have – again, if you like what you see?”
OR
“{first name}, I’m assuming you have a budget for this type of thing – if you feel that this will help you (do whatever it is your product or service does), right?
“And most of our new customers go for our premium package at $25,000 – is that something you could fit into your budget if this were a fit for you?”
There are many, many other ways to qualify for budget – if you need more, search this blog or pick up one of my books of phone scripts .
Technique Two:
This is one of the easiest rebuttals to use, and I’m continually surprised more reps don’t automatically use it. The technique both challenges your prospect and helps you learn more about their buying process (and your possible competition) at the same time. It goes like this:
“Compared to what?”
And then hit your mute button and let them talk and reveal the way back into the close…
Related: When Cold Calling, Stop Pitching the Gatekeeper
Technique Three:
Here’s a way to isolate the price objection to make sure it’s the real and only objection there is. Nothing is more discouraging than overcoming it and then being told there are three more reasons they won’t buy.
“And besides price, what else would stop you from moving forward today?”
This is designed to draw out other objections. You can make it more positive by asking:
“And if the price were exactly where you’d want it, is everything else about our (product or service) okay? I mean, would you feel comfortable enough to take advantage of it today?”
As many of you know, I’m big on being prepared for the repeatable selling situations and objections you get day in and day out. This is what separates the top producers from everyone else, and it’s what makes sales easy and even enjoyable.
And let’s face it, an objection that has been around 4,000+ years is definitely a repeatable one.