Posts
When you prospect claims, "your price is too high", I'm hoping your immediate reaction isn't to start rebating! The 'Your price is Too High ' Course is the second training course that Buying Agents and Consumers take when they are learning the best way to do their job. Really! Buyers use this one consistently because they are rewarded on how much money they can save.
The new sales person will often get drawn into pricing discussions early in the sales call. And if you are not able to handle the objection, then you're immediately put on the defensive. Often the next thing that occurs is you reduce your price, you will get the sale, but the Buyer wins. While pricing if regularly a critical part of any negotiation, they key methodology is by using discounting to your benefit and just when necessary.
It is important for you to realize that this objection is a really 'standard one'. You should not be shocked when you get it. Notice, I said, 'when ', not 'if'. Therefore be ready. There are several strategies you can employ. For this piece of writing we are going to focus upon one of the more useful selling tips called 'relative to what '
The 'relative to what ' method.
This is the simplest methodology to execute and is superb for the more modern sales person as they are developing their abilities.
Before your meeting with your prospect, the initial step is to completely understand the numerous rivals you've got. Then, narrow that list down to the ones you'll encounter when you make your sales call. Be sure to have a good knowledge of their pricing relative to yours for an analogous product (or service).
Now, when your prospect announces, "your price is too high". Your answer is to respectfully ask, "can you tell me about your present supplier?" Or "What other sellers (providers, services) have you met with or are considering?" This isn't the typical response that a prospect would expect. Instead of being defensive and instantly dropping your price, you are taking part in a way more significant discussion with your Buyer.
Now you know your competition, and you know their pricing relative to yours (remember that research you did earlier?) you can easily discuss the features of your product vs. the competition. Be sure to discuss your product's benefits for your Buyer's company. Keep clear of discussing pricing. If you do a good job here, your Prospect might notice that your product is superior and your pricing is justified!
The new sales person will often get drawn into pricing discussions early in the sales call. And if you are not able to handle the objection, then you're immediately put on the defensive. Often the next thing that occurs is you reduce your price, you will get the sale, but the Buyer wins. While pricing if regularly a critical part of any negotiation, they key methodology is by using discounting to your benefit and just when necessary.
It is important for you to realize that this objection is a really 'standard one'. You should not be shocked when you get it. Notice, I said, 'when ', not 'if'. Therefore be ready. There are several strategies you can employ. For this piece of writing we are going to focus upon one of the more useful selling tips called 'relative to what '
The 'relative to what ' method.
This is the simplest methodology to execute and is superb for the more modern sales person as they are developing their abilities.
Before your meeting with your prospect, the initial step is to completely understand the numerous rivals you've got. Then, narrow that list down to the ones you'll encounter when you make your sales call. Be sure to have a good knowledge of their pricing relative to yours for an analogous product (or service).
Now, when your prospect announces, "your price is too high". Your answer is to respectfully ask, "can you tell me about your present supplier?" Or "What other sellers (providers, services) have you met with or are considering?" This isn't the typical response that a prospect would expect. Instead of being defensive and instantly dropping your price, you are taking part in a way more significant discussion with your Buyer.
Now you know your competition, and you know their pricing relative to yours (remember that research you did earlier?) you can easily discuss the features of your product vs. the competition. Be sure to discuss your product's benefits for your Buyer's company. Keep clear of discussing pricing. If you do a good job here, your Prospect might notice that your product is superior and your pricing is justified!
About the Author:
Joe Mangano founded PinnacleSelling.com, a website for motivating, educating & enabling sales people,business owners & entrepreneurs to improve their business & sales results. It provides selling tips, sales information, motivation and personal development. He has been Sales Exec at HP and was recognised as one the top 100 leaders world wide. He has trained 100s of sales reps, developed HP's first web-based sales training with over 20,000 yearly completions and managed groups that delivered over $1B USD annually. Click for effective selling tips .
No comments:
Post a Comment