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Price objections are a good sign in business
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Most people avoid selling because it pushes them to the edge of their comfort zone. One thing that blasts them right out of their comfort zone, are clients giving price objections. They think it is a negative thing that is to be avoided – but they are mistaken.
Why price objections are a positive indicator
I will not object to a price if I am not thinking of buying. I do not object to prices of things I do not plan to buy now or even one year from now. So, first of all you have to see that when your clients give you a price objection, it is because they are thinking of buying – which is good for you.
Do not handle price objections through intangibles
Most people when aced with price objections fire away with words and facts about how many years they have been trading, their quality, their experience blah, blah, blah. These points do not hold the same value for each person in this conversation. My view of quality is not shared by someone else, we are all different. Establish a common understanding and work from there. Barry Mitchell, the international sales trainer, speaker and friend, taught me this little trick. Respond with this simple question when you are faced with price objections “What are you comparing it against?”
Remember that a VW driver will judge all your offerings as expensive if you are selling BMW’s because they are comparing it against what they usually buy. Now that you know what they are comparing you against, it is easy to move forward and find common ground.
Say thank you for price objections
So, say thank you to price objections, for they could be signs of an imminent sale. This knowledge also benefits startups during their initial stages of product creation. See! Life is not that scary, sales is an important feedback channel in product development if you embrace the positives such as price objections.