What to Do when your Client Says “It’s Too Expensive”
The price objection is one of the most common and repeated and there is no seller or company that doesn’t have to face it.
It is the one that arouses the most concern in the seller and overcoming this kind of objections is a daily challenge for sales professionals
The next time a client says you’re expensive, don’t get defensive and don’t make immediate discounts.
There is no need to jump directly into a price negotiation process, which anyway creates a precedent for next opportunities and will lead the customer to expect additional discounts in the future.
Instead, ask questions, listen, research, redirect the conversation away from the price and focus on how your product or service will benefit the customer.
Ask and find out if price is all they care about.
The price objection is usually the client’s smokescreen to hide their real objection. When it comes to price objections, it is always necessary, among other things:
- Find out the real needs of the customer.
- Search for the real causes of the objection.
- Gain the necessary customer trust in the seller (check also: How to win customer trust, 35 ways)
- Know their real economic situation.
- Try to sell value rather than price, and demonstrate or justify that value (check also: Value vs. Price)
- Provide alternative solutions.
- Seek the elements that differentiate us from the competition (check also: 15 Ways to differentiate from your competitors)
- Find out who or what they’re comparing us to.
It is not always about price, but often hides something else. It is the seller’s job to find out what the real reason is, so that they can deal effectively with the possible solutions.
The matter of price is always important, although more than an objection, it should be recognized as an opportunity to clarify the concerns of the potential client and find out what is really important for them, and why they value the price more than the benefits and advantages that we propose.
In fact, it has even been said that the sale begins when the client says “no”.
At the other hand, if they are not your client, your type of client, it is better to let them go.
You have to know how to say no and not waste time or effort with those who will not appreciate our product or service in any way or at a lower price.
There are problems of the client that we cannot solve. Nor we can sell to everyone.
That’s why the initial stage of prospect qualification before entering the “sales mode” is very important.
Check some of the main sales prospecting mistakes:
Our client will not be the one who looks for other types of benefits and advantages different from what we offer.
They will have different expectations and will never be satisfied. If they don’t appreciate your benefits, everything will seem expensive to them. Those won’t be our client.
You have to segment and focus on the right customer.
At any case, the best way to overcome the price objection is … not to have it. Do not give reasons to do it.
This means being clear that the prospect is qualified to be able to buy, and that we have correctly transmitted the value of our product so that it is higher than the price.
Regarding the second point mentioned, the problem is usually that the customer does not see clearly the value of what you sell.
If they conclude that the price is too high, they do not feel that the expense is justified.
Possibly the seller:
- Has not previously understood their purchase motivations nor has been able to stimulate them.
- Has not channeled that motivation to convert it into a specific desire of the product.
- Has not increased the perceived value of the product nor has properly managed the expectations.
- Has not transmitted well the values, benefits and cost savings their product or service provides.
- Has talked too much about features that do not provide an inherent value or benefit.
- Has not listened to the client and hasn’t asked enough questions to discover their needs.
- Has not accumulated enough value for the customer to make the purchase without price objections.
- Has not generated sufficient confidence in the product, in its quality, or in the seller.
- Has not helped the client (check also: The Secret of Selling without Selling)
If this is the case, you have to develop again these additional values, which must be linked to their needs and motivations, and make sure that the client sees, understands and accepts these values.
Your product is not valuable in itself, only it is to the extent that the customer perceives it.
Thus, the best way to fight against price objection is to try to prevent it from happening, to qualify correctly and to constantly generate value, so that the client feel that what they receive is more than what they give.
Don’t wrinkle and defend your price!
Check also 20 tips to overcome price objections and additional ideas to go beyond price (page 89–122): 51 Sales Tips, Keys to Sell More and Succeed Selling
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