Cost cautious buyers
Why do some businesses, with top priced products and services, thrive in a market where competitive pricing is a major selling point?
The reason is a simple one. Successful businesses explore and find out the concerns of the buyer as to why they are being cautious about price.
You can learn how to overcome sales objections to prices and sell at the highest prices for your industry. The most popular reason why we get sales objections to price is that a buyer may not see the value in the product or service we are selling. In sales it is best to be prepared for rebuttals and address them before the buyer presents an objection. Make sure the buyer is aware of what they are comparing your product to when assessing its value.
Presenting the financial value of what a product or service will be can be justified in the benefits it will bring. Determine the need and show the advantages the product or service you are selling will deliver. Just to name a few examples: depending on what you are selling, this can be done by letting the buyer know it may save them time, it may offer more benefits and it may be of better quality than competitors.
Compare the advantages and what the advantages can generate so the buyer can see what it will be worth to them. They will then be able to see a measurable figure and how they can justify the investment cost. They can also see how it may increase their sales and save them money in the long run. These are some of the ways you can overcome sales objections to price when selling very expensive or higher prices than your competitors.
Don’t shy away from the price, make it a key point of your sale, and be proud that you don’t sell cheap products or services. You sell products and services that have value above the price you’re charging. Rather than try and sell at a low price to compete with the competition; make the high price a benefit of the product or service.
A key factor to selling at a profitable price is making sure the buyer is aware of what they are comparing your product to when assessing its value. If they see yours as expensive, when compared to a competitor’s product, make sure they can also see the additional benefits you’re offering. Put simply, it is a question of questions. Ask lots of open ended questions that can reveal the problem or opportunity that uncovers the need for your product or services and will show how you stand out from your competitors.
When faced with an objection to price, don’t immediately start looking for ways to offer it cheaper. Let them know they will be able to afford your product and service because of the many benefits they will receive. A reduction in price may get you the sale, but it also eats into your profits. Look instead at ways to build the value of what you are offering to the buyer.
Last, but not least, determine if it is a financial issue for the buyer. If it is not a good time financially for the buyer to purchase your product or service, ask them when they feel would be a better time for them. Remember to always re-emphasize the benefits your product or service offers. Some companies have payment plans to offer their buyers which may be a solution. The important thing is to determine the real reason the buyer is being cautious about price.
If you know why a buyer is being cautious about price, you will be able to overcome the objection of price and sell your product or services.