Salespeople deal with all sorts of objections – and price is often at the top of the list. Here are some ways to deal with the dreaded statement, “Your cost/rate/fee is too high.”
- For conversation’s sake, let’s say your product is a big-screen TV the customer loves — but costs $100 more than your competition. Point out that they will probably have this product for five to eight years and that price difference breaks down to about a dollar a month. And note that while another store has it for less and you can drive 10 minutes down the road to get it, what is your time worth? What is your gas worth? What guarantees that they’ll actually have it in stock? Is it really worth the extra hassle to save a few bucks?
- If you’re talking percentages, like a mortgage rate, show how something like an 8th of a percent doesn’t really matter in the long run. What does matter is the difference between the package and perks you’re offering vs. your competition –and understanding what your client wants to accomplish in the process.
- Stress that this purchase is not an expense, it’s an investment. I always think of a fortune cookie I got eons ago: “Cheap things are of no value, and valuable things are not cheap.” Sometimes you just have to spend the extra dollars and stop trying to save the pennies. It always pays to buy quality.
You’re certain to run up against cost objections again and again. Practice your responses and tailor them to the individual experience. That is how you …
Adapted from the 7 Minute Sales Minute podcast with Jon Dwoskin and Scott Fishman. Hear the entire episode or read the transcript here.