Thoughtful Thursdays - Your Price Is Too High...

...or is it?

Most of us have heard this objection more than once and will hear it many times again. It is one of the most common objections you will encounter.

I don't mind hearing this from a prospect because it tells me the negotiating phase of the sales process has begun or is still in play.

How you respond to this objection is key. I have seen some people accept this verdict, turn tail and leave - let's not have that person be you.

If you have successfully sold the idea of you being a viable supplier, it is now your challenge to determine the 'price gap' your prospect has told you exists and ultimately decide whether or not you can close it.

Think about what you need to know before making a second offer:

• How far out of line is your price and can it be quantified in dollars?

If you quote an hourly rate, taking fewer hours to complete the job can cost less that a lower rate that takes more time to finish.

• Are you absolutely sure you are on a level playing field with your competitor?

Have you considered freight costs, perhaps you are quoting a delivered price and your competitor has quoted freight extra. Is your packaging the same?

• Is price really the issue?

Does the prospect understand the value you bring? Recall that value is the sum of price and benefit.

In my experience there will be times when you just can not compete, you are not going to will all the battles.

The message today is to be sure that you have considered all that can affect your price, and not to have any questions unanswered. If you take this approach you will close more sales than you lose.

Good selling
Richard