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Pricing Strategy - What Everyone Should Know About Overcoming Price Objections

By Carl Davidson

Republish: EasyPublish™ Published: 10Nov2009 Word count: 507 Viewed: 245 time(s) Get Free Content For Your Site

One problem we can cause ourselves in dealing with price objections is telling the customer the price too early in the sales situation. You never want to tell the price before the customer falls in love with the product or service. No matter what your price is, it will seem too high and will cause trouble in handling objections if your customers are not in love with your products or services when you mention the price.

For example, if you are a completely healthy person who reads that heart by-pass surgery is $250,000, that sounds expensive. But when a need has been established and you know you have to have one to stay alive, it sounds much more reasonable, doesn't it? Would it take much skill in handling objections to sell you a by pass if your life depended on it?

But what if the customer asks the price before you have found out enough and before you have made them really love your products or services?

Have to say something, so we recommend answering with a question or a huge range.

To answer with a question, simply ask questions like, "Did you want the price to include the extended warranty? Did you want the large engine for the standard one? Did you want the chrome finish? Every time the customer answers, you have an opportunity to break into your presentation by telling them the difference between the option you are asking about and asking them which they prefer.

Another approach is to answer with a huge range in prices. Don't use a small range but one so big they have to ask questions to make it understandable. For example, "Mr. Black, the printer we are discussing ranges from $495.00 to $5,995.00 depending on the options you choose. Did you want the folder included?" When the customers anything like, "What does the folder do?", you return to your presentation. Be careful because a small range won't work. For example, if the salesperson had said, "The printer we are discussing ranges from $2,000.00 to $2,500.00, that is a small enough range that the customer can decide if e wishes to proceed without any further input from you and it may be far too early in the sale to do thins.

This seems like a very simple technique but if you use it, you will find that it helps in handling price objections and it actually allows you to sell for higher prices.

It is too tough to handle objections if the customer's interest is not high enough.

So, be careful when you tell customers the price. Saying the price before they fall in love with your products or services ends many sales situations in failure. It gives many salespeople more price objections to overcome than they need to. It can even cause enough selling objections that the company lowers the price lower than they have to and use a flawed pricing strategy. Watch the timing. A good deal if selling is in the timing of when and how we tell customers the price.

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