Price, Price and Price
Ten Tips for Handling Pricing Obstacles
Handling rejection due to pricing can be challenging, and for many salespeople, it can be an uncomfortable experience.
Here are some strategies to effectively manage such situations:
1. Understand the Reason
Ask the prospect why they find the pricing unfavorable. Is it genuinely the cost, or are there other concerns like budget constraints or misunderstandings? Understanding their perspective is the first step.
2. Emphasize Value
Reiterate the value and benefits of your product or service. Explain how it can solve their specific problems or needs, which can justify the price.
**Know the intrinsic value of the product**
3. Offer Alternatives
If the prospect finds the current offering too expensive, see if there are alternative packages or options that better fit their budget. This shows flexibility and willingness to work with them.
**OC has a platform of products at different price points**
4. Highlight ROI Value
Explain how your product can provide a return on investment. If it can save them money, increase efficiency, or generate revenue, make those benefits clear.
5. Comparison with Competitors
Compare your pricing to competitors' offerings, emphasizing what makes your product superior or more cost-effective in the long run.
**Know your value proposition and talking points**
6. Negotiate
If appropriate, be open to negotiation. Ask the prospect what aspects of the deal they are willing to compromise on. It's essential to find a win-win solution. If they aren't willing to compromise on price, then be willing to walk away.
7. Offer a Trial or Demo
Sometimes, allowing the prospect to try your product or service before committing to a full purchase can overcome pricing objections.
**OC is always open and supportive of ideas around trials**
8. Follow Up
If the prospect isn't ready to buy immediately due to pricing concerns, don't lose contact. Follow up periodically and stay engaged. They might reconsider as their circumstances change. CRMs are a great tool for managing prospects.
9. Remain Professional
Maintain a positive and professional attitude, even in the face of rejection. Rejections are part of sales, and how you handle them can impact your reputation.
**Your behavior should reflect the OC brand**
10. Learn and Adapt
Use each rejection as a learning opportunity. Analyze why pricing was an issue in that particular case and see if there are ways to refine your pricing strategy or communication for future prospects.
BONUS TIP!!
Remember that objections related to pricing are not always final decisions. By addressing the prospect's concerns, emphasizing value, and being flexible, you can often overcome pricing objections and close the sale.