Business > Sales > How to Eliminate Objections to Price
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Article rating : 0.00, 0 votes. Author : Jeremy Cohen
Have you ever stepped your way through the sales process
only to be disappointed by your prospect's objection to
your price?
This situation unfolds all too regularly for many small
business owners.
The other day I was talking to Joan who was lamenting how
she’d spent a ton of time developing a relationship with a
new prospect, but in the end wasn’t able to make the sale.
Over the course of six sales meetings her prospect seemed
like a slam dunk. He was very enthusiastic about her
product (inventory control software for the food service
industry), he hadn’t seen a similar product on the market
(Joan’s software has a unique and easy to use interface) and
he and Joan seemed to have a great rapport (they both are
avid snow boarders and each loves jazz) . But when it came
time for Joan to ask for the business the answer was ‘no’.
Her hot prospect was cool on her price.
Where did Joan go wrong? She was quite befuddled with her
collapsed deal and wanted to know what she could do to
prevent such future failings. Not only did she not get the
business, she ended up wasting her valuable time which could
have been better spent developing a lead that turned into a
sale.
Does this sound familiar? Have you ever spent time
developing a great lead only to have the deal fall apart
because your prospect objects to your price?
If so, you may have made the same common sales mistake Joan
made: she tried to make the sale without having enough
information to make her prospect the right offer, despite
her six positive sales meetings.
What Joan neglected to do was to ask her prospect about his
accounting needs with respect to inventory control.
Unfortunately for Joan, she learned this important fact only
after our conversation when she called her prospect back to
find out where she went wrong. Her prospect had already
decided to use the software of one of her competitors. Even
though Joan’s software features a nice accounting package,
her offer included nothing with respect to accounting. Her
prospect assumed that her software didn’t feature the
accounting functionality he required because Joan didn’t
mention it. She talked a lot about the software’s
innovative, easy to use interface and its great database
functionality but she never mentioned the accounting
features because her prospect didn’t ask. Her price would
have been fine if her prospect had known about the
accounting capability of her software!
During your sales process be sure to ask all the questions
you need answered to understand your prospect’s needs. You
can then use the information you’ve acquired to shape your
pitch around exactly what is going to solve your prospect’s
problems.
Before you tell your prospect your price make sure the time
is right by asking questions like:
· Does this sound helpful?
· Is there anything I haven’t mentioned that would be helpful?
· What do you like best about our competition’s product or service?
By obtaining answers to these questions you will be able to
gauge whether or not you have enough information to make an
offer that your prospect would be ill-advised to decline.
If you don’t have enough information go back for more;
schedule another meeting and then go through another probing
round of questions.
If you do have enough information, make your prospect the
best offer they’ve ever heard. If you’ve done enough
homework you’ll make the sale.
The author, marketing coach, Jeremy Cohen, helps small business owners and professional service providers attract more clients, grow their business and be more successful with his marketing guides and coaching service. Get his free guide at: http://www.bettermarketingresults.com/marketing-services.asp.
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