Are You Selling Price or Building the Case for Value?
Many sales people struggle with how to handle pricing objections because they fail to build the case for making an investment in their product or service. Some sales people believe that if they do not have the lowest price, it is nearly impossible to make a sale. Even very strong sales people occasionally struggle with pricing conversations and how to explain why their price is higher. If you find yourself in this situation you've probably failed to:
Ask questions that help you establish a relationship with the prospect early in the conversation
Ask questions that separate you from everyone else trying to sell to them
Ask questions that make the prospect think about their challenge or situation in a new way
Ask questions that demonstrate your expertise
Ask questions that help the prospect understand their situation more clearly or from a new perspective
Ask questions that help the prospect gradually perceive the true cost of their situation
Ask time-bound questions that help the prospect see the gap between where they've been and where they are now
Ask time-bound questions that help the prospect see the gap between where they are now and where they want to be at some point in the future
Ask questions that lead to a regular business conversation (NOT a gimmicky sales conversation)
In other words, if you're having a conversation about price you are having the wrong conversation. And it's probably because you rushed through the discovery process and didn't slow down enough to ask lots and lots of great questions. Like putting a puzzle together, take your time, focus on one piece at a time, and ask questions that help the prospect see how everything fits.
But if you're not comfortable talking about money.... or if your concept of "a lot of money" is too low..... or if your need for approval outweighs your desire to win the business.... or if you have self-limiting beliefs or other head trash getting in the way.... or if you get emotionally involved and begin to feel rushed when you get tough questions or objections.... you will struggle in sales conversations, will fail to build a case for your product or service, will ask your company to give up profit margin the moment you encounter pricing resistance, and will struggle to meet quota and reach your personal goals.