Why it's Important to ask the Right Questions to Avoid Price Objections during Your Sales ProcessSales Pro Source
January 15, 2013 — 940 views
Every person working in sales has to deal with objections. Not everyone that you come across will say ‘yes’ to purchase the products. It is quite possible to overcome the price objections raised by the prospect if they are dealt with sensitively and appropriately. It is a top priority to handle price objection for most of the professional salespeople.
By asking the right questions, the actual reason for objection can be revealed and addressed directly. Price objections can be avoided by asking right questions to customers by:
Focusing on the Differential Pricing
Ask your customer what he/she is comparing your price with. If a lower price is offered by your competitor, then you should focus on the difference in price and show the customer what he/she is getting for the extra money.
Comparing Higher-Priced Offers
Let the customer know that there are certain benefits that come with your products that he/she would normally find only in higher-priced services or products. The perceived value of what you offer will be increased by this.
Stressing on the Drawbacks of low-price Offer
The production techniques, materials, and design influence the life span and quality of the product. A salesperson must ask the customer about his/her experience with the products that are low-priced.
Making your Offer seem Affordable
The best way of doing this is to divide the price of the product or service by the life span in years or months, for example, telling your customers, “If you use the car for five years, you will be investing only 1000 dollars a year. That is 83 dollars roughly a month.”
Offering a payment plan
See if you can give your customer an option of paying in installments, in case the customer cannot afford or is put down by making a huge investment.
Presenting a Cheaper Alternative
If the customer is not willing to pay a huge amount to acquire a product or service from you, present him/her with different products at cheaper prices that suit his/her budget.
Explaining What you don’t Charge for
You must make sure that your customer is made to understand that he/she is not charged for things like demonstrations, site visits, and installation. The customer's opinion might change about your price setting once he realizes what he is not paying for.
Talking about the Valuable Intangibles
Always keep in mind that your prices represent the entire value of your offer, including the support and service your customer gets. Some examples of intangibles are free back-up, 24/7 technical support, replacement, and highly-educated staff.
You should look forward to objections as they are usually a good sign. It helps in getting the feedback about your product or service. Generally, a prospect’s objection falls into 4 categories – no perceived need, no money, no trust, and no hurry. If there is no rapport and trust between you and your prospect or if he cannot afford your product, your sales process can be derailed