Overcoming Price Objection | How they Negatively Impact a Business | Peak Performance Sales Training

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Overcoming Price Objection | How they Negatively Impact a Business

Overcoming Price Objection

Overcoming Price Objection | How they Negatively Impact a Business

As much as 80% of objections that salespeople encounter are price related and most often they are self-created. Although situations may vary, all price objections have the same cause: your prospect's perception of you and your product are low, or the salesperson's perception of themselves or what they are offering is low. Sales is unique in that it is really the only occupation that spends most of its time focused on getting in to see the "decision-maker". The decision-maker is the one who has the least amount of time! Once they make that ultimate contact sales people begin to pitch, present and demonstrate their features and benefits, in other words they provide the customer with a lot of intellect.

Unfortunately, this method of presentation often turns Decision-makers into Procrastinators. Upon converting the Decision-Maker into a Procrastinator the sales person now doubles up on intellect with a proposal: more to "think about"! The chase is on. How much time and money do you invest simply allowing your sales people to chase people that they never really sold on value to begin with?

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Question: What motivates you to buy something? Do you buy for YOUR reasons, or some sales person's reasons? Your reasons of course! However traditional sales people force feed their own reasons and do not focus on uncovering what the prospect is trying to overcome, improve or eliminate by buying sooner, rather than later. Prospects really do not want to think about anything, they actually want time to "compare". Compare your features and benefits with that of their current vendor or other competitors trying to get in on that business. Quite often in the eyes of the prospect your features and benefits are not much different from their current vendor or others competing in your field. Hence price becomes a front end and back end obstacle as they focus on YOUR reasons (features and benefits), not their problems and negative effects that are already costing them time and money by not using your product or service. So, What's the Problem? There are several to consider! 

Problem # 1 How you buy, IS how you sell. Therefore should a sales person, when in a buying situation always get the best price, how effective are they Monday morning when someone comes in focused strictly on price? Not very. The reason is that subconsciously they are thinking, "Hey, I can relate to that"!

Problem # 2 Some sales people have what we call a money weakness. In other words a sales person making $50,000 per year selling software that is $200,000 may in their own mind believe that their product actually is expensive and fail to properly utilize techniques and strategies they know, but cannot use because how they feel overrides what they know should be done. Problem # 3 The following is the most common problem found in "Traditional Sales people". They fail to focus on what they are actually overcoming for their prospect. Their focus is on me, myself and I. My features, my benefits and how much better we are than they are. Rather than focusing on what you are selling you must focus on what you are improving, reducing or eliminating. What has this need, want, pain, fear or problem been causing the prospect? What has it been costing the prospect? Most importantly what will it cost them should they decide to "back burner" this problem? Overcoming the price objection increases profit, increases sales and clearly differentiates your company from all others by focusing on what is really important, the prospect's reasons, NOT your own.

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