Overcoming Objections in Sales: “It’s too expensive”

After a presentation that includes your prices you may expect to hear this objection. And often you’ll be right, but this whole script is based on the fact that it’s best to focus away from the price of the solution, and instead towards the budget they intend to spend, earlier in the process. Ideally, you want to find out their budget during the later stages of the prospect’s discovery, but before a detailed demo. So, let’s go back to that point in the process… The point here is to understand what this really means. It could mean that it’s too expensive compared to what they were thinking of spending Or, it’s too expensive compared to other solutions out there, which offer the same amount of value. Or that, for such a price, they’ve seen solutions which will offer them more value. Depending on what they mean, only then can you choose the best way forward. So you need to find out. The key here is to be extremely neutral, that way you will show your prospect that you are used to discussing concerns and objections they might have, and that you are not judging their budget in any way. Or you might hear… … if you’re dealing with a business representative. Without knowing how much they want to spend, you might choose a very wrong path to go forward with the conversation. You need to find out how close you are by having the prospect describe the ballpark of what they plan to spend. Based on what you’ve heard, and what you know about your own solution, it’s now important for you to choose a path forward. You may want to: Sell them on the value of the budget that
is higher than the range that they are thinking. You may want to propose a narrower scope of solution that fits within their budget. Or, you may want to pause, and allow the prospect feel that you can’t see how you would reach a solution in that price range. As you’ve not had the chance to explain the the value of your solutions yet, it’s worth discovering if you absolutely need to stay
in the price range you’ve heard, or if there’s chance you can show something beyond that. Now you have an opportunity to discover which of their needs are of highest priority, and which can be sacrificed to reach the budget. Having discovered that, you can move to explain the solution which is adjusted to the one you initially had in mind. If you want to find out more about how to tackle common objections you’re likely to face in sales, you can read more about it on our blog right now.

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