The most common objection in every sales situation is "it costs too much." When that phrase (or something like it) comes up, it means that you haven't yet shown the prospect that your offering is valuable enough to justify the price. Your next move is to ask for a clarification, so that you know how to adjust the cost/value equation.
Below are thirteen questions that you can ask when you hear "it costs too much" which will move the conversation forward and provide the information you'll need to reposition your product. When you use any of these questions, you should preface them with a phrase that confirms that you've heard and understand the objection. (Examples: "No problem... Just out of curiosity...", "I understand that cost is always an issue.") Here are the questions:
- ...when you say it costs too much, what do you mean?"
- ...What has been your past experience with solutions like ours?"
- ...how do you know that it costs too much?"
- ...what do you know about us or our industry?"
- ...what has been your past experience with companies like ours?"
- ...what are some of your priorities around _________?"
- ...what if our solutions weren't really expensive at all?"
- ...what if it turned out that we didn't really cost as much as you thought?"
- ...what if really could solve the problem of __________?"
- ...what if we really could generate a measurable business value?"
- ...what if we could help you create a competitive advantage?"
- ...what if we could show you how our solution would actually save money?"
- ...how do you plan you handle this problem or opportunity without our offering?"
NOTE: The above is based on a conversation with one of my favorite sales gurus, Barry Rhein.
READERS: This and other techniques for handling sales objections are described in my forthcoming "Sales Machine Book" now available for pre-sale here.