Even thought they've heard them a hundred times, most professionals answer price objections in a way that almost guarantees the conversation will descend down a rat hole.
Do you know the best way to respond to these all-too-common objections? Choose a response from the poll below, then click on this link for the correct answer.
The best answer is: "If we set price aside for a moment, is this the product you want to buy?"
The reason is simple. Prospects often raise price objections as a smokescreen for other objections. For example, the prospect may feel that the price is too high because it doesn't do what they want it to do. Or they may have a competitive product in mind that's cheaper. Or they may not be clear about the benefits that the product provides. Or, of course, there may not be money in the budget, hence the worry about price.
The other five responses all ASSUME that the objection is one of the situations described above, and then attempts to address the problem based on that assumption. And that's foolish, because now you're focusing on price, when you really don't know whether the objection is actually about the price. By contrast, asking the prospect if they want to buy the product does one of two things:
- Smokes out the REAL objection so that you can address that objection first.
- Confirms that objection really is the price, which can then be addressed.