According to SalesFuel’s Voice of the Sales Rep study, two of the most common sales objections sales reps encounter are that their prices are too high and that the prospect doesn’t have the budget to make the change. For salespeople who sell more expensive products, those issues provide one steep roadblock. However, if your high price is the result of significantly higher product quality than your competitors', Jeff Hoffman, writing for HubSpot, has some advice for you.
Focus on Quality
Quality is the reason your price is as high as it is. In your line of business, clients get what they pay for. Expensive products are generally the quality option, and you need to help your prospects understand this. Do this by helping them envision a future where the problem your product can help them solve is completely taken care of. They’re exactly where they want to be, and they didn’t have to sacrifice any part of their ideal solution. Then work in how your product will help them assure that future.
First and foremost, never EVER talk down about your competition. It’s tasteless and will, in all likelihood, make your prospects see you in a negative light, which, when dealing with expensive products, will cost you the sale. However, that shouldn’t stop you from telling your prospects about other clients of yours who regretted their initial choice of choosing the cheaper vendors. “A story about a buyer who opted for another vendor and wished they hadn’t is extremely powerful,” says Hoffman. “Suddenly, it’s not your word again your competitor’s — it’s the word of someone who’s tried both products and found yours is favorable.”
Ask for Their Number
If quality and client recommendations aren’t enough to sway them, it’s time to find out their price. They likely already have a number in mind (your competition’s), so ask them what it is. Again, at this point, you’ve clarified that your more expensive product is superior to that of your cheaper competition. So, when your prospect tells you that your competition offered them a specific price, Hoffman says respond with, “Well, you know we’re not going to match that price, so what’s the real number you want to see from us?” You have to get them to see that your competition’s price is not a realistic baseline for your negotiations. “After all,” says Hoffman, “there’s no comparison between the two products — and that holds for price as well. Make this crystal clear to the buyer, and negotiate from there.”