Combating the "It's Too Expensive" Objection
“It’s too expensive.” This is probably one of the main roadblocks you encounter during your sales meetings. This is a tricky situation to handle because, as Aja Frost, writing for HubSpot, points out, “most prospects have learned pushing back on cost will get them a discount.” Is your product or service actually too expensive? Here’s how Frost suggests navigating this conversation.
Find the Basis of Comparison
What, exactly, is the prospect comparing your price to? If you can identify that, you can begin to explain the difference between what you offer and what the competition has. Or you may trip them up. If the prospect is simply trying to get you to lower your price without a clear reason, that will be revealed when you ask for a comparison. By asking, “Too expensive compared to what?” you’ll either frazzle the prospect into admitting their statement is unfounded or open up a conversation to further prove your product or service’s worth.
Ask What You’re Lacking
Maybe your prospect thinks the price is too high because their need isn’t being completely fulfilled. If they’ll have to make two purchases instead of the one they initially intended, no wonder they’re iffy about your price. To find out if that’s the case, ask a question such as, “Are there some boxes we left unchecked?” If your product or service is lacking in the prospect’s eyes, find out if it’s within your power to completely fulfill their present need.
Suggest a Split
“Okay. So which part don’t you want?” Standing your ground on price is a direct representation of the product or service’s value. And if you suggest splitting up your product or service to match the price the prospect is willing to pay, you’ll drive home the point that you’re willing to meet their pricing demands, but they’re only going to get what they pay for. That may be enough for them to change their mind.