There’s nothing more exciting than knowing you’re about to close the deal. But, sometimes, the unexpected happens. The customer surprises you with an objection, especially about price. If you know your boss isn’t going to move on price, what should you do? Writing for SellingPower, Steve Atlas has a few suggestions.
In talking with a range of sales reps, Atlas has found that conceding to a customer’s demands on price doesn’t always lead to a happy ending. A demand for a discount is usually drive by something else. As the rep, you must determine exactly why the customer is making this demand so you can turn the situation around.
When you find yourself in the awkward situation of having to defend your price, it’s time to start asking questions. In a respectful manner, find out if the client believes your solution will meet her needs. If so, you can highlight what differentiates you from the competition, especially if the competition has quoted a lower price. Every service and product is different. Perhaps, you always offer on-time delivery. You may have employees who offer outstanding service and are willing to work late to satisfy a customer. Or, your product may be the best on the market with features no competitor has. All of these factors, in the long run, could save your prospect money. You must need to make her understand this detail.
A prospect’s focus on price is a challenge you should anticipate. The business your prospect is working for expects him to do his best job negotiating a great deal for his company. You can do the same by bringing your best attitude, presentation skills and marketing collateral, including documented references, to these discussions. Make sure your customer recommendations speak to the value, not the price of your product or service.
The bottom line is your prospect must understand the complete value, versus the cost, of the package you’re offering.