Prospecting and identifying potential leads may seem hard, but the biggest roadblock in the sales process often links back to price backlash.
We’ve all had prospects that get excited about an opportunity until they hear the price tag. Sure, things are great leading up to this single moment, but when they hear the price it’s like everything is reset.
Unfortunately, there isn’t a secret to success as it relates to responding to this kind of pushback. The reasons for the pushback can be attributed to so many different variables that it’s impossible to find a cookie cutter approach. That said, there are definitely a few things you can do to limit the chances of pushback with your prices.
- Multiple Price Packages
- Confirm Price Point Early On
- Focus Less on Price, More on Value
- Tell Them To Use Your Competition
These tactics and tips have allowed business to create a pricing structure and strategy that limits pushback immensely. Let’s get to it. Here are a few tips on how you can deal with these situations more effectively:
Multiple Price Packages
Everyone likes options. Sometimes all you need to provide your clients or prospects is a few options so they can figure out what they truly value. Of course, different price points come with different value propositions. Your lowest price point will come with fewer bells and whistles while your highest price point will offer a full-suite of value and opportunity.
Confirm Price Point Early On
Instead of surprising your clients with the price, be up front and share it early on. Too often do we get caught in the trap of thinking our price point should be a surprise. Instead, try highlighting and sharing the price point early on with your potential clients. Doing this allows you to gauge very early whether or not they are serious or not about your product offering.
Focus Less on Price, More on Value
When you put your attention on the value your of your product, your prospects will start to understand why they need you. It’s easy to get caught up in the moment when a client pushes back on price but instead of arguing with the client and playing the nickel and dime game, focus on the benefits your product offers.
This simply shift in your dialogue can be the difference maker between selling your services or products at a discount or regular price.
Tell Them To Use Your Competition
Does that sound scary? It should. But it’s also an easy way to sound authentic and trustworthy with your prospects. The idea of sending your clients to a competitor is something that would make most sales professionals and executives cringe.
The reality is this. We live in a world where your prospects have many options and many opportunities to capture information about your competitors. Instead of negotiating your price to a place where you’ve completely devalued your product, simply share this information with your prospect while highlighting your value. Let them know that while company B is cheaper, they also don’t offer X, Y and Z.