How to Overcome the Price Objection Like a Pro: A Masterclass in Sales Psychology

Hey there, tech CEOs! Grab a cup of coffee, silence your phone, and talk about the elephant in the room: the dreaded "We can't afford it" objection. You know, the one that makes your sales team break into a cold sweat? Yeah, that one.

The Problem: "We Can't Afford It"

Let's set the stage. You've just delivered a killer pitch and are about to close the deal. Then, your prospect drops the bomb: "We can't afford it." Most salespeople stop pitching or start shoving solutions down the prospect's throat. Both are wrong.

The Solution: NEPQ (Neuro Emotional Persuasion Questioning)

NEPQ a sales technique that focuses on asking the right questions to help the prospect sell themselves into your offer. It's not just a script; it's a way to control conversations.

Step 1: Stay Calm and Say, "That's Not a Problem"

First off, don't freak out. When a prospect says they can't afford it, your first words should be, "That's not a problem." Keep your body language low-key and neutral.

Step 2: Ask the Right Questions

Here's where the magic happens. Ask, "Tell me, if you did have the funding, would this work for you?" This is an NEPQ-committing question. If they say yes, follow up with a probing question, "Why do you feel like it would?"

Step 3: Empathize and Probe Further

If they're still hesitant, show empathy. Say, "I can appreciate that money might be an issue." Then, ask another solution awareness question: "How do you think you can resolve that?"

Step 4: Suggest Alternatives

If they're still not budging, make a suggestion. Ask, "Have you ever considered doing it this way?" and offer an alternative that could make it more affordable for them.

Takeaways

1. Don't React, Respond: When you hear "We can't afford it," don't panic. Stay calm and use techniques.
2. Ask, Don't Tell: The power of persuasion lies in asking the right questions, not in telling people why they should buy.
3. Be Empathetic: Show that you understand their concerns. It builds trust and opens the door for further discussion.
4. Offer Alternatives: Sometimes, a small tweak in the payment terms or package can turn a 'no' into a 'yes.'
5. Train Your Team: This isn't just for you, CEO. Your sales team needs to know this stuff. Train them in NEPQ techniques to boost those sales numbers.

So, are you ready to stop playing the numbers game and start closing deals like a pro? Let's chat if you found this helpful and want to dive deeper. Book a time with me here, and let's get those sales numbers soaring!

Until then, keep selling like a boss! ??