Overcoming Price Objections 101. Part 1.

What Buyers and Customers Really Need

?Before we allow buyers to pressure us to lower our price, we should analyze our customers' needs instead of what the customers say they need.

?What do buyers need?

1. They need to be respected.
2. They need on-time delivery. You can't sell at a high price without it.
3. They need courtesy, speed, and timely action.
4. They need a quick and measurable return on investment.
5. They need to buy what they want. It would be best if you always tried to sell to the decision-makers, not to purchase agents with no buying power.
6. They need to get what they buy - Quality, quantity, and timeliness.
7. They need satisfactory production/performance from capable vendors.

?Ask yourself the following questions:

1. Is this customer's concern about how much they spend determined by their need to feel they "got a deal"?
2. Does this customer need a consultative approach?

?What do buyers like?

1. Easy relationships.
2. Predictability.
3. Reliability and dependability.
4. Short delivery times (not easy in today's market).
5. Help on reducing costs by realizing savings.
6. Total product offerings.
7. Breadth and depth in quality.
8. Sales reps who know the product line.
9. Sales reps who make regular and predictable calls.
10. Ease of interpretation of vendor prices and quotes.

?The ability to sell is not just a function of salesmanship; it isn't even just a function of high quality.?

?The primary reason buyers claim your price is too high is they are looking for a better deal.

The buyer has nothing to lose and everything to gain by asking for a better price.?

?When you hear the words "Your price is too high", it is a sign that you have not achieved the essential aspect of the sales process.?

?You have not justified the price.?

?The buyer weighs what you have told them about the products' features and benefits? against the quoted price.

?We must create value.

?We create value by sharing with the customer all the benefits relevant to their needs.

?It requires extensive product knowledge and the discipline not to trim the presentation because of its repetition.?

?When they tell you your price is too high:

1. Respond with "I'm sure you have a good reason for feeling that way; would you mind sharing it with me?".
2. Ask the question, "What are you looking for from the purchase?".
3. Ask yourself whether you're being tested for a lower price.
4. If you give in on lowering the price, make sure you gain something in return.
5. Ensure the customer knows what they are getting for their money and that no one can provide them with what you are giving them for less.

?Are price buyers worth it?

"If your customer truly needs a lower price, you can't afford to sell to them."

- Cletus Peichl

1. Price buyers steal your sales time.
2. They are impossible to satisfy.
3. They pay slowly.
4. They brag to your clients about the deal they got.
5. They have no loyalty to you or your company.
6. They will take everything they can, including potentially stealing your ideas, designs, artwork, and knowledge.

?"Perhaps the reason price is all your customers care about is because you haven't given them anything else to care about."

– Seth Godin

?Part 2, out next monday, will focus on the "The SALEability Checklist".

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