Tactics and Techniques when responding to objections about money

Objections about money in the sales process can kill the deal very quickly unless you know how to handle them, discuss them or treat them as a normal part of the process.

Is your prospect just “winding you up?” Buyers can toss in objections about money and pricing to see how you react. Be ready for this.

How can you get back in control of the situation?

Here are some very simple ideas to get you back in control of the situation.

1. Are you talking with the decision maker when it comes to presenting your offer to the organisation or individual. The buyer may have to report to a committee or another person higher up the food chain. They often believe that price is more important than value. Simply ask, “Do you make the final decision on this or do you make a recommendation to others?”

2. Is your anxiety showing? As soon as the money bogey is mentioned many salespeople think that they have to give away something to stay in the game. Not necessarily. Control your anxiety. Take a deep breathe. Smile. Then ask, “Apart from price is there anything else you want discuss/talk about?”

3. Give great thought to what you say immediately after the money objection is raised. Avoid answers like, “That is our best price”. Or “Our satisfied customers don’t appear too worried about the price aspect”. Build in an alternative to price by saying, “I appreciate you mentioning the pricing aspect of the offer. Before we get onto that for you, what do you like most about what we have been discussing?” Move the discussion away from price only.

4. Whenever you can make the opening offer as attractive as you can. This leaves you room to negotiate on minor details such as delivery times, colour/size, payment options and after sales support

5. Don’t be afraid to ask, “Which part would you like me to leave out?” This is a way of ascertaining if the offer is what the buyer wants or are they prepared to sacrifice value to meet a budget

6. Is it really about the money or is the buyer not disclosing another reason? Try and ascertain what is the real objection. Are they fielding other offers? Is the decision maker being influenced by others? Is the time frame for acceptance not in their timeline? Ask a question something like, “If money wasn’t an issue, is there anything else I can do to move this along?”

7. Don’t be afraid to walk. Sometimes what the buyer wants and what you can give are too far apart. In a nice way say something like this, “You have a think about what we can offer to provide a solution to your problem. I will call you on (insert a specific time) to see if we can move forward”. Then stand up and make your exit. One of three things can happen. 1, The buyer may reconsider their position and accept a different offer. 2. They agree to talk at a later date. 3. The offer is over.

8. Note the objection, but don’t react to it. Sometimes buyers just want to see how you react. Sometimes if you don’t overreact or acknowledge the objection, nothing is said by the buyer. If it is serious in the buyer’s mind, they will bring it up. If it is just a blind, then move forward.?

9. What can you trade? If the buyer is really wanting to gain a result, what can you trade off? Is it a quicker buying time? Is it a discount for a bigger buy? Is it to make a decision by a certain cut-off date (June 30). Ask them what they will give if you give up something that is of value for them.

This article is reprinted with permission from Jim Prigg CEO and founder of Knowledgemaster International (KMI) Pty Ltd. KMI is an online resources company that delivers practical and simple communications, interaction, sales and soft skills tips, tactics, techniques THAT WORK.

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