The meeting was going smoothly. You found synergy with the client
and he seems like a pretty nice guy. Near to the end of the meeting,
you muster up the courage and ask for the sale, he replied, "How Much?"
Body Freeze. Your chest tightens, your client stares back blankly at you and the brain starts to go overdrive, and you overthink;
'Will the price be too high for him?', 'Is it okay to just say the original price?', 'He's a nice guy, I think I need to give him a special deal'
You muttered the amount like a toddler. Congrats, you might have just lost the deal. Once customers get the feeling that you might be overcharging them, they get alerted and fear being hustled or being taken advantaged of thus the deal falls apart.
Price Objections are often created or induced by the salesperson when the salesperson feels the company overpriced the product/services. This happens when the salesperson does not understand that the competitive price set by the company have been carefully thought out and believe that the product is worth that amount due to lack of product education.
Here's how you can overcome the price objections;
1. Look into your client eyes confidently and tell them the price straight. Say it clearly, confidently and proudly as if you couldn't believe it cost so low.
2. If your price is higher than your competitor's, acknowledge the fact that your price is higher in the market and back it up with the testimonial or reasons why clients that buys from you over and over again even when your products are higher priced.
3. Share with the client - Why. Show them exactly why it makes perfect sense to get the product from you instead of getting from somewhere else.
4. Higher prices equals to higher quality. If what you are selling doesn't makes you feel that the price justify the quality, you might want to change another product to sell instead. We want to sell products that we can proudly announce to the world and our clients that it will improve their life
5. If the customer still feels it's too expensive, here's a script that you can use to further convince him that the price is just right;
You: "Mr Prospect, Have you ever gotten anything good for free or for nothing?"
Prospect: "No."
You: "Have you ever gotten anything that is really good for a low or cheap price?"
Prospect: "No."
You: "Mr Prospect, Do you agree that you get what you pay for in life?"
Prospect: "Yes."
You (Closing Line): "Now, you get what you pay for, and much more. Sounds fair enough?"
And then you wait, who ever speaks first, loses. This usually neutralize the price objections.
Remember: Don't be afraid to put your price out there and let the world know that your price is higher in the market cause your products are of higher quality. If you follow the tips given, you should be closing more deals and increasing your sales much more easily.
Body Freeze. Your chest tightens, your client stares back blankly at you and the brain starts to go overdrive, and you overthink;
'Will the price be too high for him?', 'Is it okay to just say the original price?', 'He's a nice guy, I think I need to give him a special deal'
You muttered the amount like a toddler. Congrats, you might have just lost the deal. Once customers get the feeling that you might be overcharging them, they get alerted and fear being hustled or being taken advantaged of thus the deal falls apart.
Price Objections are often created or induced by the salesperson when the salesperson feels the company overpriced the product/services. This happens when the salesperson does not understand that the competitive price set by the company have been carefully thought out and believe that the product is worth that amount due to lack of product education.
Here's how you can overcome the price objections;
1. Look into your client eyes confidently and tell them the price straight. Say it clearly, confidently and proudly as if you couldn't believe it cost so low.
2. If your price is higher than your competitor's, acknowledge the fact that your price is higher in the market and back it up with the testimonial or reasons why clients that buys from you over and over again even when your products are higher priced.
3. Share with the client - Why. Show them exactly why it makes perfect sense to get the product from you instead of getting from somewhere else.
4. Higher prices equals to higher quality. If what you are selling doesn't makes you feel that the price justify the quality, you might want to change another product to sell instead. We want to sell products that we can proudly announce to the world and our clients that it will improve their life
5. If the customer still feels it's too expensive, here's a script that you can use to further convince him that the price is just right;
You: "Mr Prospect, Have you ever gotten anything good for free or for nothing?"
Prospect: "No."
You: "Have you ever gotten anything that is really good for a low or cheap price?"
Prospect: "No."
You: "Mr Prospect, Do you agree that you get what you pay for in life?"
Prospect: "Yes."
You (Closing Line): "Now, you get what you pay for, and much more. Sounds fair enough?"
And then you wait, who ever speaks first, loses. This usually neutralize the price objections.
Remember: Don't be afraid to put your price out there and let the world know that your price is higher in the market cause your products are of higher quality. If you follow the tips given, you should be closing more deals and increasing your sales much more easily.
Charles J Phua is a serial Entrepreneur, Business Growth and
Sales Strategy Consultant based in Singapore with an unhealthy obsession
with cats. Over the years, Charles have started and partnered in over
10 business ventures.In 2010, due to a failed business venture, he was
caught in debt of over $100,000 but since then, Charles just keeps
bouncing back, taking the past failures as lessons and experience as
preparation for his next successful venture and till date, he currently
manages 3 profitable companies in Singapore and consults for various
individuals and SME businesses.
Follow his blog for more sales tips at http://www.BeyondSales.co or add him on Facebook - http://www.facebook.com/charlesjphua
Follow his blog for more sales tips at http://www.BeyondSales.co or add him on Facebook - http://www.facebook.com/charlesjphua
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