Updated: Feb 18
Many people often want to know right up front what the price is for a product or service without fully understanding the values or the benefits that the product or service can bring. When you trying to close the sale of a product or service, many potential clients often reject the request to close on the sale as an instinctive defense to the bombardment of everyone always trying to sell them something. Expect the objection focusing on price. Most sales take place after the initial “No.” So you will have to learn to get passed that. What does the price objection sound like? “We really can’t afford that right now.” “Your prices seem a little high.” or maybe this one “We don’t have the money.” Usually that is not the real reason for the hesitation on the part of the buyer. Most people can afford what you’re selling but they take precaution anyways. As business leaders, we need to find the real reason for the objection. In this way, we can address the issue and resolve it for the people we serve. One way to respond to the price objection is using the “Feel, Felt, Found Method” How does it work you ask? Here's an example.
Sales Person: Well, what do you think so far? (Preparing to close the sale)
Client: It doesn’t really fit in our budget. (Price objection)
Sales Person: I know how you feel. Many of our current clients felt the same way at first. But what they found was that the value of what they received far outweighed the initial investment. They are some of our best customers and some of the most intelligent investors we know. They couldn’t afford not to put our services in their budget. (Feel, Felt, Found Method)
Of course, this is not a script to be memorized. You must be honest with your clients for that particular situation. This is just one method to get passed your initial “No” response. Using this method will help you address their legitimate concern and bring the focus back to the value of what you are offering and shifting it away from the price. Now hopefully your product or service will be the solution to the problem they have. People are willing to pay for that. If you need support in business, contact us now.