Resolving Price Objections

Do everything you can to turn your customer's objection into a need

The objection-resolution process is your best tool dealing with price objections. Firstly, acknowledge the objections as you would any other, for example: "I know you are trying to keep costs down." Next, get the customer talking. Ask questions, and find out about any other offers they have had from your competitors--how do they compare to yours? the deals comparable with yours in terms of the value delivered? Learn as much as you can regarding how far off you are in price from other offers.

When resolving price objections, re framing the objections is critical. Do everything you can to turn your customer's objection into a need, using phrases such as: "So if I understand you correctly, you need to know what you will get for the additional 10 per cent," "My understanding is that you need to know why we charge a bit more than Company X and why it's still in your interest to buy from us...," or "It appears to me that you need to feel comfortable with with your decision to pay us more than some of our competitors..."

If the customer agrees with your re frame, go ahead and address the need. give it your best shot, and see if they will accept your point of view. You will be surprised at how an objection often turns out to be less significant than it originally appeared to be.

ACTION POINT: Re frame price objections to turn them into needs.

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