It happens every day in most sales interactions.
You’re having a great conversation with the prospect, building up value and creating real desire in their minds for your solution. They seem to be interested in what you’re saying, and you have great confidence you’re going to make the sale.
Then they ask about the price.
You confidently give the price of this model they are enquiring about. Then the age-old response comes along…
“That’s more than I wanted to pay….!”
Now, this response is as old as the hills, the reason they say it is just as old, and the response most salespeople give is just as doddery on its feet.
Most responses go something like “How much were you looking to pay?” or “What figure did you have in mind?” or even the awful “What do I have to do with the price to get your business?”
There’s one question that will help you to progress this discussion in a much fairer way for both of you. It will aid you in knowing the direction you need to go, and aid the prospect to be clearer in their mind on what needs they have to be considered.
The best question you can ask goes something like “When you say ‘that’s more than I wanted to pay’…does that mean it’s more than you wanted to pay for THIS product, or it’s more than you wanted to pay, period?”
What this clarifies for you and them is whether the amount is too high for the product you are showing and they are probably asking to negotiate for a discount on it, or whether the amount you are asking is too high for them under any circumstances, and the product is not right for them.
If it’s the first reason, then you can identify once again the value they are getting from the product (how much money or time it will save them in the long run, etc) so they see the actual price is less than the overall costs involved.
If it’s the second reason, then you can identify a different product in your portfolio that might suit them for the money they want to invest.
Either way, you get clear in your mind what their relationship is to the price of your products and services.
So, find out whether their decision is attached to the product or their wallet, and then you will identify the way forward in the sale.
MTD Sales Training
(Image by Stuart Miles at FreeDigitalPhotos.net)
Hi! I'm the founder and Managing Director of MTD Sales Training - we offer sales training solutions for companies both large and small. I'm blessed to work with 25 of the most talented trainers in the UK....well, I did recruit them! ;-) Today, we've delivered training in over 23 countries to over 3,500 different organisations and 100,000 staff. Our clients include Xerox, Friends Provident, Starbucks, Taylor Wimpey, CISCO, Allianz and Lloyds TSB to name but a few.