Written by Sean McPheat |
You’ve been there before; ten minutes into the sales interaction, the prospect is demanding to know the price.
You do what you can to avoid divulging the price prematurely, but the prospect insists.
If you sell a product or service such that it is impossible to quote a price until later in the process, that helps.
However, when you have exhausted the usually options and answers and the prospect remains adamant, then here are three powerful ways to either get this under control or terminate a bad relationship before it starts.
As always, these are concepts and not scripts.
Also, be forewarned, they require some real backbone!
“Mr Prospect, do you normally make decisions before you acquire all of the necessary information?” Or, “Do you normally make decisions based solely on price?”
Those tough and direct questions will leave the prospect with but a few responses.
In most cases, the prospect will realise what they are doing and back down.
In the rare situation where the prospect answers, “Yes,” that is how they make decisions; then you need to reevaluate the possibilities of this prospect as a viable and qualified potential client.
“Compared to what?”
When the prospect continues the, “How much?” demand; simply ask the prospect “as compared to what?”
Help the prospect understand that since you have not yet given them all of the information about the product or service, then the price is irrelevant, as it cannot relate to the product or service.
So, what are they going to compare the price to in order to rate or judge it’s meaning and value?
It may sound something like this:
Prospect: “Just tell me how much!”
Sales Person: “As compared to what, Ms Prospect?”
Prospect: “Uh? What do you mean?”
Sales Person: “Well, since I have not yet given you the information of what is involved with the product and what comes with it, then any price I give you right now will have no meaning. Now, after I have given you all of the information, then you can properly judge if the price is worth the value. Does that make sense?”
The prospect may respond with… “I would compare the price to other widgets…”
Sales Person: “And that is exactly the problem, Ms Prospect. Our widgets do not compare to others; let me show you why…”
This one is surely your last resort, and you may walk out of the door often.
However, if do this and the prospect agrees; then you have what is an almost sure sale and a longtime, loyal customer.
This requires strength, conviction and confidence.
“Mr Prospect, AXA Widgets is the most successful in the industry for two primary reasons: One; we deliver the highest quality widgets, and two, we work with the highest quality clients, who make careful and well-informed decisions to do business with us. I believe your company is of the highest quality. However, I’m afraid that unless you allow me to give you the information you need to make a careful and well-informed decision, than I cannot allow you to make any decision at all, and I will have to leave. Which will it be?”
Originally published: 11 September, 2017