Written by Sean McPheat |
You felt that it was a good presentation and that the entire sales interaction was on track. Then you present the price, and suddenly the prospect acts as if they just had a heart attack! What happened? A better question is, what do you do? Below are three important steps you should take when this situation occurs.
The Three DOs
#1. Do Start Over
The fact is that if the prospect is truly surprised by your pricing after you have had a complete sales interaction, then you really missed some fundamental and essential points in your presentation. When this happens, you have failed in one or all of the following areas:
Understand that at this point, there is no such thing as answering objections. There are no valid objections to overcome because there is no valid offer. There is no legitimate offer because you never carried out a convincing presentation. All you can do now is try to go back and cover the things you missed. Just be honest…
“Whoa! Ms Prospect. If this offer seems out of line to you then I must have really missed something. Can I ask you a few questions?”
Then go over the problem-exposing questions, and value building points.
“Ms Prospect, was I able to show you that right now your drivers are spending at least 35% more in loading time?”
“Can you see how you are currently losing £722 ever day in the factory?”
Do not try to fix the problem. Go back and erase it.
#2. Ignore It
It is possible that the prospect is faking this apparent shock. A skilled business person will use such a tactic as a negotiating tool. If you are absolutely positive that the prospect is being less than honest with you, then continue on and close with confidence. Maintain the look and disposition that you are an experienced professional and aware of such tactics.
If however, you are not certain if the prospect is acting or not, then follow tip #1 first, followed by #2.
#3. Do Ask for Referrals and Leave
You may not have the time or permission to start over and ask questions, and ignoring the situation also may not work. Either you messed this up badly or the prospect just doesn’t get it. In either case, it is too late. There comes a time to learn from your mistakes and accept them.
A “shock” situation at the very end of the interaction is likely a failure of the entire sales process or indeed the way that you qualified this prospect in the first place. Instead of trying to put out the fire, it may be best to get out of the building!
Posting Oct 19, 2011: The Three DON’Ts
3 Ways NOT to Handle The Prospect Who Is Shocked By Your Price
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Originally published: 18 October, 2011