How To Handle The Price FIRST Prospect

Written by Sean McPheat | Linkedin thumb

1 June, 2012

Two minutes into the sales interaction, the prospect is demanding to know the price. You do what you can do avoid divulging the price too soon, but the prospect insists. IfBanknotes you sell a product or service were you must put together a quote, and it will take time to do so, that helps. However, when you have exhausted the usual options and answers and the prospect remains adamant on knowing the costs right away, here a few tips you might try.

As always, what follows, are concepts, not scripts.

#1 – Do you normally make decisions this way?
Simply ask the prospect if they normally make important decisions in such a manner. That is, do they usually make decisions BEFORE they have ALL of the necessary information? Be strong and embarrass the prospect on asking you to “cut-to-the-chase” on such an important issue.

Sales Person
“Steve, I understand and appreciate that you are anxious to know what our program will cost. But let me ask you; do you normally make decisions BEFORE you have all of the information regarding that decision?”

Then, after whatever the uncomfortable answer, perhaps…

“Steve, if you’ll just give me just a few minutes, I will give you all of the information you need, including the price, so that you can make a well-informed, intelligent decision. Does that make sense?”

#2 – Compared to what?
Since you have not been able to give the prospect the information about the product or service, then how can the price have any real meaning? If I told you I have a house for sale and the price is £50,000, what would that mean? Unless you have details about the house, the price is irrelevant.

Sales Person
“Sarah, my point is that whatever price I give you right now, what do you compare it to? If you are thinking of comparing it to what you get from your present supplier, I can tell you that what we deliver is not quite the same. If you would like to compare “apples-to-apples” then I ask you to allow me to first explain exactly what WE will do for you. Is that fair enough?”

All money is not good money
Be careful with the price ONLY or price before presentation prospect. Often, even if you give in and divulge the price prematurely, AND close the deal, usually you will end up with a nightmare customer. Work with clients who are worthy of YOUR quality business. Be a professional.

Happy Selling!

Sean

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