Manage price objections to improve your bottom line.
Just when
you thought that you are going to close a sale, your customer starts complaining
about your price points ? and you eventually lose the sale. Does this sound
familiar? If it does, you need to know that it may have nothing to do about the
price. Most people only use price objections as an excuse to say ‘no’ to your
offer. The truth is that they don’t see enough value in your offering to
justify the price you are charging.
Managing Price Objections: The Right Way to
Do It
To get the
upper hand in the price discussion, here are some tips that you should always
keep in mind.
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Get the
customer’s inputs. Instead of getting defensive and responding right away,
let the customer talk about why he thinks your prices are too high. Ask him
what his concerns are so you can get a more complete picture of what’s really going
on in his mind. This will give you the time to think about how you should
respond and increase your chances of letting him see the value of what you are
offering.
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Emphasize
value. You can increase your chances of making a sale by showing your
customers how they can make or save money by using your products and/or
services. Focus on selling value and align it with the customer’s needs and
goals. For best results, emphasize at least three benefits your prospects can
get by using your products and/or services. You should also create legitimate
case studies to show what kind of results they can expect and use customer
testimonials to prove your case.
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Don’t
give the price too soon. Before tackling the issue of price, let the
prospect see the value of your offerings. Introduce the price early on in the
conversation and the discussion may quickly spiral out of your control.
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Making
buying easy. To effectively handle price objections, coax your prospects
into buying your products and increase your conversion rates, consider offering
a free trial and/or affordable payment plan options. You can also offer a
limited version of your product, charge less for it and then give your
customers the chance to upgrade to the full version. These little pricing
tricks can definitely help.
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Show why
you are better than the competition. You can further justify a higher price
point by showing your prospects how you differ from the competition. Create a
comparison chart and focus on features that make you the better choice.
You don’t
need to give in to price objections. Remember, you can always charge the prices
you deserve by applying these tips.?
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