Whether you are a rookie in sales or you are a veteran, I am sure you have heard those words from a potential customer — “Your price too high.”  We have all heard this, and I would guess that we all have said it to a salesperson at one time or another.  I bring this up because during a recent buying experience, I said it to the salesperson I was dealing with.

The salesperson went right into justifying his price. He explained all the features the product had. And he did a great job with this. He knew his product inside and out. But he didn’t ask me the million-dollar question: “The price is too high?  What are you comparing it too?” Or: “What do you mean by that?”  He did what all of us have done from time to time —  he threw everything against the wall to see if anything would stick.

Now, sometimes this course of action will work. But most of the time, it just leads to you dropping your price. And if dropping your price was your original game plan, then no big deal. But for most of us, when we deliver a price, we are delivering an investment, not a cost.

If we start justifying the price without finding out what is meant by “the price is too high,” perhaps we  are not confident in our product or our price. However,  if you ask a perfectly reasonable question: “I appreciate your response but I don’t know what you mean by the price is too high. Could you explain to me what you mean?” You get to do more listening and less talking.

If you go down this route, you will get your customer or prospect talking. You will find out if you didn’t explain something properly, if there is a misunderstanding, what else the prospect wants to hear, or you may find out that they just can’t afford what you are selling.  You may even find out how to have your potential customer buy from you.

Finally, price has the potential for being a hot potato. I don’t think any of us have ever been told “your price is too low.”  But if you have confidence in your company, your product and yourself and you deliver a masterful presentation, you will rarely get derailed with a price objection.

Great Selling!

Tyson's Take

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