Easily Tackle "The Price is Too High" Objection The Right Way
Learn how to get the prospect to focus on the purchase decision beyond the most common sales resistance.
Sales is the most important function that is central to all the other aspects of the business.
Although the best way to learn sales is on the field/ by talking to the prospect, sales is also one subject wherein there is limitless scope to learn from other people’s experience, perspective, point of view, etc.
Allow me to share my thoughts on the most common resistance that EVERY salesperson faces in the process of selling.
But, before that, let’s get clarity on…
What is resistance in sales?
Resistance in sales in simple words is a situation wherein the prospect shows interest in the purchase, but they’re not really convinced to make a purchase decision.
As a salesperson, it’s your job to help the prospect select and choose one solid purchase decision.
The three purchase decisions
In every sales conversation, the prospect has 3 options:
1. Yes - Let’s make the purchase
2. No - I’ve decided this is not for me
3. I like this, but….
As a salesperson your job is to eliminate the third option from the mind of the prospect and help them come to a solid yes/ no.
A great salesperson is the one who appreciates and respects both the options, i.e. yes/ no.
It’s your job to sell, but it’s a bigger responsibility to help the prospect make a decision, and not all decisions are going to work in your favour, so when a client says no, learn to respect that decision, gracefully.
The only way you can get the prospect to come to a solid yes/ no decision is when you help break all the resistance(s)
The most common resistance
If I were to list down all the resistances, I may have to end up writing a book.
If you feel that’s a book that you’d read/ purchase, let me know in the comments below and maybe I will end up writing that book.
But for now, let’s focus on the most common resistance that you will face, which is, “the price is too high”.
Ever since the birth of sales and economics as we know it, somehow all consumers have been gifted with this superpower to say the magic words, “I’m interested, but not right now… because I feel that the price is too high.”
Show me a salesperson who doesn’t come across some variation of this statement at least once a week and I’ll show you a salesperson who is not meeting enough prospects and should find themself a different job. *wink wink*
Before we learn how to tackle this resistance, let’s figure…
Why is this the most common resistance?
You’d be shocked to know that more often than not, when the prospect says ‘the price is too high’ it’s a mere excuse to confuse rookie salespeople.
A salesperson who has seen various seasons knows that the words, “price is too high” means that the prospect is on the fence, and they need to be given a reason to make the decision.
Prospects could end up saying they’re unhappy with the price for various reasons.
Here are just a few reasons to give you some common examples:
1. The prospect doesn’t want to make a decision
2. The prospect doesn’t like the product
3. The prospect was never the right target customer, and more often than not, seasoned salespeople would not let sales meetings with such prospects reach this stage where they’re discussing the price, but that’s a story for another day (or the book on sales that I mentioned earlier)
4. The prospect thinks that the price is not worth the value (which means that the salesperson made the offer a little too soon)
5. The prospect has changed their mind and understands that the product was not what they were expecting/ looking for, but they’re embarrassed to make that confession to the salesperson.
What is the prospect actually trying to communicate?
The prospect is simply trying to tell you, “I’m sitting on a maybe, so nudge me a little more and let me make a yes/ no decision.
Be sure to just nudge and don’t push the prospect too much, because that may end up opening, yet another can of worms.
Practice and experience help you understand the nuance and the subtle difference(s) between nudging and pushing.
Sorry, I (and I doubt anybody) can teach you that through newsletters, books, courses, etc.
Some things will remain a function of time and practice.
Once in a while, you may actually come across a genuine prospect who is really interested, but for them the price of your product is too high, and out of their budget.
Should you offer a “special discount”?
In such a case, please don’t get trapped in the situation of emotions and never end up creating a special offer/ discount/ exception for any prospect.
Doing this is absolutely detrimental to your business and ends up doing more harm than good to your business, your reputation in the market (in the long run) and it just sets a wrong example.
Close the sale (or the conversation)
When the prospect tells you that the price is too high, you need to evaluate:
1. Is this prospect a good fit as a client for your business, or did you/ your team make a mistake in filtering the quality of the prospect (with regards to the client-business fit)?
2. Does the prospect really need the product/ service?
3. Does the prospect understand the need for the product/ service?
4. What will be the impact in the life of the client if they don’t make this purchase today? Will it be significant?
5. Does the client understand the significance of making a decision where they don’t complete the purchase?
If the answer to any of the above-mentioned questions is a no, you probe the prospect on the same points and make them see the gap.
You’d be surprised by the number of clients who end up making the purchase when you make them see the situation and the impact of the purchase in their life.
The prospect never makes a purchase on the basis of how excellent/ good/ bad the product is. They will only buy when they can clearly (subconsciously) see and feel the impact of the purchase in their life.
If the answer to any of the above-mentioned questions is a no, you may try to probe further, but based on my experience, I tend to close the sales conversation respectfully at this stage and tell the prospect to stay connected with the social media community of the brand and stay connected with my content online.
Your Thoughts!
Do you agree with this chain of thought?
Did you learn something new with this note?
Will this note help you to have more mature and meaningful conversations with your prospects in the future?
Will reading this note have a positive impact on your attitude towards sales/ conversations and sales pitches that you make to your prospects?
Let’s continue this conversation (or ask your questions about the post) in the comments below.
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Prompt used to create the image for the note
P.S.: Image made on Meta AI using the prompt, “Imagine a professional saleslady confidently talking to a high-net-worth prospect closing a high-ticket sale”
Damn, I am literally at this stage in my freelance journey.
I know it's happening for a reason so I can learn how to handle these situations without getting stressed or disheartened.
The process you have mentioned here really helped me clear a few things in my head. Will implement those in my next sales call.
Thank you for this power packed article.