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How to Overcome Price Objections

Posted by Casey Lewis on Tuesday, November 24, 2015

how-to-overcome-price-objectionsI believe in purchasing quality and paying for things that are worth it. And despite being frugal sometimes, I splurge when the occasion calls for it (as my overpriced smartphone and Xbox One can prove). But I never want to pay a dime more than necessary for anything. I don’t care if it’s a private jet or a stick of gum; it better be on sale.

I guess what I’m trying to say is, I know a thing or two about price objections. My normal routine is to object to the price of anything at first, then reluctantly pay for the item – if I really want or need it. Because unless you’re charging an insane markup, the problem isn’t usually with price; it’s with quality.

What is your product/service worth?

This is the question that every business must begin with, before a single employee is hired. Do you understand the value or worth of your products/services? Because if you don’t understand their worth, how can you accurately price them?

Your pricing must be realistic

Have you taken the time to evaluate competitor pricing and made tweaks to the price to measure the impact? Before we start worrying about price objections, we need to make sure your pricing is realistic. Are you charging a reasonable rate for your services?

Information is key

Now that we know your pricing is realistic, it’s time to explain that to your potential clients. And how can you accomplish that? By demonstrating to them the value that you have seen in your products/services. It’s time to really sell those products and let people know what they can do for them.

Sell solutions, not products

This is a great sales tip in general, but if you’re having trouble with pricing, maybe you’re selling the wrong thing? For instance, if I wanted to offer a writing seminar, I might advertise “writing tips for aspiring bloggers.” That sounds sort of interesting, I suppose. But what if I wanted to sell solutions? Then I might say, “Tired of no one reading your blog? Learn how to increase readership now!” Instead of offering mundane writing tips, now I’m offering a solution. Having trouble with readership? I can help you solve that problem! Which seminar would you rather sign up for?

Emphasize the cost of not being a customer

Another fantastic way to reach a lead is to explain the cost of declining your product. Sound confusing? Well, let’s consider Rhino’s field: marketing. If a client has an issue with our pricing, we would remind them of the money they can save by not hiring marketing employees. Because contracting an inbound marketing agency is like outsourcing your marketing department – you get all of the benefits without any of the hassle, and it’s much cheaper than hiring a new marketing staff. In reality, we’re merely reiterating our company’s value, but we’re phrasing it in a different way in order to reach the lead.

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