If you’re wondering what the ultimate secret is for dealing with customers who push back on price, let me be upfront and say there isn’t any single secret.
Rather it’s a collection of strategies when used at the right time with the right person can most likely lead to success.
Notice I say “most likely lead to success.”
I say that because the sales process is never perfect, despite how much people may want to benchmark results.
Best way to respond to those who are pushing back on your price is to have different strategies you feel comfortable using depending on the situation.
Below are 5 secrets I’ve found to have a positive level of success:
1. Ask questions about their biggest need or problem that you are able to help them with.
The more you can get the customer to focus on their big issue, the more likely they are to realize the price is not an issue. This is why it’s so important to uncover their big needs early in the sales process.
2. Ignore their request and push forward with your presentation.
Yes, it’s risky, but if you’re dealing with someone who is not confident, then by ignoring the request you don’t have to worry about dealing with it. If they’re not strong enough to raise the issue again, they may very well be content to ignore their own request.
3. Walk away.
This is why having a full pipeline is so important. If you have other opportunities, passing on one isn’t tough. If you believe in what you’re selling, it can surprise you the number of times they’ll come back and be fully prepared to pay full-price.
4. Offer multiple options at different price points.
Sometimes the customer simply wants to feel like they’re in control of making the decision. If that is the case, by offering multiple options, they get to choose and it helps them feel like they’re in control.
5. Confirm the price point and what the offer consists of.
Hold firm and restate the key benefits. Your own level of confidence is going to drive this option. This approach works great when you feel the customer is judging too quickly on what they should be willing to pay.
Five strategies: Each perfect to use in the right situation. The results you achieve will vary, but the biggest thing to remember is when the customer pushes back on your price, you do have options.
Copyright 2013, Mark Hunter “The Sales Hunter.” Sales Motivation Blog.
I’ve often found the prospect wants to be able to say “Yeah I drove him down on price” when this comes up.
In which case, I ask for something in return – payment in advance, case study, customer win PR, etc. Doesn’t actually matter what it is.
I’m against inflating the price in case they ask for a discount, but it is possible to be careful and then come in under budget – particularly if you provide professional services. Everyone loves it when your under budget.