The price is right!

In many ways we salespeople are our own worst enemies.  We inherently know that our clients want us to fully understand their needs before we offer them a solution, but always nagging away at the back of our minds is the dreaded ‘P’ word – Price.

No matter how well we understand the needs of our client, or how well our proposed solution meets those needs, we still have the nagging doubt that our client will complain that we’re too expensive.

So when our client objects about the price here’s our suggestion to deal with it:

First of all, welcome their objection, it gives you a chance to get the objection out into the open.  Just because you’re not talking about it doesn’t mean they’re not thinking about it, and if they’re thinking about it and you don’t talk about it they probably won’t buy from you.

Secondly, let’s remind ourselves of what our clients are looking for, in order:

  1. A sound ongoing business relationship, possibly to the extent of regarding the relationship as a partnership.
  2. A provider that knows the clients’ business and takes the time to understand their unique needs.
  3. A provider that will stick by them when the going gets tough and market condition change.
  4. An Account Manager who will be their champion and work with them to satisfy their needs.
  5. Whilst price is important, most research tells us that our customers think these issues are more important.

So, when the issue of price comes up, try to engage your customer in a discussion on what’s important to them.  Ask questions like ‘What’s the most important aspect that you’re looking for… ‘ or ‘What aspects are essential to you… ‘  This will give you the opportunity to stress how well you can deliver these things and leave the client with the feeling that they’re getting real value for money.

And one final point to think about…

… often we see the salesperson raise the issue of price before they fully understand the needs of the client.  When you do this it’s you that makes price the issue, not your client.

Contact Brendan now while it's on your mind
Brendan Walsh