How to Overcome Price Objections in Sales | Professional Selling Skills Training | Salespeople Training

Prospects and customers want several things from their suppliers: fair price, quality products and services, and timely service. Consumer surveys say that most consumers want timely and responsive service first, quality products and services second, and low price third. It is vital to understand the difference between price, cost, and perceived value. Price is what people pay for what they buy. Cost is what they pay for what they buy over time; in other words, the cost of doing it late, wrong, or not at all. Perceived value is what they want for the money they are paying.

Most consumers tell salespeople that what they want is low price, when what they really want is low cost. Now I know that many of you will take issue with this statement, but I only ask that you consider for a moment what you as a consumer want. Do you want the cheapest product, or the product that solves your problem and answers your need or desire?

People object to price when they feel that what you are asking them to pay is higher than their perceived value. Most poor salespeople, when they encounter price resistance, lower the price. Most of the time, it is not a price or cost issue, but one of too little perceived value by the prospect.

The real sales professionals focus on value—what the product or service does for the customer—and not price. They understand that price is an issue, but not the most important one. Price will always seem high when perceived value is low. It should therefore be obvious that you never want to introduce price too soon in the sales process—not until you have had the opportunity to build value in the prospect’s mind. If you have a price-only buyer (they are out there), you must decide if that business is worth it to you in the long run.

Turn It Around

Never accept price as the primary objection.