Revealed: How to Get Past a Prospect’s Price Objection When Selling

When a salesperson encounters a price objection from a prospect, lowering the price or giving purchase incentives are not the best methods for getting the sale. There will almost always be some sort of negotiation involved with closing a deal, but trying tactics that devalue your product will only hurt your overall reputation and give your product a lower perceived value. There are sales tactics that you can utilize immediately to overcome a prospect’s price objection and not have to cut into your profit margins. Here are a few simple tips on how salespeople can get past a prospect’s price objection.

The very first thing that you want to do when dealing with a prospective client concerning price point is to not become argumentative with them concerning an agreed upon price. Your job as a salesperson is to identify that they have a price objection and immediately try to neutralize the situation calmly. If they say the price is too high you only simply need to respond that you understand and would like to know if they had any other concerns about making the purchase.

The very next thing you want to do is to identify why they have this price objection or concern. You are trying to understand what is the underlying cause for the concern. Many times the prospective client will respond that they saw the same item somewhere else cheaper, or the other salesman offered them payment terms, and some may simply say they can not understand how the product you are selling will make them and their company more productive. These are all valid concerns, but at least now you have the underlying concern and can rephrase your sales pitch to address that particular concern directly.

So if a prospect says they saw the same item cheaper at a competitor’s store, you simply want to rephrase your pitch and tell them that you apologize for not providing them with all the strengths that your product has over the competitor’s product. The price objection should no longer be the main focus, as you now turn your attention to the concern of the buyer. You need to address all the positives and make your product more valuable than the money they will be paying for it. Offer the product in a way that they will see it is impossible to be without, and present it in a way that they simply will realize without your product it will cost them even more money in the long run. Once you uncover the concern, you simply rephrase you pitch to directly address that concern in a positive way so they see all the best your product or service has to offer.

Now that you have answered the rephrased question for the prospect, the only thing left to do is close the deal. You simply ask for the order and then just be quiet. This is where you want the prospect to speak. If you ask for the order, then continue to speak, you will greatly diminish the chance of successfully closing the deal. You have said enough and it is time to hear what the prospect has to say. You asked for the order, and were met with a price objection which you quickly identified, rephrased and answered. You then simply asked for the order, putting yourself in the best possible position to close the sale.