Most of you run into the price objection every day that you are in sales. In this episode of the Sales Management Minute, learn how to never experience the price objection again.
You probably have your arms folded as you review this episode. After all, how could someone, after all the years that selling has been around, have the solution to eradicate the price objection. Truth be told, I have never in my life encountered the price objection. Before you throw your hands up in disbelief, let me explain.
When we encounter issues in our personal lives, our responses to the situations lay the landscape for how the situations will ultimately conclude. If we’re looking for a fight, we’ll certainly find it. If we seek resolution, oftentimes we can find that as well.
Sales people preach how they build relationships with clients, deep partnerships with mutual benefit. Yet, when the price issue arises, they put on the gloves ready for a fight to overcome the price objection. It’s really how a sales person interprets the situation when a prospect balks at their price that determines the landscape. If the sales person sees it as the price objection, their strategy is to overcome it. “Let’s load a dump truck with all of our marketing materials and drop it on the prospect to knock some sense into him. Then, he’ll sign the contract.”
However, if the sales person looks at the issue as a price concern, he sits on the same side of the desk to work through a resolution. That’s how I look at the situation. It’s not an objection, it’s a concern. If you see it as an objection, you hear “No!” However, if you see this as a concern, you hear something very different… “Help me!” And, that’s my strategy to positively resolve the situation.
Consider this sequence of events. The sales person has effectively uncovered the prospect’s challenges, positioned his company as having the solution to address those challenges and helped the prospect recognize that this issue must be addressed right away. Now, the price issue arises. The sales person doesn’t have a problem, the prospect does. The sales person’s role is to assist the prospect in working through the issue. After all, there are tons of reasons why the price issue arises. Top sales people recognize this situation as a concern and arm themselves, not with brute force to overcome it, but rather with creativity to resolve it.
The next time you encounter the price issue, keep in mind that how you interpret this situation will determine the outcome.
See you next time on the Sales Management Minute!
Author: Lee B. Salz
Lee B. Salz is a leading sales management strategist specializing in helping companies build scalable, high-performance sales organizations through hiring the right salespeople, effectively onboarding them, and aligning their sales activities with business objectives through process, metrics and compensation. He is the Founder and CEO of Sales Architects, Business Expert Webinars and The Revenue Accelerator. Lee has authored several books including award-winning, best-seller “Hire Right, Higher Profits.” He is a results-driven sales management consultant and a passionate, dynamic speaker . Lee can be reached at lsalz@SalesArchitects.net or 763.416.4321.