Part 2 of our Sales Success with Natasha Gunn blog series discusses how you can overcome price objections, by demonstrating the value you bring to the table.
Price objections are a common aspect of the sales process, but they can be tricky to overcome. A simple value proposition isn’t always the solution, for many there’s more to it.
The first thing to identify is the reason for your customer’s objection to price. Are they telling you they can’t see the value of the purchase? Would they still object if they had a better understanding of the value of what you are offering; a value that outweighs the cost of purchase?
It’s possible that you can avoid price objections by making sure that by the time of purchase, the customer is already convinced that what you are offering will add value.
So how do you do that?
Communicate the value of your offer
Know your product inside out, but remember it isn’t just about the product alone. What else is being brought to the purchase by your company and by you as an individual? What after-sales support and services will add value to what’s on offer?
Be customer-centric; know what they value
What does your customer value, other than the product itself? Is it quick and efficient delivery? Are they in need of sales support? A personal contact they can call on at need? What features of your product – and your company – will benefit your customer specifically?
Tell stories of your successes
Developing a bank of success stories encourages your customer to recognise the value of your product and your company. These stories will also help you define the value of your offer, in relation to their needs. Talk to your marketing team and others on your sales team to keep your stories up-to-date. Even check out your competitors – what gives you an edge?
Don’t wait until the sales conversation to get knocked back by a price objection. Make sure your customer is already sold on the value of what you offer well before the topic turns to price.