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‘It costs too much’

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If you’ve been in business longer than a week, you’ve probably heard this objection from at least one potential new client: “It just costs too much.” Or, you might have heard it this way: “I’m really interested but I think I can get it cheaper somewhere else.”

Everyone wants a bargain, but not everyone really believes they can get your product somewhere else for less. And many who use this line will never actually invest the time required to shop around for a better price. So, how do you handle this situation?

Begin by understanding that most people are afraid to part with their money. Money equates to security. It doesn’t matter whether you’re asking them to pay $19.95 or $1,995 in exchange for your product, the feeling is the same. But people are happy to spend their money when they see that there’s more value in gaining your product than in retaining their money. And that is where you need to take them in their thinking before they will consider buying.

When clients object to your price, the first thing you should do is to feed it back to them. Say to them, in as warm a way as possible, “You think the product costs too much?” They’ll either agree or hesitate, re-thinking their reasons for saying that. If they agree, ask how much they had expected to pay for a product like yours with all the benefits it offers. List again the benefits of the product. What you’re doing is building value in order to decrease their resistance to buying.

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Use ownership terms when discussing the product. That way you’re not discussing “a” product anymore. You’re discussing “their product,” “their benefits.”

  • “When you drive home with your new muffler, the neighbors will be happy not to hear you coming for a change. Don’t you agree?”
  • “Just picture the pride your child will display when his next report card shows great improvement he has made as a result of our tutoring.”
  • “Knowing that your mom won’t have to worry about keeping up with the groceries and housework will be a load off your mind. Won’t it?”

If they’re still stuck on price, say “It may very well be true that you can find a similar product for less money elsewhere. And in today’s economy, we all want the most for our money. A truth that I have learned over the years is that the cheapest price does not always deliver what we really want. Most people look for three things when making an investment: 1. the finest quality, 2. the best service and 3. the lowest price. I have never yet found a company that could provide the finest quality and best service for the lowest price. I’m curious: Taking the long view, which of those three would you be most willing to give up? Quality, service or low price?”

No one wants to own inferior products. And great service is always important. These words help you minimize the price issue and make the leap to “yes.”

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Tom Hopkins conducts sales training seminars worldwide and is the author of How to Master the Art of Selling. For more information, go to http://www.tomhopkins.com/blog. (“Reprinted with permission of Tom Hopkins International.”)