Sales objection #1: "The price is too high"
What the pricing objection really means is that you haven't properly communicated your product's value. You need to work together with the prospect to understand what benefits they'll get: increased productivity, better margins, more customers—whatever that value is, make it clear to the prospect that it outweighs the price.
Here are 3 ways to navigate the pricing objection:
- Don't even discuss price until both you and the prospect understand the value your product can deliver. If they ask too early, say something like, "Well, what's your budget for this project? That'll impact how we can structure the deal."
- Refuse to lower the price. When you doggedly stand by your price, it tells the customer that you believe in your product's value. If they demand a lower price, say, "This is the best deal we can offer you," and steer the conversation back toward all the issues your product can solve at the available price.
- Reframe the issue. Shift the conversation from what they'll pay upfront to what they'll save in the long run. Remind them by asking, "But what will it cost to keep doing what you're doing?"
Sales objection #2: "Send me an email"
It's a typical objection made by someone who wants to get off of the phone. A great response to keep them on the line is to say, "I certainly will, but so I know exactly what to include in my email, can you tell me ..."
Follow up with your first qualifying question, and then the next. This brings the prospect's guard down just enough to get a conversation going.
Sales objection #3: "I don't have time to talk right now"
Another common objection made by someone who wants to get off of the phone. Tell them, "No problem, when is the best time to reach you for a three minute conversation? I want to see if we're even a good fit for you before we talk at any length."
This way you don't sound desperate and you let them know you only need a few minutes. More often than not, they stay on the phone with you once they realize it won't be long.
How we deal with the pricing objection against our sales CRM
At Close.io, we encounter the pricing objection all the time. Prospects say they just want a simple CRM for calls and they love the product, but it's just too expensive. We then learn more about their sales process through a simple series of questions:
- How many sales reps do you have?
- How many calls does each rep make a day?
- How long does it take them to log a call in their CRM?
- How much time do their reps spend on average with data entry in their CRM?
- How much are they paying their reps per hour on average?
- What's their average reach rate, qualification rate and close rate?
Many times, when prospects do the math, they're able to see that even though our inside sales software costs more than other CRM tools, they're still getting the better deal because Close.io can improve their sales productivity more than other vendors.
It's simple math, once they do the numbers, the value becomes apparent. See for yourself by signing up for a free 14-day Close.io trial, no credit card required.
Go get'em!
Steli
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