I received this email today from www.TomReillyTraining.com and in this market it is easy to fall into the “sell by price” trap (which is not selling, your just an order taker). It also got me to thinking of one of my favorite sales books, The Dollarization Discipline. Enjoy this article on price objections.
Never discount your differentiator.Your differentiator is what makes you, your product, or your company stand out in the market. Why would you discount this? It is the very reason someone should pay more to do business with you. Throwing it in or bundling it as part of your package is really discounting it. This lowers its perceived value. When you excel in some area, improve your ability to communicate this difference versus giving it away to get the business.
Saying “No” is a lot like saying “Yes.” It gets easier every time you do it. This applies to price objections, too. Saying “No” to the buyer’s request for a cheaper price can become habitual with a little work. You don’t have to take their deal if you don’t want it. You don’t have to cave on price unless you decide to. You don’t have to say “Yes” to an objection unless you have trouble saying “No.”
You never lose ground with a price objection until you stop selling and telling. You don’t lose until you quit. Practice your value story. Get really good at it. Have more than one argument justifying your price. Don’t curse the objection, work on your response. If you can’t give me three good reasons why I should pay more to do business with you, you’re not working hard enough on your story!