How to Overcome Sales Objections to Price

Why do some businesses, with top priced products and services, thrive in a market where competitive pricing is a major selling point?

Businesses, and individual sales people, can learn how to overcome sales objections to price, and sell at the highest prices in any marketplace. Take a look at the ideas and viewpoints that follow, and consider how they can be adapted for your marketplace and your customers.

A common reason that we get sales objections to a price is that the customer views the price we are asking as greater than the value of the product. The best way to deal with any sales objection is to pre-empt it and inoculate your sale against the objection before it occurs.

Advertising salespeople ask their customers how much each sale, that the advert generates, will be worth to them. Then they show how few sales the advert needs to generate to pay for itself before it starts making a profit for the customer. They turn the return on advertising into a measurable figure and compared it to the investment cost. This is how they overcome sales objections to price when selling very expensive, and unproven, advertising services.

Presenting the financial value of what the product will do for the buyer will work in many markets. You can build the value of any products that save time by converting the time saved to a monetary value. This works well for both business and domestic markets. The aim is to build the value of the product to a figure greater than the price in order to pre-empt many sales objections to price.

In direct sales to the public you can change the time saved by the product or service, into something more valuable that the customer could do with that time. Spend it with the children, do something they enjoy, or just relax. Good questioning of the buyer's lifestyle is a how many direct sales people overcome sales objections to price.

Don't shy away from the price, make it a key point of your sale, and be proud that you don't sell cheap products. You sell products that have value above the price you're charging.

There is a fantastic advert on UK television for a premium lager beer. Rather than try and sell it at a low price, to compete with the competition, they make the high price a benefit of the product. They use phrases like, 'Reassuringly expensive.' Think about how you could use the same strategy for your products. Is there a way that you could package them to add to their value, and also use the price as a selling point?

If you were selling cars to parents and family focused people, would they prefer a cheap car, or one that was reassuringly priced because you don't want your customers to drive unsafe cheap cars. Safety is another factor to present when overcoming sales objections to price.

A key factor to selling at a profitable price is making sure the buyer is aware of what they are comparing your product to when assessing its value. If they see yours as expensive, when compared to a competitor's product, make sure they can also see the additional benefits you're offering.

Show them they are not comparing like-for-like. In the UK there is a very price competitive market in living room furniture. Every company has special offers, and discount sales that never end. The furniture at the cut-price stores looks great, as any new furniture does.

I know from personal experience that the reason they can sell them so cheap is what's on the inside. This is where they cut the production cost. The customer making a purchase only sees the lavish exterior, and the beautiful materials. They smell the newness. That's what they are picturing in their home when they decide to buy it.

Imagine you are a small independent retailer in this market, that sells quality furniture. How would you overcome the objections to your prices when customers compare them to cheaper stores?

You could buy the cheapest three-piece-suite being sold by the local cut-price competition, take a chain-saw to it, and cut it in half. Then put it on open display in the entrance to your showroom. Next to it you could display one of your top quality, top priced, well-made suites, also cut in half. This would build the value of your furniture and give customers a reason to buy from you..

When faced with an objection to price don't immediately start looking for ways to offer it cheaper. A reduction in price may get you the sale, but it also eats into your profits. Look instead at ways to build the value of what you are offering to the customer.

Find ways to repackage your product so it is seen as different to your competitor's products. Changing the package can give an overall price that is difficult to compare to the competition.

Practice these sales skills, pick up more sales tips on overcoming sales objections to price. You will then be able to increase or maintain your prices, and stay out of price cutting wars in your marketplace.

For more information on sales training focused on Overcoming Sales Objections, go to http://www.sales-training-sales-tips.com/overcoming-sales-objections.html

Stephen Craine is a working sales manager and trainer for a major UK company. He uses his experience of sales, motivation training, NLP, and personal development coaching, to achieve results for himself through the achievements of others in a sales environment.

All the sales training presented here, and on the website, has been tested and proved by working sales people in real sales situations. There are no acronyms, buzz words, or complicated techniques to market training courses. The focus is on practical sales training that achieves results.

Stephen has recently teamed up with a successful clicnical hypnotherapist in Manchester uk to offer sales and career coaching to private clients and small businesses. Combining the power of hypnosis to make personal changes and overcome obstacles, with the practical experience of a professional sales coach, offers a unique training resource.

His aim is to help anyone looking to increase sales results, develop their career, or prepare for job interviews. The coachng program can also be tailored for small businesses to give them access to resources usually only avialable to large organisations.

For more free sales training and sales skills information, and to see what else might be of interest to you or your company, visit the website at http://www.sales-training-sales-tips.com

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