How I Handle Every Price Objection | Donald C. Kelly - 2042

“It’s too expensive” may be the answer a prospect gives you, but it may not be the reason they are saying no.

The real issue could be that they do not see the value, they already have another solution, or they have another concern they have not told you yet.

In this objection-handling conversation, I break down two ways to get past the surface response, find the real reason behind an objection, and connect your solution to what the prospect actually values.

The Real Reason Behind a Price Objection

A prospect who says a $100 water bottle is too expensive may not really have a problem with the $100. They may simply be comparing it to a $10 bottle and not seeing what makes the more expensive option worth it.The value changes based on the buyer. For someone working outside in South Florida, a bottle that keeps water cold all day, has a built-in filter, and reduces trips away from a job site can solve problems that a cheaper bottle does not.That is why dropping the price is not always the answer. If the prospect does not see the value at $100, they may still not see it at a lower price.The salesperson's job is to find out what matters to that specific buyer and connect the solution to that need.

Use the Socratic Method to Get to the Root Issue

The Socratic method uses questions to help prospects think through their own problems and understand why a solution may be in their best interest.The questions should not be random. They should focus on the prospect's challenge and help uncover what is behind the first objection.A prospect may start with “I can get a water bottle for $10.” Keep asking questions and you may discover that the cheaper bottle means buying more water, buying ice, leaving the job site, and losing time that could have been spent quoting more work.

Thank the Prospect Before You Challenge the Objection

The first step is to thank the prospect for raising the concern and show genuine empathy. A $100 purchase is a bigger decision than a $10 water bottle, so the concern deserves to be taken seriously.From there, ask what they mean when they say it is expensive. Are they comparing it with another product? Have they never paid that much for a water bottle? Or do they simply believe the product is not worth $100?Those questions help reveal what the prospect is really thinking instead of forcing the salesperson to guess.Once the real concern is clear, the salesperson can educate the prospect around the value they were not seeing.

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