Welcome Price Objections

Sales trainer Tom Reilly never fails to give me a unique view on selling - and today's article is no different. He says a seller should welcome price objections - find out why!

Your price is too high. I can buy this cheaper someplace else. That is more than I want to spend.

These objections frustrate and intimidate salespeople. Price objections remain the chief perceived obstacle that salespeople bring to our seminars. Yet, they need not be as threatening as most salespeople believe. Simply, heed the words of two great thinkers.

Shakespeare wrote: "Death, where is thy sting? Love, where is thy glory?" To set the record straight, St. Paul wrote the former long before Shakespeare picked up his pen. To extend the metaphor, "Price, where is your sting?"

When customers raise money objections—notice that I said money and not price—they are expressing a concern over profitability, whether it is company or personal prosperity. The fact that buyers raise money concerns should give you some hope for your response if your solution has a positive financial impact on the buyer's business. Money is a better conversation to have than price.

"Mr. Buyer, the fact that you raised money (not price) as a concern is the most compelling reason why you should consider our solution again. There are at least five ways that we have a positive financial impact on your business …" At this point, elaborate on the various ways that your solution affects "money" for the buyer. This could include: time savings, quicker availability of product, greater energy efficiency, higher productivity of workers, more up time, etc.

When you frame price objections as money objections, it changes the conversation. It is a conversation that gives you a fighting chance. You have removed the sting from the objection and paved the way for a real conversation about your total value. Then, you can say, "Price, where is your sting?"

Tom Reilly is the president of Tom Reilly Training. He is an authority on value-added selling, and speaks to thousands of salespeople and managers annually on increasing their value to their company and customers.