I got a great question from a client today:
How do you respond when you scare off a customer with your price? Is there a way to salvage the conversation, especially if you've talked multiple times and had a great consultation?
Short answer: You still might be able to succeed, but you've got an uphill battle at this point.
Long answer: It depends on what happened leading up to this point, what questions you asked, what information you sent to them, and whether you're talking on the phone, in person, or via email.
(Based on the above info, you may not want them back anyway.......)
But there are generally only TWO REASONS why customers give you price objections:
- They don't think their problem is bad enough to pay that price.
- They're not certain you're the BEST solution.
Essentially every price objection boils down to these two underlying reasons.
Good news: There are THREE KEY FACTORS IN YOUR TOTAL CONTROL that determine whether or not you get price objections.
- Your mindset.
Do you believe in your own value and price?
- Building rapport.
They will never be honest with you if they don't trust you.
- Asking the right questions.
It's up to you to help them uncover their problem (provided they already trust you).
All three of these must be working together. Not having any one of them will inevitably lead to price objections at the end.
What are your thoughts and comments?