When Price is An Objection: Move Up, Not Down

When Price is An Objection: Move Up, Not Down

Lost sales are almost never about the price of your product, service or solution. Lost sales generally involve unaddressed or uncovered buyer objections. The buyer must have full confidence in the product to move forward with the purchase. If the buyer can afford the product, but price is still an issue for them, they are not completely sold. When price is an issue, most sellers make the mistake of moving down in price. The problem is that most price objections can be solved for buyers with more expensive solutions than with lower prices.

When the buyer has a price objection, the seller must move them up to a bigger, more expensive product. If they are open to hearing about it, the buyer is telling you price was an issue on the original product. Many times the buyer would rather pay more and make the right decision than less and make a mistake. Buyers want to feel good about themselves and their decisions. As a seller, you want to exhaust your inventory, not your price. You want the buyer to shop with you, not negotiate with you. Buyers do not see value in products where the price gets too low.

When the buyer says, “the product is too much money,” most often they are saying, “this product is too much money.” To determine if price is a real objection, show them how they can spend more, not less. If you move the buyer down in price, they will be less likely to want the next product if they did not want the first one. When you move them up, they will be more likely to want the more expensive product or it will make the original product seem more accessible. Remember, most buyers who use price as an objection subsequently spend more, not less. Move them up, not down.

All contents copyright © 2013, Josh Lowry. All rights reserved.

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