HANDLING OJECTIONS TO PRICE
Here are some important points to remember about objections:
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Every objection should elicit a powerful response, and the response should be well thought out, cover the issue fully and not generate a similar follow-up objection.
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Objections indicate interest and give you a chance to close the sale, so don’t become defensive and don’t belittle the customer.
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The more objections you encounter, the more time you need to spend on discovering the customer’s needs and learning about the dissatisfaction she currently has or has had with the interior décor product that she is ready to purchase.
Following is a list of common price objections sorted by category and accompanied by responses you can use to overcome them.
Cost Objections Categorized by Type
OBJECTION: Lower Your Price
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Can you lower the price?
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Can you do any better on the price?
RESPONSE: Perhaps we can take a look at an alternative that wouldn’t compromise the choice we’ve made for your situation. I want to make sure that you’re really happy with the product for as long as you own it since it’s a long-term investment.
OBJECTION: Too Expensive
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They cost too much!
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These are way too much money!
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I don’t want to pay that much.
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Wow! That’s expensive!
RESPONSE: Yes, prices can be surprising especially if you haven’t purchased in awhile. The type, style and options available today are more sophisticated and add so much more value to your home. It’s really an investment in your home.
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RESPONSE: I understand how you feel. It usually is more than someone expects. Interior home products are an investment and if you have not purchased in awhile, the price can be a bit of a surprise. The good news is that if you make the investment now you won’t have to make such a big investment in the future. These products will last a long time and look far better than many other choices – that should be more the determining factor.
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RESPONSE: I must have somehow misunderstood how much you’d like to invest.
OBJECTION: Less Expensive from Another Company
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Why is your price higher than (company name)?
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I can get this cheaper from (company name).
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Another dealer is willing to provide free (upgrades, installation, etc.) for the same price.
RESPONSE: We don’t just take orders; our goal is to ensure that you invest in the product that you really need – today and tomorrow. Sometimes customers select products on their own, thinking it will work, only to find out down the road that it has limitations or problems. That’s not going to happen when you work with us. We’re committed to ensure that you’re happy for as long as you own the product.
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RESPONSE: There are a lot of companies that do what we do. It’s good to have competition – it keeps retail pricing in line. We base our pricing on experience with the products, the manufacturer and the need to run a successful business. We’ve worked with thousands of customers over the years who see the value in our company and I’m sure you will as well. Not only are our customers happy, they return over and over and send their friends and family to us!
OBJECTION: Permission and Thought
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I have to talk to my husband.
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Let me think about it for a few days.
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I just need to make sure that it works with all my other projects.
RESPONSE: That’s not a problem. Do you need some alternative pricing to review while you consider this?
RESPONSE: I understand. It is always a good idea to visit with your spouse/partner about a major purchase. When would be a good time for me to meet with both of you?
RESPONSE: I would like to provide you with these materials and information for you to read while you are considering the purchase. I will follow-up with you in a few days to see if you have further questions and are ready to move forward.
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