How to Make Price a Non-Issue

By David J. Lill

Of course price is important to buyers, but if your product isn’t the cheapest on the market there are ways of getting around the price objection. The next time you hear your price is too high, use one of these strategies to prove that you and your product are worth it. Determine needs to establish value. The better you know your prospect’s needs, the better you can explain how your product will meet those needs. Address price objections at the end of the presentation, after you have already discussed needs, value and benefits. To tackle the price issue effectively, remember to view it from your buyer’s perspective. When the price objection comes up early in the call, you can try to postpone answering it by saying, “I appreciate your concern about price, and I assure you we will discuss it completely, but before we do I’d like to be sure my service meets your needs.” Example: “Can we review for a moment why this is the best choice for you? First, you will have higher productivity. Second, it will save you $75 per hour in service. Third, you will have our three-year warranty. Doesn’t that cover all of your needs?” Use the lowest common denominator. The price that sounds huge in its entirety often sounds much smaller when you break it down into weekly or monthly installments and compare it to how the customer normally spends extra money. For example, you could justify a stereo system purchase by saying that for the daily price of a cup of coffee and a newspaper, your buyer could enjoy a terrific new sound system on the daily commute to and from work. example: “I am glad you mentioned price. We’ll translate the purchase price into small installment payments, so your actual cost per month is lower with us than with almost any other company.” Make your offer exclusive. When competitors may offer a similar product at a slightly lower price, you have to tell customers why your product is worth the extra money. Compare your product’s features and benefits to your competitor’s – if there are no big differences, dig deeper. Maybe you could find a consumer magazine article that gives your product a higher reliability rating than your competitor’s. By continuing to pursue the prospect and emphasizing how you can add to the transaction personally, you could sway the buyer in your favor. example: “Don’t be deceived by today’s price. You actually pay less because we give you more. More service, more quality, more expertise, more security. Isn’t that what really interests you?”