Listen in to this week’s podcast where I show you a 3-step process on how handle price objections mindfully and have happy customers
What do you do when your customer complains about price, saying it’s too expensive, or it’s out of my budget?
Whatever you do, do not start haggling like you’re in Dubai’s Karama Souk. And don’t start dropping your pants (sales talk for reducing your price), as this completely devalues your product and service.
So your prospect gives you a price objection
Here’s the problem: if they complain about the price, they don’t get the value. A sale is a mutual exchange; the buyer pays for value, they don’t buy a widget or a service.
Listen to the podcast to hear the 3-step process on how to handle price objections mindfully
1. Anything else
Say, “I can see why this is important to you. Let’s put price aside for a second. Is there anything else of concern to you?” Asking this uncovers any other underlying objections.
2. Go back to their objectives for the year
Say, “You mentioned you want to grow your business by increasing marketshare and growing revenue by 50% right? And you get that something has to change to make these leaps, right”
3. Go back to value
Say, “How do you think our widget can help you?” [Pause to let them talk]
Why is that important to you? [PAUSE]
When you achieve your objectives, what will this allow you to do? [Pause, let them talk]
Why is this important to you? [PAUSE, let them answer]
So growing revenue by £50k would be worth the £5k investment? [Pause, let them answer]
How would you like to move forward?[Pause, let them answer]”
Be detached from the outcome
Remember to be present, and be detached from the outcome. If you’re trying to close the sale, you will come across a little aggressive, just like those pushy retail shop sales people who ask “can I help you?”. They’re asking a question but you can feel their under-lying intention to get their commission.
So be detached from the outcome, and you do this by being present. Listen to your breath, or use your sense perceptions to get out of your head otherwise that ego-mind will start runnin off on all sorts of directions about desperately wanting or needing to close the sale. You know what I’m talking about, right?
When you come form a place of presence and detachment, you will be compassionate, and they will know, they will feel it energetically, that you’re there to help them. And they will either tell you honestly what’s up – which means you can do something real about it, or they will buy from you. Either way, you’re strengtheneing your connection with that prospect who will one day be your client, or they will refer clients to you.
How to handle price objections mindfully
This 3-step process begins by uncovering further objections if they have any, then reminds them of their goals, and then you get them talking about the value of your product themselves – instead of you ramming it down their throat.
A final note on detachment:
By letting it go, it all gets done. The world is won by those who let it go – Lao Tzu