Blog post 015-How-to-respond-to-your-prices-are-too-high

In response to your higher price you should never say or feel anything negative about the way you answer the objection.  You've got to know the reasons why your price is higher.  If you are going up against a competitor check to be sure it is the same quality. Ask what else was purchased along with the particular item.

Don't be embarrassed-don't go on the defensive when the prospect objects to your price.  Avoid the following statements like poison.

Never say: "Well, you know how everything has gone up." This is weak.  It tries to sidestep the objection, and doesn't answer it. And never say, "Yes, I know you can buy it cheaper elsewhere, but what do you get for your money?" This doesn't answer the objection.  Stress instead the benefits of using your product. Benefits that more than justify Its cost.

And never say,  "I know our price is high -but our costs have been skyrocketing." The prospect doesn't care about your costs, and it doesn't answer the objection.

Often the sales person can get the prospect to answer his own objection or to admit that it is not a valid objection.  This method should be used when the prospect raises an objection on a subject he or she obviously knows little about. To let the prospect answer his or her own objection you just let the objector talk.

Ask your prospect questions about the objections.  You may say, for example, "I am interested in why you say that, Mr. Smith.  I wish you would explain it to me more fully." You may merely ask him, "Why do you believe that?" If, as so often happens, the objection is not a valid one and the prospect has at best only a half-baked idea of what he is talking about, he will usually flounder around a while and end by admitting that the matter is of no importance.

Assume that the customer or prospect has not really raised an objection but that he or she has asked for information.

"...We sell millions of dollars worth of our products every year to the most successful eating places in town. Here are the names of 12 customers that you will recognize immediately. They buy their groceries from us and they love it because of our service, delivery, marketing programs, low out of stocks, fast inventory turnover and our fast top-notch service."

You explain to the prospect the true situation-you give him the facts.  For example, when the prospect says, "Your price is too high," just assume that he asked, "Why is your price higher than that of some of your competitors?" Then tell him why it is higher