In your life as a consumer, you’ve probably experienced it yourself: you walk into a store seeking a product (or visit a company’s website), take a look at the price of that product, decide it’s too much, and keep shopping elsewhere.
Now that you’re working as a salesperson though, seeing your customers reach that same conclusion would be a big disappointment. While you can’t necessarily lower the prices of your products, there are a number of ways that you can influence customers who are ready to jump ship. Here are five tactics for handling price objections:
- Relate to your customers. This is a great way to make them feel like an individual and it’s also a great way to keep them from walking out of the store. Let them know that you understand their concerns about the price and that you wish you could do something to lower it. Then ask what objections they have about buying the product besides the cost. Perhaps they want to know more about the product before shelling out a lot of money or they’re concerned about whether they’d get a warranty. Listen and address these objections and you may have a sale on your hands.
- Remember to state the long-term benefits of the product. If it’s an investment item that costs a lot now but will pay back dividends later, like making money for the customer or making their life simpler, be sure to reiterate that. Remind them that the money they spend now can pay off for them later and you may just change their mind.
- Tell the customer that going without your product is an unwise decision. If you’re selling an item that appeals to business owners, for example, mention how your product can lead to success for the company. Compare how some companies that do use a product like yours versus ones that do not. This will at least get the customer listening, and at that point, you should be able to persuade them to buy.
- The saying that “you get what you pay for” exists for a reason. If you buy a cheap TV, you can’t really complain when it breaks in six months. However, if you spend more for a good TV, you know that it should last you. Frame your product in that light. Let your customers know that while the item is a bit more expensive, what they are receiving is of the best possible quality. This will likely quell some concerns and earn you some sales.
- Lastly, consider asking your boss about whether you can set up a long-term payment program for this product for the customer that really just cannot or does not want to spend the money right now. Perhaps the customer can make a few smaller payments, put the item on layaway, or get special financing. Seeing a big-ticket item’s cost broken down into manageable chunks should convince a lot of your customers to buy with you.
By remembering these useful tactics, you can address people’s concerns about buying higher-priced items yet still make the sale.