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At times, however, a prospect may buy in spite of certain valid objections Admit that your service does have the disadvantage that the prospect has noticed and then immediately point out how the objection is overshadowed by other specific benefits of the service Your job is to convince the prospect that the compensating benefits provide enough value that the disadvantage should not prevent the prospect from buying By admitting the objection, you impress the prospect with your sincerity and sense of fair dealing This method works because the prospect is approached positively with an acknowledgment of expressed concerns, and then given a series of logical, compensating benefits to counterbalance the stated objection 3 Ask Why or Ask a Specific Question Asking questions is helpful not only for separating excuses from real objections but also for handling objections You can use questions to narrow a major, generalized objection to specific points that are easier to handle If the prospect says, I don t like to do business with you, ask, What is it that you don t like about our firm The answer may show a past misunderstanding that can be cleared up If the prospect complains, I don t like the look of your reports, ask, What do you object to in their appearance The objection may be based on a relatively minor aspect that can be changed or is not true
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Being prepared to answer objections will make you more comfortable developing this important skill
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o you often give discounts If so, you may be losing more than just money Successful selling creates a win-win situation: high profits for you and top value for your clients and prospects If you don t defend your pricing, your clients and prospects may develop doubts about your value Pricing is an emotional as well as logical issue Understanding your prospects pricing emotions can help you to anticipate and handle price objections before they arise There are three key price emotions:
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Price resistance Price anxiety Payment resistance
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Anticipating price resistance will enable you to be prepared with a strategy for handling the situation Understanding how sticker shock and buyer s remorse occur just before and after a purchase decision will help you deal effectively with buyer anxiety And payment resistance can be handled long before the check is cut Some buyers habitually ask for a discount from every provider of goods or services Here are three strategies to maximize your pricing and your clients perceptions of value:
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1 Don t telegraph your willingness to discount Business owners are savvy when it comes to purchasing goods and serv-
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ices If you let them know you have a policy of discounting, you are inviting a lengthy series of negotiations over price As you are beginning your presentation, say something like, We may not be the lowest priced firm in town, but that s not what you re looking for, is it 2 Start your pricing at the highest expected amount Don t say, We estimate our fees will be between $10,000 and $15,000 Say, To do this right and achieve maximum value, I believe you may need to invest up to $15,000 with us When you give a range, the prospect hears the low end while you are thinking the higher end When you start at the high end, you leave room for concession 3 Discuss price only after you have created value in the client s mind Talk about your responsiveness, your network of business contacts, your satisfied clients and your firm s reputation before covering price Show your prospect testimonial letters from happy clients Create a perception of value, then cover price
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There are pricing pressures in every business By being prepared to sell value, you can help keep your price and your receivables where they belong
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