The Price Objection

Having bargain-hunting clients is a given in any business. Some customers will want bargain-basement prices, while others will be happy to pay more for a higher level of service. Below is a simple scenario on how and when to deal with a price objection.

“Okay, thank-you for the information but I still want to shop around and I will get back to you if I decide this is what I really want.” When you hear these words, it usually is a money issue. Everyone wants the newest, shiniest, and brightest when it comes to products, but none wants to pay too much to have the newest, shiniest, and brightest.

 The solution to addressing this situation is knowing your competition. They truly might be offering your product at a lower price. Find out why. Is their customer service lacking? Do they sell an inferior product?

Next time a customer says, “I’ve seen it cheaper somewhere else,” agree with her by saying: “That may be true, Susan.” By agreeing with the customer she feels you have her interests at heart and will listen to what you will say next which is: “I found that when making a purchase we all want the finest quality, best service, and lowest price. I have yet to find a company that could provide the finest quality and the best service for the lowest price. Susan, I understand that you are going to make a commitment that will last a lifetime and would want this diamond to symbolize that commitment. For your long term happiness with this ring, which three would you be most willing to give up: quality, service or low price?"

You’ll find that most clients will not be willing to give up quality and do not like the idea of inferior customer service. You’ve just helped your customer rationalize and justify the amount they were unwilling to pay moments ago.