One of the most common objections that a representative will hear is, “It’s too expensive!” This is one of those instances where a sales person needs to hear what a potential customer means, not what they say. Too Expensive is actually code for not enough value. The customer doesn’t think that your product is valuable enough to them to give you their money for it. That is it. That doesn’t mean it isn’t valuable enough, it just means that they don’t see the value yet.
Would you buy a snickers bar for $20? Probably not. What if I told you though that you were snowed into a mountain lodge and there was no food. After a few days, you find a guy who is selling King Size Spikers bars for $20. Would you buy that candy bar? I would. In that situation, the value of the candy would outweigh the value of the money to me. In a similar vein, when a price is presented to a client, your job is to build the value.
As soon as the value of your product or service surpasses the value of the money in your customers bank account, a sale is made.
Value comes from features and benefits. The benefits far outweigh features. If you are talking about a feature, it should be to show the benefit.
When selling advertising in a print magazine for example, a client might say: “That’s expensive!”
My favorite response when someone says; “Thats expensive!” Is “Yeah (with a small shrug), it is expensive to produce a magazine, print it and mail it to every home and business in the city. Plus we don’t just print ads, we make sure we have a content rich publication (feature) that people want to turn back to (benefit), leave on their coffee table and never throw away (benefits). People don’t do that with coupon books, or postcards. They do that with our magazines (statement of value building fact). Our staff of writers, editors, and designers do a really good job of making magazines that have a shelf life (statement of value). Let me show you last months…. (Here I would turn in the magazine and show them the most recent article that I liked from the last magazine. It could be a recipe or the feature article or anything really.) Then I hand them the magazine again and show them the page. Often they will look through it again and I will say: “It is great content, huh? (As I nod my head slightly). It is great for our advertisers too because by branding with us, they are able to portray their role in the community and help us create connection.” Then I will go back to pricing and ask. Do you think you would rather take a smaller role in the publication with a 1/4 page ad or do you think a half page would be better? Then I shut up and see what they say next.
Build value and you will find that price objections will go away.