And How to Handle this Sales Objection
Recent data suggests that 97% of all salespeople are pushy, and this is especially true when they’re dealing with objections. One of the most common objections sales reps hear is that something is “too expensive.” But what’s really causing this objection? Let’s break down the three things that might be making your prospect say it’s too expensive.
We hear it often. We hear it when we’re frustrated. We’ve all been there before where we put in a lot of effort to prospect and set appointments, but things don’t go as planned. Maybe you had a great discovery call, but the prospect told you that your service is too expensive. But why does this happen? There are three reasons.
But a quick heads up, this guide applies to those who are doing a discovery call and who are meeting with a qualified prospect. Now let’s discuss!
Why does your prospect say it’s “too expensive”
1. You have failed to find a pain that your prospect cares about.
Not only did you fail to find a pain, but you also failed to quantify that pain. In order to succeed, you need to find your prospect’s pain and make it hurt. You want them to tell you all the reasons why their life isn’t good right now because of the problem they’re having. So make sure you quantify that pain and understand the urgency in solving it. If the pain is only worth $5,000 but your product costs $10,000, then your prospect might find it too expensive. However, if you can quantify the pain and demonstrate that it has a financial impact on the customer, and you present a solution that is less than the pain, they won’t say it’s too expensive.
One of the common fundamental principles of someone saying “yes” to a product is to avoid pain. So the reason someone tells you it’s too expensive is you fail to identify pain and quantify that pain.
2. You have failed to demonstrate a pleasurable outcome.
Consumers purchase with emotions and justify it with logic to experience a pleasure. So to demonstrate that you have a product or service that is going to fulfill this desire to experience pleasure, you have to paint pictures. You have to make it vivid how this person’s life will improve by simply signing up for your services or product. The dream of pleasure will make them want to work with you!
3. You have failed to identify a return on their investment.
If you’re going to work in the B2B industry and you’re selling your services to another business professional, this person has to have some justification to make their investment with you. If you’re proposing a solution that saves time, manpower, and productivity, then you have to be able to quantify the return on your investment. If you’re in the B2C industry, where your product or services are direct to the consumer, you have to identify the return on the investment by highlighting the pain you uncovered a little bit more. When you identify that pain, make it burn. Because if your prospect is telling you how painful their life is without your product or service, it’s never too expensive.
So if someone tells you it’s “too expensive,” that’s okay. It’s not the end of the world. That just means you’re doing a pretty good job at the product you’re presenting, but you didn’t identify a pain to justify the value.
Now, if you want to learn more tips on how to handle objections in sales, join me in the Catapulting Commissions Sales Academy.
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