Lowering your price is not the answer
Times are tough, but that is nothing new. We’ve all lived through our share of financial uncertainty. Whether it’s COVID, the housing crisis, the dot-com bubble, furloughed, laid off, you name it. Times are always tough for someone somewhere. The number one mistake you’re making with your customers is sympathizing with their price concerns. And I’m not saying that because I’m not empathetic. I’m not saying I don’t understand there are people who have lost their jobs or who are making less money now than they were a year ago. The unemployment rate is at a historical high. I empathize with that. But the moment we start buying into the narrative that our price is too high, we’ve already done ourselves a disservice. You see, if times are difficult for your prospect, they’re probably also difficult for you. Your job is to generate revenue and make commissionable dollars to provide a life for your family and loved ones. That’s it, plain and simple.
Why you should not lower your price
You cannot lower your price for every high price objection for two reasons. One, that objection will inevitably come up in this business. If you lower your price for every high price objection, you might as well give up now because you’re never going to generate sales. Two, when you start to believe this objection and lower your price because times are difficult, you allow negative thoughts in your head. And what you believe becomes your reality. So the prospects that are coming to you pick up that energy from you. You will attract prospects who will tell you your product or service is too expensive. Now, I know people will be skeptical of this, but I’m here to tell you it’s real. If you start to believe your product or service is overpriced, your clients will feed off that negative energy.
Target the right prospect
If you’re constantly hearing that your product or service is too expensive there’s something else at play as well. You’re trying to sell your product or service to the wrong person. Ask yourself this question: am I spending time with the ideal person who will purchase my product? If you can’t describe, in very specific detail, the perfect client avatar for your product, then you’re not selling your product to the right person, and lowering your price isn’t the answer. You have to prequalify your prospect and spend time with the prospect that can afford your product. That’s the challenging part in sales. It’s not that your product is too expensive. It’s not that your service is too expensive. It’s that you’re talking to the wrong person. Finding the right prospect is what makes us top-tier professional salespeople. You have to be able to prequalify, identify your target with qualifying questions, present a product, provide value, and ask for the business. And if you’ve done that correctly, you should be hearing yes.
Still hearing no?
If you’ve prequalified your prospects and you’re still hearing no, then there’s probably some challenges in your sales process that you would benefit from working with me on. Look, ‘your product is too expensive’ is an objection, and you’re going to hear it whether times are difficult or whether the economy is booming. Don’t allow that to be the reason you’re not closing more deals this year.