Sales Coaching Tip: How to Better Respond to Price Objections

Sales Coaching Tip:

How to Better Respond to Price Objections

 

Most salespeople get price objections. And for this reason, helping salespeople better respond to price objections is a necessary part of sales coaching.

Whether you are a salesperson or a sales manager, you can help yourself or your salespeople sell more by ensuring your sales coaching gets into greater detail about what happened during a price objection conversation. Once you get this kind of depth with sales coaching, you can get coached on or coach your salespeople on how to improve what you/they can say and do next time.

The more specific the sales coaching questions are, the more effective the sales coaching will be, and the more you or your salespeople will sell. With this in mind, ensure sales coaching is focused on one part of a price objection conversation at a time.

For example, price objection sales coaching might include sales coaching questions like: (if you are a salesperson, you can ask yourself these questions and if you are a sales manager, you can ask your salespeople some of these questions)

  1. “At what point in the conversation did you know your prospect had an objection?”
  2. “What did you say to respond to the concerns your prospect expressed?”
  3. “What do you think were the reasons for that concern?”
  4. “If you were in the same position as the prospect, would you have the same concerns?”
  5. “How come?”
  6. “Knowing what you know, what is it that makes you not have the same concerns (or have the same concerns)?”
  7. “If we looked at the price of the product and looked at the worst case scenario, how much will your prospect save?”
  8. “If we took the cost of the product and broke it down to cost per day/week, what would the daily/weekly investment be?”
  9. “If we were to compare your prospect’s daily/weekly investment to regular comfort activities he might engage in (like the cost of a coffee or a movie), what could we compare the price of our product to?”
  10. “Which of the examples that we’ve talked about do you think would have helped your prospect?”
  11. “What could you have asked your prospect to engage them in looking at the price of the product in a different way?” (This is where you might do some brainstorming during your sales coaching with your salesperson.)
  12. “Which of the alternatives that you came up with do you think would have been the most effective in that particular conversation?”
  13. “How come?”
  14. “What are you going to do to remind yourself to use this new approach next time a prospect has a similar price objection?”

These kinds of sales coaching questions will help you and/or your team improve the way you/they respond to price objections. The result for either you or your team is selling more.

Note if you are a sales manager: Notice how the questions develop from general to more specific. If you let your sales coaching questions build in their degree of specifics, the quality of your sales coaching conversations with your salespeople will increase. And the more you know about the price objections your salespeople get and the circumstances around those objections, the more you can help them prepare and respond more effectively to those kinds of price objections in the future.

When you coach your salespeople to think through more effective ways of responding to prospects’ price objections, you help your salespeople to choose better sales responses next time they are speaking with prospects who have similar price concerns. This way, your sales coaching is more likely to help your salespeople increase their sales.

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