Sales Tip – Identifying the 4 Types of Price Objections

Sales Tip – Identifying the 4 Types of Price Objections

 

In an ideal world, salespeople shouldn’t experience price objections because they have done such a good job of identifying their prospects’ needs early in their sales conversations and have navigated those conversations with ninja-like precision.   Yet, in the real world, having only price objection-free conversations is not the norm.

Just like good drivers sometimes have accidents, good salespeople sometimes experience and need to respond to price objections.

The first step to responding more effectively to price objections is to identify which type of price objections you are getting.  Then you can plan how to improve the way you respond.

This means a little detective work for you, the salesperson.

With this in mind, keep track of the number and the type(s) of price objections you get in a week/month.

You may be getting some of the following price objections:

  1. Budgeting Price Objection – when a prospect doesn’t have the funds in their current budget
  2. Value Price Objection – when a prospect doesn’t see the value for the price of the product being sold
  3. Comparison Price Objection – when a prospect compares the product being sold to another product
  4. Return on Investment Price Objection – when a prospect is doubtful that he/she will make his/her investment back within a certain time frame

Once you identify the number and type(s) of price objections you are getting, you can plan how to better respond to those types of price objections.

The goal is to discover the reasons for prospects’ price objections so you can address those price objections more effectively.

Watch for future posts about how to respond to each of these objections. 

Which kind of price objection(s) do you experience?

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