Sales Coaching Tip – Dealing with Price Objections

Sales Coaching Tip – Dealing with Price Objections

 

Any sales manager knows that it’s not unusual for inexperienced salespeople to avoid price objections, while the experienced ones tend to dig deep into them. The secret to price objection success for these experienced salespeople is that they are digging deep.

As a sales coach, it can sometimes be challenging to influence inexperienced salespeople to fully discuss price objections with prospects.  Often, these inexperienced salespeople mistakenly believe avoidance is the best policy.

When coaching your team members who are price objection shy, take them through a step-by-step process to have them discuss price objections fully with their prospects.  This would include:

1. Identify the price objection

This involves the salesperson clarifying which type of price objection he/she is dealing with.  It’s most helpful to determine which of these four price objections (or combination thereof) is happening: a budget price objection, a value price objection, a comparison price objection or a return on investment price objection.

2. Explore the price objection

When a salesperson knows which price objection they are dealing with, they can then explore with their prospect the impact of the price objection in the prospect’s world.

3. Isolate the price objection

Once a salesperson has a clear sense of the impact of the price objection, it’s wise for a salesperson to discover if it is the only price objection.  If so, a salesperson would move on to the next step.  But if there is another type of price objection, a salesperson’s best option is to flesh out the impact of the second type of price objection involved.

4. Confirm the salesperson’s understanding of the price objection

Before addressing the price objection, the most effective thing a salesperson can do is inquire if his/her understanding of the price objection, and its impact, is accurate.  Once a prospect confirms that it is accurate, a salesperson is ready for the next step.

5. Address the price objection fully

There are multiple ways for a salesperson to address a prospect’s price objection.  One of the most effective ways is with a story.  (More on this in a future post.)

Help your salespeople recognize that no price objection discussion is complete until prospects confirm that their concerns have been fully covered.  It can be as simple as them asking prospects, “Does that solve your concern or is there something else that concerns you?”

Coach your salespeople to not move forward in their sales conversations until prospects confirm that they have completely addressed their price concerns.  This will increase the sales success of their conversations.

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