Sales Tip – Discover How to Reduce Price Objections

Sales Tip –  Discover How to Reduce Price Objections 

 

Welcome to my email inbox. You’re about to read the first few lines of a series of emails from Fred, a salesperson for ABC Software. The emails are verbatim, except for the change of names.

You’ll see why Fred didn’t get my interest in what he was selling and why he probably gets a lot of price objections.  You’ll then discover the sales principle to use to engage prospects and avoid being caught in a price objection cycle.

And just as an FYI, Fred did not contact me in any other way.

Here you go…  Monday morning, week one:

Peri, Here is a suggestion from the Mary Beth Smith, our owner. I hope that you gain some knowledge from it. Call me if you have any questions. Thanks,

Monday morning, week two:

Peri, In addition to being an inspirational leader here at ABC Software Mary Beth, also has tons of knowledge to share. Check out this amazing advice! Call me if you have any questions. Thanks,

Monday morning, week three:

Peri, We can all use a little help every now and then. Below is a great pointer from Mary Beth. Call me if you have any questions. Thanks,

For six months Fred continued to send me the same kind of email every Monday morning. There were very slight variations to these emails but they were pretty much the same: introducing something from Mary Beth, “call me if you have any questions” and a “thanks.”

And in case you were wondering, I never read beyond Fred’s email to see what Mary Beth had to say because Fred’s emails weren’t enticing enough for me to want to read more. In fact, Fred’s email turned me off reading any further.

Fred’s series of bland emails is a perfect example of the sales mistake, “Forgetting Why People Buy.”

Many salespeople commit this mistake and many sales are lost because of it.

Here’s the Sales Problem:

If you are a salesperson who doesn’t know why your clients are buying … you won’t be speaking to your clients’ needs and, consequently, you will most likely lose sales.

If you are a salesperson who doesn’t address why your clients are buying … you’ll waste time chasing clients (as Fred did with me) and miss out on sales.

If you are a salesperson who doesn’t respond appropriately to clients’ reasons for buying … you’ll miss opportunities for creating goodwill, developing long-lasting relationships, and earning repeat and referral business.

I’m sure you’re seeing it. This sales mistake, ”Forgetting Why People Buy,” affects not only your current sales but also the effort you put into earning your future sales. If you avoid this sales mistake, you will be far more efficient at getting more sales.

Sales Alert about Price Objections:

If you are a salesperson who doesn’t discover why your clients buy relative to the product you are selling, you reduce your sales interactions to transactions. This brings your product down to the same level as your competitors’.

Translation: the one differentiator between you and your competition is reduced to price. Not a good sales position to be in. 

You are then put in the difficult position of responding to more price objections. You can get caught in a price objection cycle. Break this cycle so you can have conversations about what matters to clients.

Your role is to be engaging by demonstrating that you understand the sales principle:  People buy on emotion, justified by logic.  If Fred had engaged me both emotionally and logically in his emails, I probably would have read further to discover what Mary Beth had to offer.  And if I was interested, I would have reached out to Fred.

Reflect back on your recent lost sales. Did you by any chance act like Fred?  In planning for your future sales conversations and communications, ask yourself…

“What can I do to better engage my prospect emotionally and logically?”   

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