A common challenge for business owners is helping their buyers get over the price objection. There is a three step formula that if you follow it consistently will help you overcome this objection more times than not.
- The first step is to identify the Impact early in the process by asking, “How much is this problem costing you?” This can be expressed in dollars, quality of life (Measurement scale of 1 – 10), it can be expressed as opportunities lost, or perhaps even ease or dis-ease of doing business. This does not have to be a problem. It could be a result they are chasing. Perhaps hey want increased market share, better margins, better reporting, a better life. The Key to the impact questions though, is clearly identifying the impact this problem or result change will have for them.
- Next we want to find a way to check their commitment. How committed are they to changing their circumstances. Before we invest too much time and or money into helping them solve for the solution we want to determine how committed they are. Are they committed or are they just interested. There is a difference. One suggestion is to ask on a scale of 1 – 10 how committed are you to changing this circumstance. Anything less than an 8 deserves a little questioning to see if they can get to an 9-9 or 10. If not suggest they put their focus elsewhere.
- When they bring up price and say they can’t afford it or your price is too high you can say…”Help me out, I don’t understand. You were telling me that your “problem was costing $xx,xxx and that you were committed to solving this. I think you said you were a 9 on the commitment scale.” That’s a pretty big impact and a pretty strong commitment. Would you like to brainstorm some ways to make this work for you?”
People have innate desire to remain consistent with their views. By reminding them of the severity of the impact and their stated commitment we are able to help them push through their fears of moving forward.
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