How I Handle Every Price Objection | Donald C. Kelly - 2042

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How I Handle Every Price Objection | Donald C. Kelly - 2042

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“It’s too expensive” may be the answer a prospect gives you, but it may not be the reason they are saying no.The real issue could be that they do not see the value, they already have another solution, or they have another concern they have not told you yet.In this objection-handling conversation, I break down two ways to get past the surface response, find the real reason behind an objection, and connect your solution to what the prospect actually values.The Real Reason Behind a Price ObjectionA prospect who says a $100 water bottle is too expensive may not really have a problem with the $100. They may simply be comparing it to a $10 bottle and not seeing what makes the more expensive option worth it.The value changes based on the buyer. For someone working outside in South Florida, a bottle that keeps water cold all day, has a built-in filter, and reduces trips away from a job site can solve problems that a cheaper bottle does not.That is why dropping the price is not always the answer. If the prospect does not see the value at $100, they may still not see it at a lower price.The salesperson's job is to find out what matters to that specific buyer and connect the solution to that need.Use the Socratic Method to Get to the Root IssueThe Socratic method uses questions to help prospects think through their own problems and understand why a solution may be in their best interest.The questions should not be random. They should focus on the prospect's challenge and help uncover what is behind the first objection.A prospect may start with “I can get a water bottle for $10.” Keep asking questions and you may discover that the cheaper bottle means buying more water, buying ice, leaving the job site, and losing time that could have been spent quoting more work.Thank the Prospect Before You Challenge the ObjectionThe first step is to thank the prospect for raising the concern and show genuine empathy. A $100 purchase is a bigger decision than a $10 water bottle, so the concern deserves to be taken seriously.From there, ask what they mean when they say it is expensive. Are they comparing it with another product? Have they never paid that much for a water bottle? Or do they simply believe the product is not worth $100?Those questions help reveal what the prospect is really thinking instead of forcing the salesperson to guess.Once the real concern is clear, the salesperson can educate the prospect around the value they were not seeing.Turn Lost Time Into a Business CaseThe water bottle example becomes more valuable when the conversation moves from the product itself to the time it can save. A construction worker who has to leave a job site for water or ice is losing working time.If that person can get even 30 minutes back in the day, that time could be used to quote more jobs. When one new job is worth thousands of dollars, the value of the solution looks very different.The salesperson is no longer selling a water bottle. They are selling convenience, time, and the chance to create more revenue.The same principle applies to other products and services: find the business problem behind the feature and show the prospect what solving it is worth.The Menu Method Gives You a ShortcutThe second approach is the Menu method. Instead of asking a long series of questions, give the prospect a few common reasons other buyers have raised the same objection and ask if one applies to them.The options should come from real sales conversations. For example, the prospect may think the product is too expensive because it will not last, because they already have another solution, or because they are not interested in working with the company.This gives the prospect an easier way to explain what is really stopping them without having to come up with the answer from scratch.If none of the options apply, that is useful too. Ask them to explain what the real issue is and keep digging.Make the Prospect Empty Out Every ObjectionA prospect may have more than one concern. They might start with price and then reveal that they also think the product is fragile.That is why asking, “Is there anything else?” matters before moving into the solution. The goal is to get every concern on the table.Once the prospect has explained everything, you can address each issue instead of solving one objection and discovering another later.The approach is simple: find the root cause, explain how your solution addresses it, and then give the prospect a clear reason to believe the result is possible.Use Proof Before You Ask for the SaleAfter uncovering the objection, the next step is to educate the prospect and use a testimonial or case study from someone with a similar problem.One example in the conversation involves a company that bought the bottles for its team because employees were leaving job sites to get water. Those trips were linked to accidents, lost time, and other problems.The company saw roughly $300,000 in value from keeping its team on...

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