“Your price is too high” are five words that seem to strike terror in the hearts of so many salespeople. But it really need not. In this article, we’ll look at some sage words from 19th century English philosopher John Ruskin that will help overcome this objection.
I’m often asked, “What would you suggest is a good response for when a prospect says, “Your price is too high?”
Actually, depending upon your product or service, there are many good responses. Perhaps, the number one way to overcome this situation is by building the value of your product so high that price never becomes an issue in the first place. Still, it’s a fact of life and an objection that, at one time or another, every star salesperson must learn to overcome.
Here’s a neat little explanation.
“A Thought on Price”
by John Ruskin, English Philosopher, 1819-1900
“It is unwise to pay too much, but it’s also unwise to pay too little. When you pay too much, all you lose is a little money. But when you pay too little, you stand a chance of losing everything, because the thing you bought is incapable of doing what you bought it to do. The common law of business balance prohibits paying a little and getting a lot – it just cannot be done. So, when you deal with the lowest bidder, it is wise to put a little something aside to take care of the risk you run. And, if you do that, you can afford something better.”
Now, a couple of suggestions; First is to either memorize that saying, or even copy it onto a notecard so you can read it whenever necessary.
Secondly, instead of answering your prospect directly (which could come off as though you’re talking down to him or her) use the “third-party” approach. This is where you make “yourself” the target of the correction, instead of your prospect. In other words, “you” were taught something; you’re not teaching your prospect anything.
For example (after they tell you your price is too high), “I truly relate to what you’re saying. I felt exactly as you feel about price. Recently though, I read something that really answered my question (by saying “my question” you’re putting the onus on yourself; A very appropriate “I Message”). It went like this . . .” Now recite or read the saying you just learned.
This is a very effective way of getting your point across, teaching your prospect a valuable lesson, and making yourself, instead of your prospect, the target of the lesson. This way, you save their ego, answer their objection and make the sale.
Of course, the above saying of Mr. Ruskin’s will only work if you’ve been able to prove to your prospect that the value of your product does equal or – even better, exceeds – the price you are asking. In other words, make sure the issue is actually the price and not the value as compared to the price.