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“Your Price Is Way Too High” Says The Prospect. Do THIS To Show Customer Perceived Value - YouTube
Channel: Dave Lorenzo
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- The price is too high.
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That's what your
client's telling you.
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What do you do?
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Join me on this episode
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of the Dave Lorenzo
Daily to find out.
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(upbeat music)
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Hi, it's Dave Lorenzo.
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Welcome to another edition
of the Dave Lorenzo Daily.
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Today, we're tackling the
number one objection in sales,
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the price is too high.
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I know, you hear
it all the time.
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You shouldn't, and
we're going to tell you
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how to prevent it, but
when it does happen,
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we're also going to tell you
how you can fix it immediately.
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Before we get to that,
I want to remind you
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that if you like
what you hear today
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on the Dave Lorenzo Daily,
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make sure you give
me a thumbs up
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(magical tune)
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and also subscribe.
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You'll see a link
down at the bottom,
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a little box that
says subscribe.
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Be sure and subscribe.
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We post a new video every day
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and it's designed to help
you grow your revenue,
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connect with affluent clients,
sell in a B2B setting,
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set your sales strategy and
if you're a sales leader,
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you'll find great videos here
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to motivate and
energize your team,
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as well as how to prevent
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the biggest mistake
sales leaders make.
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I want you to join me every day,
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so be sure and subscribe
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and ring the bell up at the
top of the YouTube channel
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so you get notifications every
day when we post a new video.
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So, the price is too high.
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What do you do to
combat this objection?
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Well first, you
have to understand
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that the client is here
to solve a problem.
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You got to realize
what problem the client
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is originally trying to solve
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and bring them back
to that problem.
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That's how you
demonstrate value.
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If you're selling just on price,
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you're playing a losing game.
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You're taking a ride
on a razor blade
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and it doesn't lead
to any place good.
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It only is going to
leave you bloody,
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on the floor with the client
moving to someone else
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'cause you never want to be
the lowest price provider.
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Anyone can sell a
product or service
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by offering the lowest
price in the market,
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they don't need you, a
skilled entrepreneur,
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a skilled sales
leader, to do it.
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So here's what I want you to do.
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I want you to focus on
the problem the client
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is trying to solve and bring
the discussion back to that.
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What problem are you trying
to solve, Mr. Client?
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What problem are you focused on?
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Then, I want you to ask them
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how long they've
had this problem.
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You need to focus them
on exactly how much
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this problem is costing them.
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This problem is a
huge issue for you.
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Solving it saves you
all of this money.
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That makes your
price irrelevant.
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The money they will
save over the long-term
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by using your product,
by using your service,
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should be their focus.
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You've got to bring
them back to that.
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So, focus them on
what the problem is,
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focus them on how much the
problem is costing them
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and focus them on the value
of solving the problem.
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The third thing is you
have to help them realize
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the impact on them personally.
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How is this issue
killing their career?
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Mr. Client, this issue
is a thorn in your side.
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It's keeping you from
getting promoted.
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Mr. Client, this issue is
such a huge problem for you,
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it's going to be a
barrier to you getting
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that big project you want
to get done done now.
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That's the way to create urgency
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and it's also the way to remove
the focus from the price.
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The problem is causing you pain,
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it's causing you pain right now.
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We've GOT to get
rid of it right now.
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The urgency helps to
overcome the price objection.
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If your client is comparing
you to someone else,
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I want you to
demonstrate to them
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how this is an apples
to oranges comparison.
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This is a comparison
they shouldn't be making.
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Demonstrate all of the
value you're providing
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and explain to them how
the competitor's product,
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the competitor's service,
provides no where near
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that value so there
really is no comparison.
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If you have unique features
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to your product or
to your service,
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show them the value
those features provide
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and compare those features
to what the competition
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is providing, it's
nowhere near the same.
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Apples to orange
comparisons also help
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to thwart the objection
of the price is too high.
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The fifth thing, the fifth
thing I want you to focus on
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is the value of the relationship
you have with your client.
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The value of the relationship
you have with your client
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is paramount.
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You've delivered
value in advance,
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you've introduced
them to someone
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who's done business with them,
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you've connected them with
someone who's helped them
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solve a problem
or achieve a goal.
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So, you've already
delivered value.
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When you look at
them and you say,
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Mr. Client, Mrs. Client, you're
not just buying a product,
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you're not just
buying a service,
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you're investing in a
relationship with me
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and you know the value that
I'm going to provide you
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over the long-term because
I've already demonstrated it.
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Before we've done
anything together,
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I've already demonstrated
value to you.
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That relationship
is incomparable.
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They cannot compare that
relationship with anybody else
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because nobody else
is out there doing it.
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You're a relationship-based
sales professional.
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You're a relationship-based
entrepreneur.
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You're focused on the long-term.
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That helps differentiate
you and there's no price tag
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that can be put on that.
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I want you to also,
as point number six,
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I want you to review the
price that you're asking for
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over a period of time.
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So, take a product or a service
that costs $1500 a year.
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That's $4.10 a day.
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$1500 a year is $4.10 a day.
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That's less than the cost of
a cup of coffee at Starbucks.
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When you break down the
investment that a client
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will have to make over
a longer period of time,
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even if they're making
that investment up front,
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what you're doing is
you're showing them
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that on a per day basis,
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the price really
isn't that big a deal.
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Breaking the price down
in smaller increments
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is another way to help
thwart that objection.
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I prefer that you
don't have to go there,
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but if you do, showing
it in smaller increments
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makes it a little
bit more palatable
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for them to view the price.
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Number seven is the
last ditch effort.
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Number seven is the last
thing I want you to do.
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If there's no other way to
overcome the price objection,
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never ever just
lower your price.
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You can't do it.
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You lose all credibility
when you do that.
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People will nail you
every time on your price.
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You'll never get what you want
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as fair value for your
product or service.
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Instead, remove
something of value
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if the client asks you
to lower the price.
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Find a way to take
away a feature,
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find a way to give
them a modified version
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of the product or service,
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but never just lower your price
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because you're going to be
leveraged every time then.
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You have to find a
way to remove value
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in order to offer some
type of a discount
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and if you can't do that,
you got to walk away.
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Honestly, the best thing
to do is to use the tactics
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that I've given you, up
front, to address the issue.
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I want you to do this.
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I want you to bring them
back to the original problem
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and demonstrate what the cost
of the original problem is,
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focus them on that instead
of how much your product
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or your service costs.
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The second thing
I want you to do
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is talk about how long
they've had the problem
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and show them the value
of solving it now,
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create urgency.
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The third thing I want you to do
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is I want you to help them see
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how this is impacting
them personally.
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It makes it emotional,
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it makes an emotional
connection for them
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and I want them to see
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that if they don't
solve this problem,
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their career's going nowhere.
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You're the ticket to
the future for them.
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That's what I want
them to see in you.
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The fourth thing is if they're
comparing you to others,
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it's apples and oranges.
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You can't compare
me to anybody else.
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It just doesn't work.
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Here are the reasons why.
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The fifth thing is talk
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about the value of
your relationship.
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How much is my relationship
worth with you, Mr. Client?
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How much is it worth to you
to be in business with me?
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I've already delivered
value to you.
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Now, we're going to be
in business together,
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I'm going to deliver
even more value.
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Then, break the
price down over time,
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that's number six.
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Break it down into
smaller increments
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so that they see that's
not really that big a deal.
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And then finally, if you
have no other choice,
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remove value in order to get
the business in the door.
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That's the last ditch effort
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if you have nothing else to do.
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Now, these are the ways
you overcome the objection
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that the price is too high.
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I want you focused on value
right from the beginning
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and if you do and you've
done this appropriately
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from the outset, you
will never have to worry
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about hearing this
objection again.
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My name is Dave Lorenzo
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and we're here every day
on the Dave Lorenzo Daily.
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I want you to join me right
back here again tomorrow
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for another edition of
the Dave Lorenzo Daily
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and until then, I hope
you do this and sell more.
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(upbeat music)
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