It’s disheartening and it sucks because you know that your product is better and that you will service them better than your competition.
So how do you prevent his from happening??
Here are four key ways to handle it:
1. Fact find early:
Find out exactly what they want and WHY they want it early in the process. This ensures you recommend them the right product from the beginning because most customers will tell you it’s price when really they are just on the wrong product.
2. Offer alternatives (early):
Give the buyer alternatives, ALWAYS. If they object to one price, show them something MORE expensive first. This will either validate their price concern or it will make the option you originally showed them seem like a deal. Sometimes the customer will even go for the higher-priced item. If the price concern is real then you can provide a cheaper alternative. .
3. Use Inventory (late):
Similar to alternatives but using inventory to negotiate rather than just price is key. This can be used later in the sale AFTER you’ve already provided alternatives. It allows the customer to save face and you can use inventory of product or inventory of payment terms to lock the customer down rather than just giving up the price.
4. Provide value:
This is where follow-up becomes SO valuable. You have to follow-up in a way that continues to build value for your prospect. The more value you build the better the opportunity is that you will close the deal and NOT sacrifice price. The key is to use creative, fun and valuable follow-up items to make this happen.
If you want to know more about how to build value with a customer, whether it’s short sales cycles or long sales cycles then you request FREE access to Cardone Sales Training Academy here