For all our advancements into the age of technology, some things never change. So From the Vault, here’s some golden advice on how to handle the “it’s too expensive” response…
There’s one phrase we encounter when we’re endeavouring to do business with somebody that strikes terror into our hearts.
It’s when we tell the prospect the price and they look at us and say “Geez that’s expensive.” How do you handle that? If you’re like many people you say “Well hang on, let me get the pencil out and I’ll see what I can do” and you shave the price.
It means you lose a lot of credibility… and profit! It suggests your original price was too high anyway.
So what’s the answer to the “that’s expensive” try out?
Well, you’ve got to immediately respond by looking like you’ve just sucked a lemon. You get sucked lemon expression on your face… one of extreme distaste. Then you look them straight in the eye and say these words exactly “Is cheap important to you?” and shut up.
You wait for them to answer no matter how long it takes. And you’ll be amazed by the answer you get.
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You see what happens is that, whilst you wait for their response to the question, they are delving into their subconscious to find what cheap means.
And that’s when they remember what word their mother used to say went with “cheap.” “Nasty.” But nobody wants anything that’s nasty and you emphasised cheap with that underlining pause after the cheap word.
So what will they say? Well, 99 times out of 100, it’ll be “No I guess not.”
And you respond with. “That’s right, what you’re looking for is value, which means the right product at the right price” and you pause so that they can nod in agreement. Then you go on with “Let me explain what your investment is buying you here” and you recapitulate on the benefits of your product or service.
The bottom line is that you’ll almost always make the sale… at your price!
Here’s the script in easy-to-read form…
Them: Geez, that’s expensive
You: (Lemon look) Is cheap (pause) important to you? (Shut up)
Them: No
You: That’s right! What you’re looking for is value, which means the right widget for you at the right price. Let me explain what you’re getting here…
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