If you ask around you will notice that the main obstacle in selling is always the price objection raised by prospects. It’s a natural phenomenon for anyone to purchase product of the highest quality from the most trusted sales person at the lowest price possible. This is not something new in the world of selling; in fact it’s getting intense nowadays as a result of aggressive competitions.
The first step to overcome price objection is to determine the situation you’re in. There are 3 competing situations that you need to observe attentively and decide accordingly. They are namely,
Relationship:
Is your prospect buying decision affected by the bonding between both of you? Will he or she make buying decision if you’re nicer to him or her? Are you the only sales person your prospects dealing with?
Perceived Value:
How do prospects compare your product with your competitors? Do they see significant difference in your product that excites them? Is your product merely different externally from your competitors?
Pricing:
Is your prospects fall into the “price-sensitive” category? Will anything else matters to your prospects apart from the lowest price? Is it possible for you to look into customizing your product to suit your prospects’ need?
