How to Overcome Pricing Objections
- Wait for the prospect to finish speaking.
- Pause for 3-5 seconds.
- Ask a question.
- Pose a follow-up question.
- Summarize their objection in 2-3 sentences.
- Clarify if you missed anything.
- Diffuse their concern.
Click here to jump straight to the responses.
Price objections are common in sales -- primarily because most prospects have learned pushing back on cost will get them a discount.
That makes it difficult to respond to a pricing objection if you don’t want to immediately lower your price. While discounting has its place in the sales process, being too discount-happy will destroy your margins and lower your product’s perceived value.
How to Discuss Price
This process will help you overcome price objections:
Step One: After the prospect has finished speaking, pause for three to five seconds.
(Hit the “Mute” button if you need to.)
Step Two: Explore the pricing objection. According to sales trainer and consultant Colleen Francis, you can ask up to three questions before responding to the objection.
Step Three: Summarize their price objection in a few sentences.
Step Four: Circle back to your product’s value.
Here’s an example (using response #23 from this list):
Prospect: “We really like the product, but it costs too much.”
Rep: *Silence.*
Prospect: “The other options we’re exploring are 10-15% cheaper. Is there any way you can come down a bit?”
Rep: “I understand. In fact, I had two other customers just like you who were uneasy about the price at first. But what they found was … ”