You’ve just made your million-dollar presentation, and your prospect counters with “I need to get some other quotes.” What do you do now?
The traditional salesperson will frantically go back in his memory bank and come up with one of the following snappy one-liners, none of which is going to win the Pulitzer Prize for sales excellence.
- “Okay, but I think you’ll find that our prices are quite competitive, especially when you consider the overall value.”
- “I know how you feel. Other people have felt that way, but when they found the terrific value our products offer, they didn’t hesitate to buy.”
- “Well, I could come down a little. Would that help?”
Here are three more effective ways to deal with this put-off.
Reward & Refocus: “I can see that you’re not happy with our proposal. Can you tell me what you were hoping we’d come in with?” (This may give you some insight as to what was wrong with the proposal, after which you may be able to negotiate an acceptable alternative.)
Sense It & Say It (plus Reward & Refocus): “Bill, I get the feeling that our proposal really missed the mark. Is it just a price issue or something else?” (This will get you additional information to determine exactly what the roadblocks are. Sometimes it’s not price. You need to be sure before you attempt to deal with the situation.)
Easy Exit: “Sounds like we might be pretty far apart. Should we close the file or should we try to see if we could find a solution that works for both of us? Your choice.”
If you learn how to apply these tactics to this stall, you’ll find yourself more confident, more in control, and closing more business.
Note: As a general rule both you and your prospect should be on the same page with respect to what the problem’s approximate financial impact is and how much your solution might cost before you agree to make a formal presentation. Following this advice will eliminate 90% of your price objections.
Self-Study Assignment: Learn these three simple scripts by heart so that the next time you hear this stall you don’t have to wimp out or start over-selling.