Third on our list of the “only six objections” concerns your customer’s budget. When faced with a budget-related objection, it's crucial to respond appropriately, and you can do that by forethought and preparation.
We present here a simplified framework to act as your guide. Follow it and you will be well down the path to overcoming budget objections from your customers.
- Acknowledge the concern. Start by acknowledging the customer's objection. Show understanding and empathy towards their hesitation regarding the price of the product or service.
- Gather more information. Seek clarification from the customer to better understand the specific aspects of the price causing concern. Determine if the overall cost or any additional fees or taxes concern them.
- Emphasize value. Highlight the value proposition of the product or service to address the customer's concerns. Emphasize the benefits they will receive from purchasing, such as features, convenience, long-term savings, and positive reviews or feedback from satisfied customers.
- Explore alternatives. If the customer expresses affordability issues, suggest alternative payment or financing options that suit their budget better. Additionally, offer lower-priced alternatives that still fulfill their needs and requirements.
- Create urgency. If applicable, inform the customer about any time-limited discounts or promotions available. By highlighting the limited-time nature of the offer, you can encourage the customer to act swiftly and take advantage of the opportunity.
The Takeaway
Overcoming a price objection requires a combination of empathy, informative communication, and innovative problem-solving. By effectively simulating these steps, you can transform a hesitant customer into a satisfied one.
When faced with an objection, leverage the DEFEATS checklist introduced at the beginning of this series to turn a roadblock into a superhighway to a sale.
-courtesy Coach Phil
