I once told a brand photographer that she was expensive and I could not afford her service.
And she immediately replied, "You are stingy. I don't need your business!"
The response shocked me!
Well, that is a good way to engage a client… or not!
So before you accuse me of being stingy, let me explain the context.
Her mom, a family friend, recommended the brand photographer.
She priced the package at USD 1,200, which is an acceptable price.
… But she was using a free Canva site
… I can't find any portfolio!
…The Free Canva site also used stock images!
For someone marketing herself as a high-end brand photographer, she could have at least used original photos.
So you see, I resisted her price, not because I could not afford it.
Instead, there were serious trust issues.
I am sharing this experience not to demonize the lady or to show you that I am stingy (well, I can be!).
But instead, to show you that most of the time, when a client resists your pricing, it's not really because they cannot afford your price but because of some other reason.
I get it, price objections can be dreadful and usually put us in the defensive mode.
How to handle price objections?
Your work starts way before you give your price.
1. Offer only to a warmer audience.
A person who doesn’t know and understand the value you offer often uses price objection as a smoke screen.
2. This means that you need to be willing to wait and build a relationship before pitching any of your offers.
Sales and running an online business in general are a marathon rather than a sprint. You need to be here for the long haul.
3. Qualify your prospect or let them book a call so that you can gauge their situation.
You can ask questions like What were the previous investments they made? What is their biggest pain? How much are they willing to invest to remove that pain?
By asking relevant questions during the call, you can peek into your prospects' heads and see if they really want your product or service.
4. If your prospect is not ready or cannot afford your fee, you can offer another service with a lower price option, if you have one. Take note, this is not a discount!
It can be a smaller offer or a free training that you already have. Give the prospect more opportunity to get to know you.
5. If you gauge that your prospect can afford your services but is still resisting, you need to let your prospect talk more about their concerns to know the heart of the objection.
It could be that they really don’t see the value of your product or service. Or they don’t trust that you can deliver the service.
Whatever the reason, you need to uncover it. Otherwise, you will be responding blind.
6. Help your prospect open up by making them recognize the value of your solution in terms of financial terms.
Remind your prospects of their current pains and how much they are losing by not answering those pain points right away.
You can also share the experiences of your previous clients to show how your product and service are so worth the money you are asking for.
If after doing all of these, you still get a NO, don’t be disheartened.
A “no” does not necessarily mean a No forever. It can just mean that the prospect needs more time to get to know you or the problem you are trying to solve.
🌟 Comment below - how do you feel when you get a price objection?🌟
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