Please do not immediately lower your price…when you get this objection an opportunity has been created for you to better understand the client’s perspective. An approach to learning about why you got this objection and how you might respond…
Price is high compared to ?
Price is always relative…meaning, what are they comparing your price to? Try to find out…
- Competitors price?
- Budget for the project?
- Internal goal/metric they are focused on?
- Perceived value for solution you are providing?
What value is your solution providing?
Your clients are thinking about value for their company or themselves. So…some key questions:
- How does your solution help them achieve their goal/resolve challenge?
- How will your solution impact the project you are pursuing? Their company overall?
- How does the impact of your solution compare to your price?
If your price is a tiny fraction of the impact of your solution, how does their view of your price change?
Identify what you know / do not know
You want to understand “why” the client is saying your price is too high. Learning about their decision process, key players and criteria will give you critical information for positioning the value of your solution. What you do not yet know should be the focus of upcoming meetings!
Feel free to contact me directly for ideas and/or help on this or other topics!
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