“Wow, you charge how many THOUSANDS OF DOLLARS?! That’s cheap! You should charge me more.
“Said, no one.”
Most clients say the opposite.
When Your Client Says “Your Price Is Too High” how do you respond?
In this episode, you’ll discover exactly what to say to your prospective client when they give you the sales objection “your price is too high”.
Do you have a suspect or prospect?
Here’s the deal.
A prospect is only a true prospect when they need what you have, they want what you have, can use what you have, and can afford what you have.
The reason why a client might say your price is too high is that they don’t see the perceived value in your offer.
Here’s what you can say…
“I understand that you think the price is too high, so tell me is it price of value?”
This is what’s known as a mental Pattern Interrupt - Value vs. Price?
You say, “Price is a one-time thing, value is a lifetime thing. A lot of people can beat us on price, but nobody can beat us on value.”
Here’s a sales scenario for you.
While I love the fact that I've built myself a career that affords me the opportunity to work part-time from home and raise my babies. I’ve been struggling with work/life balance.
Yesterday I made a phone call to a nanny service. The kind woman simply laid out the terms and conditions of her hiring service but didn't try to build the value as to why I should choose a hiring service vs. find a nanny on my own.
What Many Lost Prospects Do After A Sales Call
Because I felt like her service fees were too high I kindly declined her offer.
After the call, I noticed that I began to sell myself on her services.
It would save me time and the headache of having to vet candidates.
But, because she herself didn’t try to sell me on her services (which prospects want) I won’t be using her.
As the service provider on the sales call it’s important that you don’t just lay out the terms of service, but rather build the value as you go.
But take note, you don’t have to be the one to sell yourself, instead, you have the prospect to sell themself.
How To Respond
When you ask the question, 'is it price or value that you’re concerned about?’
That shifts the prospect's mind to' thinking from price to value.
If they say price, then you say, “There are a lot of people like me who are a lot cheaper than me. Why haven’t you gone with them? Why are we talking on the phone right now?”
Then say, “Why do you think people pay me this kind of money?”
Let your prospective client sell themselves on you.
Note: I’d only say this if I knew that during the customer journey experience my authority, prices, and results were previously presented.
In the case of my example. The initial phone call was my first point of contact with the service provider.
I don’t recommend this approach for my students inside of the legacy leaders academy. Instead, I recommend building out an automated marketing sales funnel that properly educates your prospects before the sales call.
However, if your sales process is similar to the nanny hiring service, that’s okay.
In this scenario, you don’t try to justify your value. Let your prospect justify their own value.
Say This Next
If I can get you (achieve a result) does it really matter if I charge you $5,000, $10,000 heck even $50,000? Are you looking for a cheap price or results?
Why People Don’t Buy
If your prospect is still saying the price is too high then they don’t believe in one of three things.
You, your company, or your offer.
They don’t believe that you can get them the results that they seek. They don’t believe in your company or that your offer will work for them.
This is where you might need to show them, previous client testimonials, additional social proof, or offer a guarantee.
No need to be needy or pushy. We’re not trying to sell something to someone who isn’t a good fit. Who isn’t comfortable with making the investment?
Layout the terms. If you get to the yes, great! If not, move to the next prospect.
Don’t have a pipeline of prospects yet?
Watch this video next.