Sunday, August 9, 2009
How to Overcome Price Objections
Do you hear “These are expensive!” or “I could get this cheaper at Wal Mart.”? When you hear these concerns, think of it as if your customer is saying to you “Tell me why this is a good deal.” or “Tell me why this is better than the cheaper ones I can buy somewhere else.”
Here are three steps to eliminating the cost concern.
1. Are you sold yourself? Would you pay full price? If not, you need to shop around and compare why your product stands above the rest.
2. Show the value of your products during your presentation or demonstration. Ask a question that points out their challenges or problems with other products perceived to be like yours and tell them (or demonstrate) how yours is better because they won’t experience those problems. For example:
• “How many of you have ever found you need to replace basic turtleneck tops every year because they fade, shrink, or stretch out? With our fabrics, there is no fading, shrinking, or stretching, which means you can buy as many as you want and know they will last well beyond this winter season.”
• “Have you ever put up a vinyl design on your wall only to have it fall down a month or two later? With our vinyl designs, you’ll find they won’t come down until you take them down.”
• “Have you ever bought a lipstick based on the color of the box only to find it doesn’t really go well with your skin tone or it tastes terrible? The beauty of our lipsticks is, you can try them today and find the perfect shades for you so you won’t waste money on trial and error.”
• “Can you imagine pouring chemicals into your body? With most skin care systems, you are because they use chemicals and it is absorbed through the skin. With our skin care system, we use all natural ingredients.”
• “Have you ever purchased an earring set you loved only to have a stone fall out or the post break? With our jewelry you have a life-time guarantee. Though it’s rare you’ll every have a problem, if you do, we stand behind our product and will fix or replace it at no charge to you.”
• “Have you ever wished you could create a scrapbook for your child’s graduation but you just don’t have the time? With our digital books you’ll discover it take ¼ the time and it won’t fade or fall apart.”
Think of their challenges and show how your product solves them. Point out how this saves them time, money, and headache.
3. Share stories that sell the value of your product or illustrate how others have benefited from your product. Involve the guests who have purchased before and ask them to share why they love your product or other ways they have used your product. Then they become the trusted endorsement.
One last statement that always worked for me “If your heart is saying ‘I want it all’ and your checkbook is saying ‘no’ then you’ll be happy to know we have a fantastic hostess program to ensure you can have what you want.” If you have trouble coming up with ways to handle objections, you’ll want to subscribe to the monthly free Direct Sales Professional eNewsletter which has a section devoted just to “One Line Wonders.”