April 8, 2025

Mastering Price Objections | Ep 27

Mastering Price Objections: The Impact Sales Podcast with Joe Beck

Join Joe Beck, founder of the Sales Activist, on The Impact Sales Podcast as he delves into the art of overcoming price objections.

This episode offers crucial insights into handling...

Show Notes
Transcript

Mastering Price Objections: The Impact Sales Podcast with Joe Beck

Join Joe Beck, founder of the Sales Activist, on The Impact Sales Podcast as he delves into the art of overcoming price objections.

This episode offers crucial insights into handling one of the most challenging aspects of high-level sales: dealing with price objections.

Learn how to stay calm, understand the true nature of objections, and explore creative solutions to turn obstacles into opportunities.

Discover key strategies for isolating true objections, managing client relationships, and fostering a mindset shift that transforms objections into actionable agreements. Don't miss out on Joe's expert advice to enhance your sales success and navigate price objections the right way.

Chapter Markers:
00:00 Introduction to the Impact Sales Podcast
00:09 Understanding Pricing Objections
00:58 Overcoming Price Objections the Right Way
02:23 Avoiding Defensiveness
05:29 Identifying the True Objection
19:47 Handling Legitimate Price Objections
21:21 Creative Solutions and Compromises
29:50 Final Thoughts and Resources

The Impact Sales Podcast Show Links:
Spotify Podcasts:
https://open.spotify.com/show/3cThgJH6JW7AeMzT8bR1xF
Apple Podcasts:
https://podcasts.apple.com/us/podcast/the-impact-sales-podcast/id1617201046
YouTube:
https://www.youtube.com/@thesalesactivist
Podcast Website
https://www.spreaker.com/podcast/the-impact-sales-podcast--6437358
Adore Network
https://www.adorenetwork.com
The Sales Activist Company Website
https://www.thesalesactivist.com
M3Linked Company Website
https://www.m3linked.com

WEBVTT

1
00:00:00.360 --> 00:00:04.919
Welcome to the Impact Sales Podcast. I'm your host, Joe Beck,

2
00:00:05.160 --> 00:00:08.919
founder of The Sales Activist, and I am excited to

3
00:00:08.960 --> 00:00:11.400
be with you today. Today we're going to be talking

4
00:00:11.560 --> 00:00:14.839
about pricing objections. That's right, We're going to be digging

5
00:00:14.839 --> 00:00:18.960
into pricing objections and all that involves. You know, one

6
00:00:19.000 --> 00:00:21.480
of the things that many people struggle with in selling,

7
00:00:21.559 --> 00:00:24.079
especially selling at a very high level, is dealing with

8
00:00:24.280 --> 00:00:28.160
overcoming price objections. So today we're going to pull back

9
00:00:28.199 --> 00:00:30.879
the curtain. We're going to talk about pricing objections, how

10
00:00:30.920 --> 00:00:34.119
to overcome them, and how to remove them as a

11
00:00:34.159 --> 00:00:37.640
barrier to your success. So don't go anywhere. I'll be

12
00:00:37.799 --> 00:00:58.840
right back. Welcome back to the Impact Sales Podcast. I'm

13
00:00:58.840 --> 00:01:02.159
your host, Joe Beck, founder of The Sales Activist, and

14
00:01:02.240 --> 00:01:06.040
today we're going to be digging into how to overcome

15
00:01:06.719 --> 00:01:12.159
price objections the right way. Overcoming price objections the right way.

16
00:01:12.280 --> 00:01:17.000
So you know, when it comes to pricing objections, many

17
00:01:17.040 --> 00:01:20.959
people feel that this is one of the most challenging

18
00:01:21.079 --> 00:01:24.480
objections that they have to deal with, the issue of

19
00:01:24.640 --> 00:01:28.599
price for their product, service, or offering, and it can

20
00:01:28.680 --> 00:01:32.200
hold back people for a lot of different reasons. So

21
00:01:32.239 --> 00:01:35.040
today we're going to be talking about this. We're going

22
00:01:35.120 --> 00:01:38.439
to be uncovering all the different challenges that you might

23
00:01:38.480 --> 00:01:41.599
face with this particular objection. We're going to talk about

24
00:01:41.640 --> 00:01:45.439
how to overcome those challenges, and most importantly, we're going

25
00:01:45.439 --> 00:01:47.519
to leave you in a place where you're comfortable and

26
00:01:47.680 --> 00:01:51.359
ready to deal with these challenges when they can't when

27
00:01:51.400 --> 00:01:54.079
they come up for you. You know, the reality is

28
00:01:55.200 --> 00:01:58.159
no matter what you sell, no matter what you're offering,

29
00:01:58.439 --> 00:02:01.599
is you know there are going to be time and

30
00:02:01.719 --> 00:02:05.959
circumstances where you are going to deal with the price

31
00:02:06.040 --> 00:02:10.680
objection or price objections, and you need to prepare yourself

32
00:02:10.719 --> 00:02:13.080
for how you are going to handle them. Now, for

33
00:02:13.159 --> 00:02:17.280
a lot of people, they struggle with this because it

34
00:02:17.360 --> 00:02:23.719
creates this anticipated sense or source of tension in the interaction.

35
00:02:23.919 --> 00:02:27.280
So the first thing, as it relates to pricing objections,

36
00:02:27.280 --> 00:02:29.840
and this is one of the things that sometimes catches

37
00:02:29.879 --> 00:02:32.680
people right out of the gate, the first thing that

38
00:02:32.719 --> 00:02:35.639
you need to do when the issue of price comes up,

39
00:02:35.680 --> 00:02:37.560
and it comes up in the form of an objection

40
00:02:38.199 --> 00:02:41.759
from your prospect or your client, is the first thing

41
00:02:41.840 --> 00:02:45.439
is you can't get defensive about it. You can't get

42
00:02:45.439 --> 00:02:50.039
defensive if your prospect is pushing back as a result

43
00:02:50.080 --> 00:02:53.400
of the pricing that you are offering them. Don't get

44
00:02:53.400 --> 00:02:57.719
defensive about it. And the reason I share that is

45
00:02:57.800 --> 00:03:02.560
many people struggle with that pricing objection and they don't

46
00:03:02.599 --> 00:03:08.439
do themselves any great service when they initially respond to

47
00:03:08.599 --> 00:03:15.199
the prospects objection. Sometimes people naturally can come off or

48
00:03:15.240 --> 00:03:19.879
be perceived as being defensive about something. Maybe you just

49
00:03:19.960 --> 00:03:22.120
believe in your heart of hearts that your pricing is

50
00:03:22.280 --> 00:03:25.439
perfect the way it is, or it's necessary or whatever

51
00:03:25.479 --> 00:03:28.680
it is. Whatever your feelings are in the subject, they

52
00:03:28.719 --> 00:03:33.479
don't really matter. What matters is how you are perceived

53
00:03:33.639 --> 00:03:36.840
by your prospect So the first thing when it comes

54
00:03:36.879 --> 00:03:39.840
to dealing with price objections is don't get defensive about

55
00:03:39.840 --> 00:03:43.759
them when they come up. You know, pricing objections are

56
00:03:44.000 --> 00:03:46.439
a part of the process. You are going to hear them. Now.

57
00:03:47.599 --> 00:03:51.759
You can handle these objections through a variety of different ways.

58
00:03:51.759 --> 00:03:54.080
But the one thing you never want to do is

59
00:03:54.120 --> 00:03:57.960
you don't want to make that process more complicated than

60
00:03:58.000 --> 00:04:01.360
it needs to be to make it harder. You don't

61
00:04:01.360 --> 00:04:04.400
want to create more work for yourself. And many times

62
00:04:04.439 --> 00:04:08.599
people fail in dealing with the price objection because they

63
00:04:08.639 --> 00:04:13.520
immediately get defensive, They immediately engage the prospect in a

64
00:04:13.560 --> 00:04:17.120
defensive way. At defensive tone. Maybe they try to press

65
00:04:17.160 --> 00:04:19.800
the issue as to well, why that person feels that way,

66
00:04:20.120 --> 00:04:25.160
and they come off more aggressively than they really should. Well,

67
00:04:25.399 --> 00:04:26.920
I'm going to tell you that's one of the worst

68
00:04:26.959 --> 00:04:29.920
things that you can do in those circumstances because what

69
00:04:30.040 --> 00:04:33.560
ends up happening is you end up creating this tension

70
00:04:33.600 --> 00:04:37.879
between yourself and your prospect, and sometimes it's very difficult

71
00:04:37.879 --> 00:04:41.279
to get beyond that tension. So if you're not going

72
00:04:41.360 --> 00:04:46.120
to be defensive, how are you going to respond? Your

73
00:04:46.279 --> 00:04:51.839
initial response needs to be calm and focused and centered

74
00:04:51.879 --> 00:04:57.000
around one point one thing, and that's understanding where that

75
00:04:57.120 --> 00:05:02.680
objection is truly coming from in your prospect. So the

76
00:05:02.720 --> 00:05:09.079
way you deal with that is you acknowledge that person's

77
00:05:09.600 --> 00:05:13.439
feelings on the price. Maybe say something like, you know,

78
00:05:13.839 --> 00:05:16.720
I can understand that, you know, maybe help me better

79
00:05:16.839 --> 00:05:21.079
understand specifically why you feel that way, but say it

80
00:05:21.120 --> 00:05:25.079
in a way that's comfortable and conversational and not defensive.

81
00:05:25.720 --> 00:05:28.199
Get them to open up and share with you what

82
00:05:28.360 --> 00:05:34.040
the issue is. See, pricing objections sometimes are not true

83
00:05:34.040 --> 00:05:38.439
pricing objection Sometimes pricing objection that you may face is

84
00:05:38.680 --> 00:05:41.879
a smoke screen for something else. Maybe they aren't comfortable

85
00:05:41.879 --> 00:05:44.959
with something else about what you're discussing for them. Maybe

86
00:05:44.959 --> 00:05:47.439
they don't yet see the value, they don't understand the

87
00:05:47.519 --> 00:05:51.360
impact of what you're offering them, and the pricing objection

88
00:05:51.519 --> 00:05:56.480
is their default excuse to stop the process. Well, I

89
00:05:56.519 --> 00:05:58.360
can't afford that, or that's not going to work, or

90
00:05:58.360 --> 00:06:01.439
that number is too great, however they phrase it. Many

91
00:06:01.439 --> 00:06:06.120
people use that as the catch all objection to push

92
00:06:06.199 --> 00:06:09.319
back on somebody who's selling to them. But let's just

93
00:06:09.360 --> 00:06:11.920
say for conversation that that's not the case, that they

94
00:06:11.920 --> 00:06:15.879
are sincerely concerned about it, and sharing that concern in

95
00:06:15.920 --> 00:06:20.000
the form of an objection, you need to better understand

96
00:06:20.680 --> 00:06:26.279
their thought process as to why that is the case. Now,

97
00:06:26.319 --> 00:06:32.279
many times that objection comes from a place of misunderstanding

98
00:06:33.079 --> 00:06:36.800
of what you truly are offering. Maybe they don't understand

99
00:06:36.839 --> 00:06:40.959
the impact of what you're providing, maybe they don't see

100
00:06:41.000 --> 00:06:45.959
the value for themselves. And your only mission when they

101
00:06:46.399 --> 00:06:49.920
press back on you about that pricing as an objection

102
00:06:50.399 --> 00:06:54.000
is to better understand their state of mind, better understand

103
00:06:54.319 --> 00:06:56.519
why they feel that way, and get them to open

104
00:06:56.600 --> 00:07:01.040
up it may be not necessarily a price objection. It

105
00:07:01.079 --> 00:07:08.399
may be the terms that are the issue. Maybe they're thinking, well,

106
00:07:08.800 --> 00:07:10.680
we've got to pay that all up front, or we've

107
00:07:10.680 --> 00:07:13.120
got to do this or that. There's so many other variables,

108
00:07:13.560 --> 00:07:16.759
but you need to understand the situation first. So number one,

109
00:07:16.800 --> 00:07:21.879
don't be defensive. Number two, absolutely try to better understand

110
00:07:21.920 --> 00:07:27.600
where that objection is truly coming from. Now, if that

111
00:07:27.680 --> 00:07:30.759
objection is coming from a place that they don't really

112
00:07:30.959 --> 00:07:36.319
understand the overall value of what it is that you're offering,

113
00:07:36.439 --> 00:07:40.399
or more importantly, they don't understand the impact that what

114
00:07:40.560 --> 00:07:44.120
you are offering will have on them, you need to

115
00:07:44.160 --> 00:07:47.480
take a step back and you need to revisit what

116
00:07:47.600 --> 00:07:51.959
those things are. And you say something like, you know,

117
00:07:52.040 --> 00:07:55.600
I really appreciate you sharing that with me. Maybe I

118
00:07:55.680 --> 00:07:59.199
haven't done a good enough job describing to you a

119
00:07:59.240 --> 00:08:01.959
few of the things that this offering will do, or

120
00:08:02.879 --> 00:08:06.560
maybe I haven't done a good enough job in helping

121
00:08:06.600 --> 00:08:10.680
you understand the impact that this will have on you yourself,

122
00:08:10.720 --> 00:08:13.720
your business, your finances, whatever it is that you're offering,

123
00:08:14.720 --> 00:08:17.600
you know, take ownership of that. One of the things

124
00:08:17.600 --> 00:08:19.879
that I will tell you that plays a significant role

125
00:08:19.920 --> 00:08:23.639
in your success in dealing with the price objection is

126
00:08:24.399 --> 00:08:28.399
don't make it all about them. See this is interesting

127
00:08:28.439 --> 00:08:31.920
because in the sales process we talk a lot about

128
00:08:32.200 --> 00:08:35.600
it's all about them. It's all about their needs, their wants,

129
00:08:35.720 --> 00:08:39.159
their desires, what they are trying to accomplish, the impact

130
00:08:39.279 --> 00:08:42.600
of those things, and ultimately what it would mean to them.

131
00:08:42.759 --> 00:08:48.200
And that is absolutely true. But when it comes to objections,

132
00:08:48.279 --> 00:08:51.399
you need to flip that around a little bit and

133
00:08:51.440 --> 00:08:54.559
you need to take ownership of the issue. You take

134
00:08:54.600 --> 00:08:57.759
ownership of it. You don't be defensive. You take ownership

135
00:08:57.759 --> 00:09:00.720
of it. You know, I'm sorry, perhaps I didn't do

136
00:09:00.759 --> 00:09:03.039
a good enough job, or I'm sorry, you know, maybe

137
00:09:03.080 --> 00:09:06.480
I miss describing this point, or you know, perhaps I

138
00:09:06.480 --> 00:09:10.039
could have done better in preparing you for this. And

139
00:09:10.080 --> 00:09:15.960
the reason you do that is to dissipate or minimize

140
00:09:16.000 --> 00:09:21.600
any tension that you might be feeling between the prospect

141
00:09:21.600 --> 00:09:25.600
and yourself, because many times what happens is that tension

142
00:09:26.320 --> 00:09:30.759
that is going on between you and that prospect can

143
00:09:31.320 --> 00:09:35.840
sometimes escalate if you're not careful. And one of the

144
00:09:35.840 --> 00:09:39.279
most powerful statements that you can offer up somebody in

145
00:09:39.320 --> 00:09:43.080
a conversation, certainly in a sales environment is to say

146
00:09:43.080 --> 00:09:48.679
you're sorry, to cool the tension, to make it more conversational,

147
00:09:49.440 --> 00:09:52.600
And that's an important step in dealing with a price objection.

148
00:09:53.600 --> 00:09:59.279
Maybe the price objection is because they have a misunderstanding

149
00:09:59.279 --> 00:10:01.559
and you own that. Or maybe they do have a

150
00:10:01.600 --> 00:10:08.440
good understanding and that objection is legitimate. So how do

151
00:10:08.519 --> 00:10:12.480
we know for sure? How do we know for sure?

152
00:10:14.159 --> 00:10:18.120
So how we go about doing that is by what

153
00:10:18.200 --> 00:10:23.600
I like to say, isolating the issue. See I said

154
00:10:23.679 --> 00:10:26.039
a few moments ago that many times people will use

155
00:10:26.120 --> 00:10:32.080
pricing objections as a smoke screen to veil other legitimate objections.

156
00:10:32.360 --> 00:10:35.080
They'll just use price, that's the catch all, and they

157
00:10:35.279 --> 00:10:38.799
kind of escape from there. What you need to isolate

158
00:10:39.120 --> 00:10:42.279
the true issue, and maybe price is it, but in

159
00:10:42.320 --> 00:10:45.639
the cases that it isn't. You need to figure out

160
00:10:45.720 --> 00:10:50.000
how you determine exactly what the issue is. And I'm

161
00:10:50.000 --> 00:10:53.200
going to give you a very powerful statement and question

162
00:10:53.320 --> 00:10:55.759
that you can offer up to your prospects that will

163
00:10:55.879 --> 00:11:00.279
enable you to be able to do that. Okay, So

164
00:11:01.320 --> 00:11:04.399
the way that you do that is by saying to

165
00:11:04.480 --> 00:11:09.879
your prospect I appreciate your feelings on the price. I

166
00:11:09.919 --> 00:11:13.080
completely understand. I'm sorry if I haven't done a good

167
00:11:13.200 --> 00:11:16.120
enough job describing all of this to you. But let

168
00:11:16.120 --> 00:11:22.399
me ask you this is price the only issue that

169
00:11:22.559 --> 00:11:27.039
is holding you back from wanting to do this. And

170
00:11:27.120 --> 00:11:28.919
they may say, well, what do you mean by that,

171
00:11:29.399 --> 00:11:32.559
and all clarify it by saying if the price was

172
00:11:33.200 --> 00:11:36.879
something that you could easily afford, if it wasn't an

173
00:11:36.919 --> 00:11:39.519
issue at all, if it was a complete slam dunk,

174
00:11:40.039 --> 00:11:43.879
no brainer from a number standpoint, what I'm asking you

175
00:11:44.039 --> 00:11:47.639
is is price The only issue that would prevent you

176
00:11:47.679 --> 00:11:51.960
from moving forward? Is that it is that it? Or

177
00:11:52.679 --> 00:11:59.279
are there other things that concern you? Now, if somebody says, no,

178
00:12:01.080 --> 00:12:03.519
I love what you're offering, absolutely want to do it,

179
00:12:03.639 --> 00:12:05.919
wish we could do it, it is truly the price.

180
00:12:06.000 --> 00:12:09.000
Well more than likely that is the real objection. That

181
00:12:09.159 --> 00:12:11.440
is what you are focused on. But if they all

182
00:12:11.440 --> 00:12:16.120
of a sudden pause or stutter or hesitate in their

183
00:12:16.159 --> 00:12:19.240
response to whether or not they would do it, you

184
00:12:19.399 --> 00:12:23.279
need to explore further what that potential issue may be,

185
00:12:23.279 --> 00:12:27.000
because I'm willing to bet that it is something specific

186
00:12:27.600 --> 00:12:32.600
that you haven't addressed. And along those lines, you need

187
00:12:32.639 --> 00:12:36.960
to think carefully back through the sales process. One of

188
00:12:37.000 --> 00:12:41.519
the things that people that succeed at a very high

189
00:12:41.639 --> 00:12:44.600
level in sales do, and they do very very well.

190
00:12:45.360 --> 00:12:50.799
Is they maximize and leverage impact in every stage of

191
00:12:50.799 --> 00:12:55.679
their interaction with their prospect. I provide this and it

192
00:12:55.759 --> 00:13:00.360
has this impact, or I'm speaking to my prospect. Prospect

193
00:13:00.399 --> 00:13:03.600
shares with me that this is important to them, and

194
00:13:03.679 --> 00:13:08.159
I explore impact. Here's what I mean. They say that

195
00:13:08.240 --> 00:13:11.600
their biggest issue is X. You spend all of your

196
00:13:11.639 --> 00:13:14.919
time talking about X and what X means to them

197
00:13:14.960 --> 00:13:16.919
and what it will do for them if it was

198
00:13:17.000 --> 00:13:21.919
corrected or changed or improved or enhanced, whatever X might be.

199
00:13:23.720 --> 00:13:26.360
Elite sales professionals, people that perform at a very very

200
00:13:26.440 --> 00:13:30.519
high level, understand that intuitively and instinctually that they need

201
00:13:30.559 --> 00:13:37.480
to focus on what impacts their prospect. Now. The reason

202
00:13:37.480 --> 00:13:40.679
why I'm mentioning that as it relates to pricing objections

203
00:13:40.840 --> 00:13:45.039
is if you do a very thorough job in exploring

204
00:13:45.120 --> 00:13:49.679
impact with your prospects, when the issue of price comes up,

205
00:13:51.559 --> 00:13:55.919
it goes from you know, I can't afford it to

206
00:13:56.639 --> 00:14:00.600
how can I afford it? And here's why. If you

207
00:14:00.679 --> 00:14:04.639
do an elite job of exploring with somebody what they're

208
00:14:04.679 --> 00:14:06.399
going to get and what it's going to mean to

209
00:14:06.440 --> 00:14:08.399
them and the impact that we'll have on their life,

210
00:14:08.440 --> 00:14:12.000
their finances, their business, whatever it is that it's targeted towards.

211
00:14:12.240 --> 00:14:15.320
If you do an elite job highlighting that and get

212
00:14:15.360 --> 00:14:18.440
them to express how important that would be. When the

213
00:14:18.480 --> 00:14:23.320
issue of pricing comes up, they are going to want

214
00:14:23.639 --> 00:14:27.080
to figure out how to make it happen. And in

215
00:14:27.120 --> 00:14:35.240
many cases it becomes an opportunity mindset. See, people have

216
00:14:35.279 --> 00:14:40.159
a tendency of viewing things through two general lenses, and

217
00:14:40.200 --> 00:14:42.879
I'm going to tell you this, this is universal with people.

218
00:14:43.559 --> 00:14:47.919
People either view things through an obstacle lens, like they

219
00:14:48.000 --> 00:14:52.480
look at things as obstacles, or they are free thinking

220
00:14:52.600 --> 00:14:56.840
and open minded and they view things as opportunities. So

221
00:14:57.080 --> 00:15:00.480
it's no different with pricing. If somebody is sitting there

222
00:15:00.600 --> 00:15:03.720
with a price consideration and they really want to do

223
00:15:03.759 --> 00:15:06.840
what it is that you're talking with them about, they

224
00:15:06.840 --> 00:15:08.440
could look at it in one of two ways. They

225
00:15:08.440 --> 00:15:11.320
could look at that price as a complete obstacle, and

226
00:15:11.399 --> 00:15:16.879
that obstacle is difficult for them to work through. And

227
00:15:17.000 --> 00:15:20.600
those types of people are challenging or more challenging to

228
00:15:20.679 --> 00:15:25.200
work with because their lens is based upon obstacles. Now,

229
00:15:25.200 --> 00:15:28.399
I'm not saying they're negative people. I'm saying that they

230
00:15:28.480 --> 00:15:34.799
view things as obstacles. Other people look at challenges as opportunities.

231
00:15:35.720 --> 00:15:37.639
There's two ways that you can look at things. If

232
00:15:37.639 --> 00:15:41.279
you are dealing with people that view things as an opportunity,

233
00:15:42.759 --> 00:15:45.120
they will tend to be more open to working with

234
00:15:45.159 --> 00:15:48.440
you on figuring out a solution, figuring out how to

235
00:15:48.559 --> 00:15:51.240
get them to where they want to go, figuring out

236
00:15:51.399 --> 00:15:54.039
the price objection. So one of the things that you

237
00:15:54.120 --> 00:15:57.360
need to do to overcome the price objection is to

238
00:15:57.360 --> 00:16:00.519
do a more thorough job in your sales inner, in

239
00:16:00.600 --> 00:16:07.639
your sales process, in moving them towards that opportunity lens.

240
00:16:08.639 --> 00:16:11.960
Not that they'll be like that in everything that they do,

241
00:16:12.080 --> 00:16:17.600
but to make them positive and confident and willing to

242
00:16:17.759 --> 00:16:21.360
view ways of getting what they want. And I'll give

243
00:16:21.360 --> 00:16:23.679
you a quick example. If you're talking with somebody about

244
00:16:23.960 --> 00:16:27.679
how important it is to them that they achieve certain

245
00:16:27.720 --> 00:16:31.159
things within their business or personally, and you get them

246
00:16:31.159 --> 00:16:35.080
to open up about what it would really mean to them,

247
00:16:35.120 --> 00:16:39.240
what it would mean to their finances, their family, their relationships,

248
00:16:39.519 --> 00:16:42.279
their stability, and you get them to really open up

249
00:16:42.320 --> 00:16:44.360
and talk with you about those things. Well, when it

250
00:16:44.399 --> 00:16:46.639
comes to the price objection, when it comes to the

251
00:16:46.679 --> 00:16:51.080
issue of how they make it happen, you can casually

252
00:16:51.159 --> 00:16:54.000
phrase to them, you know I can sense how important

253
00:16:54.039 --> 00:16:57.240
that is. Let me ask you this, do you consider

254
00:16:57.279 --> 00:17:01.720
yourself somebody who is solution oriented? Are you open minded

255
00:17:01.799 --> 00:17:05.279
to view how you can solve problems? Now? Most people

256
00:17:05.359 --> 00:17:09.920
are going to say yes to that question. And you know,

257
00:17:10.160 --> 00:17:13.359
the reason why you ask that trial closing question that

258
00:17:13.440 --> 00:17:16.079
way is to put them in the mindset that they need.

259
00:17:16.119 --> 00:17:19.480
They should be open minded, and they should be looking

260
00:17:19.480 --> 00:17:22.920
at it as an opportunity. And I've gone as far

261
00:17:23.039 --> 00:17:27.200
in many sales interactions and in live presentations and in

262
00:17:27.240 --> 00:17:30.920
a variety of different formats of saying to people point blank,

263
00:17:30.960 --> 00:17:33.119
there are two ways that people look at things. You

264
00:17:33.119 --> 00:17:35.240
can either look at this as an obstacle or you

265
00:17:35.279 --> 00:17:37.920
can look at this as an opportunity. How do you

266
00:17:38.039 --> 00:17:44.279
view it? Now? This is extremely important when it comes

267
00:17:44.359 --> 00:17:48.599
to talking with people about pricing objections, because pricing objections

268
00:17:49.160 --> 00:17:51.519
are one of those things that if people get it

269
00:17:51.559 --> 00:17:54.319
into their head that it is just not possible, not

270
00:17:54.359 --> 00:17:56.640
gonna be able to do it, can't do it if

271
00:17:56.680 --> 00:18:00.440
they have an obstacle mindset you will struggle to get

272
00:18:00.519 --> 00:18:03.200
them beyond it. Even when you come up with a solution,

273
00:18:03.400 --> 00:18:06.720
they will still struggle. So you need to try to

274
00:18:07.400 --> 00:18:16.599
subtly move them into that opportunity lens, that opportunity minded perspective. Now,

275
00:18:19.279 --> 00:18:24.400
when somebody has identified that price is not the actual objection,

276
00:18:26.119 --> 00:18:29.480
you do need to thoroughly go back to figure out

277
00:18:29.799 --> 00:18:33.319
specifically what the objection is. And you do it the

278
00:18:33.519 --> 00:18:38.119
same way that I just described the pricing objection, because

279
00:18:38.240 --> 00:18:42.039
if you don't uncover what the real objection is, pricing

280
00:18:42.079 --> 00:18:44.640
will always be there as the objection. They'll use that

281
00:18:44.839 --> 00:18:48.000
again as the default setting. You know, there's two things

282
00:18:48.039 --> 00:18:50.440
that people talk about when it comes to objections. It's

283
00:18:50.480 --> 00:18:52.880
the you know, I want to think about it, I'm

284
00:18:52.920 --> 00:18:56.440
not interested objection, or you know, it's too much, or

285
00:18:56.480 --> 00:18:59.160
it's the price objection. So it's going to land in

286
00:18:59.200 --> 00:19:03.759
one of those categories. So when somebody says that price

287
00:19:04.720 --> 00:19:07.680
isn't the reason why, that there's some other reason that

288
00:19:07.720 --> 00:19:10.079
would hold them back, you need to figure out what

289
00:19:10.079 --> 00:19:12.640
that reason is. And when you've gotten them to open

290
00:19:12.720 --> 00:19:16.839
up and talk about that, you need to say, okay,

291
00:19:16.920 --> 00:19:21.319
So if that issue was addressed, if this was addressed

292
00:19:21.319 --> 00:19:24.160
to your satisfaction, and you were comfortable with that not

293
00:19:24.200 --> 00:19:27.160
being a concern, or that being addressed, or you getting

294
00:19:27.200 --> 00:19:32.559
that in this opportunity, would you move forward? Then you

295
00:19:32.759 --> 00:19:37.839
isolate that issue and you work through however many issues

296
00:19:37.839 --> 00:19:42.160
there are, until you have isolated and removed them all. Now,

297
00:19:44.039 --> 00:19:47.759
that is when pricing isn't the real objection. So how

298
00:19:47.759 --> 00:19:52.160
do you handle pricing when it is the real objection,

299
00:19:52.240 --> 00:19:56.279
where it truly is the reason why they can't do it? Well,

300
00:19:56.279 --> 00:19:58.440
that's a little different. And the way you handle that

301
00:19:58.680 --> 00:20:00.880
is to be able to say to people point blank, Look,

302
00:20:01.839 --> 00:20:03.759
I want to figure out a way that we can

303
00:20:03.799 --> 00:20:06.799
work together. I have no doubt that we can deliver

304
00:20:06.880 --> 00:20:09.960
on the things that I'm offering today, and I really

305
00:20:10.000 --> 00:20:13.000
want you to receive the benefit and have them impact

306
00:20:13.079 --> 00:20:15.480
you in the way that I could tell would be

307
00:20:15.519 --> 00:20:20.279
important to you. So what will you work with me?

308
00:20:20.519 --> 00:20:23.319
Are you open to discussing how we could work through

309
00:20:23.319 --> 00:20:26.880
a plan to make that happen. It may not necessarily

310
00:20:26.920 --> 00:20:30.480
look exactly the way I've outlined it here, but are

311
00:20:30.519 --> 00:20:37.279
you open to solutions? Are you open to getting creative? Now,

312
00:20:38.359 --> 00:20:42.839
you'd be amazed how many times people miss opportunities to

313
00:20:42.960 --> 00:20:46.799
generate a significant sale because they aren't willing to ask somebody,

314
00:20:47.119 --> 00:20:51.319
are they open minded and would they be creative? You

315
00:20:51.480 --> 00:20:56.680
don't know really what the issue is when somebody says pricing.

316
00:20:57.119 --> 00:20:59.519
It could be that they don't have the money today

317
00:20:59.559 --> 00:21:02.400
and they're count but they will have it tomorrow. It

318
00:21:02.440 --> 00:21:05.079
could be that they could afford it in installments but

319
00:21:05.119 --> 00:21:08.200
they haven't offered that up. It could be that they

320
00:21:08.279 --> 00:21:12.720
will never have the money. That should be determined as well.

321
00:21:12.759 --> 00:21:16.920
But the bottom line is this. You have every opportunity

322
00:21:17.440 --> 00:21:22.920
to work out some satisfactory compromise in whatever that price

323
00:21:22.960 --> 00:21:27.799
objection is. Maybe it's an installment payment, Maybe you help

324
00:21:28.039 --> 00:21:32.079
line them up with financing. There's a whole other opportunity

325
00:21:32.119 --> 00:21:35.400
for you and your business. You create relationships with finance

326
00:21:35.440 --> 00:21:38.720
partners that can help your clients when they need that

327
00:21:38.839 --> 00:21:42.079
capital to be able to work with you. Or maybe

328
00:21:42.200 --> 00:21:45.720
you just collectively work with them to agree that I

329
00:21:45.839 --> 00:21:50.880
can't do everything that I would love to do with you,

330
00:21:51.400 --> 00:21:55.359
but if your budget is X, I could then provide

331
00:21:55.839 --> 00:22:00.960
these things or this thing. See too many times people

332
00:22:01.000 --> 00:22:05.200
think that price objection is a barrier or an obstacle

333
00:22:05.319 --> 00:22:08.680
that results in an all in or all out result,

334
00:22:09.480 --> 00:22:12.599
and that's just not the case. See. The reality is,

335
00:22:12.799 --> 00:22:17.079
you can work out all kinds of compromises with somebody

336
00:22:17.160 --> 00:22:20.559
if you can't get them to work with you in

337
00:22:20.599 --> 00:22:22.880
the entirety of what it is that you are working

338
00:22:23.240 --> 00:22:26.599
with or offering them, figure out a way to do

339
00:22:26.720 --> 00:22:31.319
something with them, to do something with them. And I've

340
00:22:31.359 --> 00:22:33.640
gone as far as to say, look, you know, you

341
00:22:33.680 --> 00:22:36.119
and I have spent some quality time together. I've gotten

342
00:22:36.119 --> 00:22:39.400
to know you, your organization, what you're trying to do, and

343
00:22:39.440 --> 00:22:41.519
I tell you, I really want to work with you.

344
00:22:42.119 --> 00:22:44.400
I want to work with you because I love what

345
00:22:44.480 --> 00:22:46.680
you're doing. I want to be part of that story.

346
00:22:46.880 --> 00:22:50.160
I want to know that I am helping you take

347
00:22:50.160 --> 00:22:53.279
that next step. Now. I understand it may not look

348
00:22:53.319 --> 00:22:56.559
the way I'm originally intending it to look, But how

349
00:22:56.599 --> 00:22:59.240
can we work together? Is there something in what I

350
00:22:59.319 --> 00:23:03.440
offer that we could start with and then build from there,

351
00:23:05.440 --> 00:23:11.400
build from there. See, sometimes the opportunity is one where

352
00:23:11.440 --> 00:23:13.400
you just need to get your foot in the door

353
00:23:13.880 --> 00:23:18.640
and start working with somebody, start working with them, building success,

354
00:23:18.960 --> 00:23:24.160
enhancing their relationship, solidifying your trusted advisor status in their eyes,

355
00:23:24.319 --> 00:23:30.680
proving to them your worth, you know, just completely overcoming

356
00:23:30.720 --> 00:23:33.599
their expectations and showing them how good it is to

357
00:23:33.640 --> 00:23:39.079
work with you and creating the opportunity for future business.

358
00:23:39.119 --> 00:23:41.400
Maybe we can't do it all now, but maybe we

359
00:23:41.400 --> 00:23:43.680
could do twenty percent of it, or forty percent of it,

360
00:23:43.759 --> 00:23:46.440
or sixty percent of it, or whatever percentage works for

361
00:23:46.519 --> 00:23:52.119
the client. So don't let the price objection becoming all

362
00:23:52.119 --> 00:23:57.359
in or all out offering. Now, maybe based upon what

363
00:23:57.519 --> 00:24:01.480
you offer, it has to be you know how it's structured.

364
00:24:01.519 --> 00:24:05.559
I don't know. What I know is if two people

365
00:24:05.920 --> 00:24:09.279
have a common goal and they collectively agree to get

366
00:24:09.279 --> 00:24:12.640
creative and work on the solutions and collaborate, a true

367
00:24:12.640 --> 00:24:16.119
collaboration and figuring out how to get to the desired outcome,

368
00:24:16.839 --> 00:24:22.720
greatness can occur. Amazing things can happen. Things don't always

369
00:24:22.759 --> 00:24:25.839
look or go as according to plan. Right. We all

370
00:24:25.880 --> 00:24:28.720
know that things don't turn out sometimes the way we

371
00:24:28.799 --> 00:24:31.680
expect them to turn out. But if I can get

372
00:24:31.720 --> 00:24:33.359
a quarter or the way or a half of the

373
00:24:33.359 --> 00:24:35.599
way where it needs to be, and I can prove

374
00:24:35.680 --> 00:24:38.839
my worth in the eyes of my client, I'm willing

375
00:24:38.880 --> 00:24:43.079
to go back and figure that out. Now. Here's an

376
00:24:43.079 --> 00:24:47.799
important consideration when it comes to that pricing objection and

377
00:24:47.880 --> 00:24:51.000
that situation if you're going to make a compromise, if

378
00:24:51.039 --> 00:24:54.519
you're going to come off maybe what you've originally offered,

379
00:24:54.559 --> 00:24:58.119
because pricing is the objection, to make sure when you

380
00:24:58.279 --> 00:25:03.319
make that concession in the terms that you do it

381
00:25:04.200 --> 00:25:07.359
with a mutual agreement that when the time is right,

382
00:25:08.799 --> 00:25:13.039
you will make up what you originally offered. Say to them, Look,

383
00:25:13.079 --> 00:25:14.799
if I'm willing to work with you, and I can,

384
00:25:15.160 --> 00:25:17.599
I can do fifty percent of this for this price.

385
00:25:18.759 --> 00:25:21.240
When we get to the point that you're satisfied and

386
00:25:21.279 --> 00:25:24.759
comfortable and capital ready to do the next phase, can

387
00:25:24.799 --> 00:25:27.240
I have your agreement that we will do the rest?

388
00:25:28.279 --> 00:25:31.240
Can I have your agreement that we will do the rest? Now?

389
00:25:31.240 --> 00:25:36.559
Why is that important? Because sometimes people in dealing with

390
00:25:36.640 --> 00:25:39.359
price objections and this is the right way versus the

391
00:25:39.359 --> 00:25:43.359
wrong way, they will discount aggressively. Nothing wrong with that

392
00:25:43.480 --> 00:25:48.680
if it's necessary, Okay, if it's necessary, but they will

393
00:25:48.720 --> 00:25:53.880
forget to get a tentative agreement to complete and go

394
00:25:54.000 --> 00:25:57.680
back to what was originally proposed. They forget to make

395
00:25:57.720 --> 00:26:03.119
that part of the deal. Now, I've even gone as

396
00:26:03.119 --> 00:26:05.359

Mastering Price Objections | Ep 27

Listen On

Recent Episodes