How do we handle the price objection?

In many sales situations, although there are quite a few exceptions, the price objection is one of the most likely blocks to a close. The prospect says ‘It’s too expensive.’ So what do we do?
Let’s start with what we don’t want to do. Say ‘Oh, ok then goodbye.’ Or even worse, ‘Yes that’s what most people are saying’. We also don’t want to look downbeat and disappointed.
With any objection it is the duty of the sales person to at least attempt to handle it. We must first make sure we respond in a positive manner, in terms of our body language including strong eye contact, or if over the telephone positive words. We need to send the signal that this is not the end of the conversation but part of it. In terms of our preparation we need to be fully prepared for all objections including this one.
So what could we say? Here are some possibilities:
1. ‘That’s interesting, does that mean it is too much in total or it is too much compared to another option you are looking at?’ or, ‘ok expensive compared to what?’ or, ‘I see, so what alternatives are you looking at?’
2. We need to make sure that we maintain positive body language and then continue in a conversational style to understand what is behind the prospect’s statement.
3. The first step in handling the price objection is not giving up and then to open up the conversation about price.
4. ‘Ok, let’s talk about the price. What sort of price are you expecting?’ establish their expectations and go from there.
5. Go through the key parts of what they are purchasing. It may be that we have quoted for a solution parts of which they do not need.
6. Explore the value of the solution your product or service would bring and relate this to the price.
These are just a few possible approaches. We will review more of the ways we can handle the price objection in future posts.