Group Forums >> Coffee and Car Keys >> we did not want to spend that much objection
we did not want to spend that much objection
4511 posts back to top |
Posted 5 months ago Jim has started something very exciting in this group improving our sales skill. To keep in line with this topic of educating,communicating ,and learning I saw this topic in another site. The objection of ; We did not want to spend that much. How do you handle this objection? The time is now to grow and learn as much as possible. Take action and responsibility for your actions
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4511 posts back to top |
| Posted 5 months ago This other site takes the sales forum way to serious, they argue over the meaning of one word over the substance . Their answers to this objection have been silly and hard for me to imagine them being professional. I thought I would pose this question to those that work with clients on a daily basis and have practical experience with clients. WHAT DOES THIS OBJECTION REALLY MEAN? The time is now to grow and learn as much as possible. Take action and responsibility for your actions
Join me at http://twitter.com/rich34232
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1352 posts back to top |
| Posted 5 months ago Rich, in my industry of manufacturing cranes and hoists, companies really do not have a good idea of the cost of made from scratch units. These units can sell for 5000.00 to 100,000 plus depending on the size. Because they do not take the time to investigate they are usually in shock when we quote them. The crane or hoist they presently have, may be 20 to 30 years old and they have only had to do repair and inspections on them. When the say "we did not want to spend that much" that is telling me they are uneducated in the product. That is when you ask what they felt would have been an appropriate cost. I think sometimes they feel embarrassed and have put themselves in a compromising position as they may have been the one to suggest a new crane in the first place. It's not that they don't want to "spend" they have a budget and the quote has exceeded the budget. So you ask them what their budget was/is and sometimes we can help them out and sometimes we can't. |
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4511 posts back to top |
| Posted 5 months ago
We didn't want to spend that much
Asking the client what they have in their budget for this task is fine. Remember what is in the budget for repairs or replacements is never enough however when looking at the big picture you may find that it is in their budget to take six week vacations or go out to dinner two times a week. With companies they may find areas where they can exchange budget and finance the deal. Budgets can be altered we must show them how they can change the budget. Showing empathy is GREAT however reducing what is their best fit is not the way to go. Doing this only cheats the client out of what is best for them.
The very first step, understanding the statement we did not want to spend that much. I appreciate that Mr. or Mrs. Client. The majority of sales people immediately go into defensive posture wanting to drop service and price and quote a lesser product. With that statement where does it imply that they cannot pay the price? Where does it imply that they cannot come up with the money to pay for the product, service?
Wow that is a lot of money, your price is too high, and that is more than I want to pay fall into the same category. Treat it that way.
I understand that it is a lot of money, today quite a few things cost a lot. (give a Zig Ziglar statement) Our company decided to explain price one time rather than to explain poor quality for the rest of our lives.
Quality is rarely cheap and cheap is seldom quality is another way to explain a price concern.
Is it the price or cost to you? The client will surely say what? Explain the difference.
Mrs. Client many of my clients have already done your shopping for you and this is what they found by using our product and service.
Surely all of us in this forum have stories of clients who chose the lesser of two products only to enjoy premature failure? We all have had clients who purchased cheaper products only to have the sales professional come back and enjoy the ownership exchange after they have paid twice for an item. Learn to tell true stories.
However when this comes into play the client does not have enough trust or value built into the product and service and there is not enough justification for them to pay that price. This means at this point they are unwilling to pay the price there still have not stated that they cannot pay the price. LISTEN and hear exactly what the client states.
I have a client who is a Pulitzer Prize winner who always states this objection often. He can afford the price.
Find the condition then find terms and put the client in the best possible situation to receive a product and service that will fulfill their needs.
I also suggest engaging the client with more relationship building to develop that trust and value. Include three options. Discover all their needs for that product and service.
Often times the client will state I cannot come up with that kind money. Rarely will they say that they did not want to spend that kind of money. There is a difference ask questions to make sure of the difference.
The time is now to grow and learn as much as possible. Take action and responsibility for your actions
Join me at http://twitter.com/rich34232
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1352 posts back to top |
| Posted 5 months ago This part you wrote Rich I believe in totally: I also suggest engaging the client with more relationship building to develop that trust and value. Include three options. Discover all their needs for that product and service.
Engaging in a relationship will surely help you as the salesperson how and why to make it work. Great ideas and thanks! |
