The Best way to overcome “the price is too high” objection.
Zig Zigler framed it best with his follow up question.
“Are you concerned about the cost,or is it the price that you are concerned about?”
When I first discovered this gem from Zig Zigler,I could not wait to put it into action.
I consider myself a sales practitioner.
I love nothing more than applying in real time,tools and tactics that I have learned.The idea of asking a client if it was the price or the cost that was their objection seemed bold at best.
Once I understood the context behind the question,I was armed and ready.
The sales call was going very smoothly.
My client (let’s call him Jerry) and I had built great rapport,and most importantly I had uncovered his basic need.
It was not until I priced the insurance that the conversation hit a major road block. My client turned down my proposal by informing me,the price was too high.
This was my chance….
The sales practitioner in me was chomping at the bit,
”Jerry, if you don’t mind me asking, are you concerned about the cost or about the price”?
Jerry’s immediate response was,
“I don’t understand your question, what’s the difference between the cost and the price"?
Five minutes later we inked the deal,insurance included.
The price of that deal was (X)dollars. When Jerry added on the insurance, the price went up(X + insurance) but the potential cost went down.
Let me explain.
Had Jerry declined insurance,the cost of that deal could potentially far exceed the price,in the event of an emergency.
Simply put,by adding on the insurance,the cost of the deal was capped.
Jerry knew once he paid the total price for the deal (X + Insurance),that if anything went wrong his future costs were covered.
Highlighting the difference between cost and price,can be a very powerful sales tool.
Try it out on your next sales call.