Most business owners and sales professionals fear when they face price objections. When a client says your price is too high, what’s the best solution? Usually, when a potential client is resistant to close a deal, it’s almost never about the price. They will resist if they feel the price is too high.
What if you could have the ability to master sales strategies that could turn your life around? A sales strategy that could turn a low ticket into a high ticket offer.
And if you could just master the “1” technique that will convince and compel your customers to buy from you. How would that impact your life?
Have you ever talked to a prospect and they lie to you? Prospects lie all the time…
Sometimes, they’ll tell you that they can’t afford it or what you sell is too expensive.
You see, selling to a market that’s interested in buying shouldn’t be difficult. When you’re closing, very often you would deal with prospects that lie.
So, how to learn the technique to handle price objections?
Selling has changed in the past decade and if you ask any sales leader – how selling has changed, you’ll get various answers but only one recurring theme: “It’s a lot harder”.
Who are those leaders? How can you discover their magic secrets to success?
Giving you the Price Objections
Most of the time, it’s not the price. It’s the value that they’re objecting to. What they’re saying is, what you’re selling is not worth the price you’re asking.
To them, it’s more to do with them than it has to do with you. So, if they don’t see the value, no matter what your price is, they will feel it’s high.
However, if you can convince them of the value being provided – the price won’t be an issue. Provided that, they can afford your product. Sometimes, of course, you are selling to a marketplace where they actually cannot afford what you’re selling – In spite of how much they want it.
Learning how to handle price objections in business is of the utmost importance. Not only it determines the value of your product in the marketplace, but you also want to avoid offering a discount.
Low-Income Clients Or High-Income Clients – Know Your Customers
If you try to sell a Ferrari to a low-income family, in spite of how much they want it, – you won’t succeed. They simply cannot afford a Ferrari.
So, if you’re selling to the wrong people and the wrong place, lowering your price won’t help to increase your sales. And also, it may not help you with getting more responses.
Have you been selling to the wrong people? Selling to the wrong people is one of the most common and costly mistakes. You lose precious time and money – marketing in the wrong place.
The most common lie is “ Let Me Think About It”. In my video, I spoke about the prospect lie. Most of the time, when you get an objection, it means “I don’t see your value”.
When it comes to price objection, it’s either they don’t have the money, they don’t see the value, or they don’t have any sense of urgency.
Therefore, identifying your clients is crucial in overcoming price objections.
Price Objection is VALUE Objection.
For a customer, if they don’t see the value of the product. They will determine their price. Or worse, they don’t buy. Don’t get angry if you catch yourself in the wrong place – If you’re not valued.
Typically, what they’re saying is “I don’t see the value”. With that said, you have to show them the value of the product. They want to buy but you have to show them – tell them why they should buy it.
The thing is, there are many variables when it comes to price, value, and selling. And there are 2 things you need to understand.
People without the mindset of “willingness to buy” and “ability to buy” will never see the value of your product even though they can afford it.
When you want to make a sale, time is essential. When you get objections like, “I’ll think about it, send me more information, I’ll get back to you or price objections”. This means you’ve failed to create a lack of urgency – the willingness to buy.
Watch this video about the 3 most important skills in sales
And if you don’t make the sale today, you will not make the sale tomorrow.
So, if you’ve failed to convince your client on the value of the product and why they need to purchase today, they won’t make the purchase even though they can afford the product – the ability to buy.
Now, given that they meet these 2 criteria. You, as a business owner, as a closer, how do you show and demonstrate that value?
You see, I’m not talking about your value – Value is a perception, is what they see – how they see and what they can get out of it by using your product or service.
With that said, as a business owner and a closer. How do you tell that story? What communication strategy you can use to compel your customers?
What this value is worth to them?
Like I said earlier, it’s more to do with them than it has to do with you. So, if either one of those criteria is not met. There’s no reason why they need to buy RIGHT NOW.
“Remember, people don’t buy from you because they understand what you sell – they buy from you because they feel understood – Dan Lok”
Maybe, your strategy is storytelling, or social proof, or guarantee…
But, how do you create a “story” of value?
You see, It’s not the thing that you sell, it’s how you create that value proposition.
Create value around your product – the VALUE PROPOSITION that’s incredibly compelling, irresistible and risk-free that when your customer sees it, they’ll say – “That Makes Sense”.
I’ve been teaching mentees around the world – more than 150 countries. Thousands of my mentees have gotten value from my product. Not to mention – millions of viewers from my free content YouTube videos.
There are hundreds of YouTube videos I’ve produced over the years. And I’m sure you would have come across those videos and testimonials from my mentees.
Apart from storytelling and social proof, this, I guarantee you: “Customers Always want Assurance”. They will examine your offer in detail and give you objections. And if you’re selling a high ticket product you’ll overcome price objections.
The Best Defense Is A Good Defense.
In order to prevent this from happening, deal with it before they come up.
Dealing With Objections From The Beginning
I’ll give you a perfect example, I have a book – “The Closer’s BLACK BOOK”. This book was not available before. In order to acquire The Closer’s Black Book, you have to be my student – students that have invested up to $10,000.
Now, it is accessible to the public.
You will discover the ‘counter-intuitive’ selling secrets that accrued more than $34.5 billion in sales. You will also discover techniques and strategies overcoming price objections and many more.
For a business owner, like me, the most profitable businesses are the scalable ones. If you want to scale your business fast, lowering your price and selling to the wrong people is not what you want.
You will get many price objections.
And here’s the big part I don’t want you to miss.
The Closer’s Black Book sells in Dan Lok Shop and it’s priced at $995.00. With that said, it is probably one of the most expensive, if not – “THE MOST EXPENSIVE” sales book in the world.
If it’s sold to the wrong person, they’ll say – “That’s overpriced”, I would not even pay you “$5 dollars” for it. Just like the story of a father and his son in the video – you’ll get price objections simply by telling the wrong people.
In fact, I would increase my price to the right people that will cherish the value of the book.
I won’t sell the book to someone who doesn’t see the value from it. But to the right person, it’s different.
To a business owner and sales professional, they know that, if they could learn just 1 technique, it could change everything that they do. Learning that 1 technique, 1 strategy that could double and triple their closing ratio.
Final Thoughts On Pricing, Price Objections, And Lying Customers.
What if the Black Book could help a real estate agent with closing one more sale and get one more listing. That could translate to tens of thousands of dollars in commission. On top of that, they could still retain their knowledge and use that for the rest of their life.
So, $1,000 dollars for a book is a no brainer – to the right person. That’s the difference.
And because of that, I’m not going to lower the price of my Black Book to someone who doesn’t see the value and who won’t even pay $5 dollars for it. It makes no difference even if I lower my price, they still won’t buy it.
If anything, I would increase my price to maybe $2,000 dollar a book to the right person who will cherish, appreciates and who sees the value that the Black Book could offer.
“Price Is Only An Issue In The Absence Of Value”
So, how can you make what you offer more valuable?
Let me say this once again…
Don’t lower your value to the wrong person. Increase your value and price to the right person. And if you want to get a copy of the Black Book – click here only if you believe you’re the right person.