'Your price is too high.' 3 Ways Salespeople Can Handle This Common Objection

1. Understand why the prospect says it in the first place.

Prospects say “your price is too high” when they aren’t seeing enough value. Your prospects are constantly doing the calculus in their head. If the value they think you bring to the table exceeds what they're paying you, then the price seems fair. But if not, then they're going to push back on price. That means if they think what you're asking for exceeds what they think you're providing, then the price is going to seem too high. This means that you have to be crystal clear on what your value is—not to yourself, but to your prospects.

2. Avoid this objection in the first place by creating massive value.

Creating massive value doesn't mean presenting the dollar values of your offering. No. That's an old-school approach. Instead, what I challenge you to do is to ask really good questions that help your prospects understand the cost of their challenges, and thus the value of solving those challenges. By the way, the value that you help them calculate should exceed 10 times your price. If it does, then you're in a really good sweet spot.

Let me give you an example. Imagine you’re selling commercial air conditioning units. You'd might say there's not that much obvious dollar value there—but just think about it. What are some of the common challenges that would bring a prospect to need a commercial air conditioning unit? There are a couple of obvious challenges, like inefficiency of the old units, so that's an obvious cost. Number two would be lost productivity of the employees. Number three, building off that, would be the downtime of the workforce because the air conditioning wasn't working. Now, when you really factor in costs like that, this challenge costs millions of dollars, thus justifying an obviously more expensive and higher quality air conditioning unit. Does that make sense?

3. Dig into exactly why the prospect aired this objection.

If, after all we've just talked about, your prospect still says that your price is too high, it's time to dig in. Rather than pushing back and getting into an arm-wrestling match with your prospect, ask, “Why do you feel that way?” Remember, you never want to be arguing with your prospect. Instead, think of yourself as a jiu-jitsu master, taking that energy and sending it back to them. Let them explain their thinking. Really dig into it. Understand their thought process. Then loop back to the cost of their challenges and ask them if, based on what they're looking to accomplish, this price seems reasonable. Be sure to hang in there. The key here is that you don't ever want to just get thrown off by this objection. You're not going to win all of them, but as a result of these strategies, you're going to win a lot more.

[jeffsmith]

Good response is: "That's interesting-can you tell me why you feel/think the price is too high?". If the person has spoken to someone else with similar product/service, you can now compare what your product/service offers that will benefit them. If they haven't spoken with anyone else, still use the opportunity to explain the benefit(s) of your quality product/service. Also, find out what they "thought" the price might be and break the difference down into it's smallest parts.

[feedthepeople]

Mark Wayshak is a visionary. His concise description of the sales interaction is invaluable. I feel like I just spent a semester in Business School (MBA) from just listening to Mark. Price to High; not a problem, its all about solving prospects challenges.
I don't understand why he is not at Stanford Graduate Business program as a professor?!

[melvinpillay]

Great job. You are so sincere and knowledgeable. Thanks

[mnoble]

Many times a prospect will tell you an Isuzu is cheaper than a Mercedes... Always loved that one where they think all products are pretty much the same.

[salesviper]

Nice content. It’s not quite what I would do but thanks for sharing.

[bstevenson]

Love ur videos. . As a new sales rep for Ford I find ur tips very useful 👏👍

[davidbuchko]

I didn't know Brendan Schuab was so serious about being a salesperson

[rh_]

This guy is brilliant. Really helped me. Great advice.

[cesarcabal]

Hey Marc, great content! Just wanted to check if you have any podcasts out there as I can’t seem to be able to find you on Spotify

[kellanaaron]

Very nice video quick and to the point on building value.

[chrisfrate]

Appreciate the video. Though provoking!

[herbankidd]

how do you create value when it comes to selling advertising?

[williamknifeman]

As a Karate Expert, Rent! Is too damn high.

[TalhaHassan]

I love the this video, but it finished very soon 😊
I have a situation would love to have your opinion.

Sometimes clients get the value they are looking for, but they just want to squeeze on the cost as much as possible even it spoils the end product. in such a case you try to educate the client that this decision would impact the brand image at a great extent... but still the client is persistent, how would you tackle this situation and how would you keep yourself motivated throughout the whole process?

[darkwarriror]

How can I increase value of paint products

[dineshbaldha]

Hello Mark,
Big fan of your work.

I run a small scale B2B company where we manufacture production industry machinery.
Majorly all clients are concerned about technical details and price.

how do you think I can create/emphasis on (what) values here.

Big thanks for all your videos, really helping me improve.

[bemisaltv]

stuff is good but volume/voice is very slow in all of your videos as compared to other channels

hardly audible

[Psevdokranos]

I have clients buying at that price...

[gregmaddux]

Ur assuming ur the only one who makes air conditioners tho, u gotta justify y urs is worth more money than an incredibly similar air conditioner!

[brokegirl]

So basically they know its a shit product i mean? 😂