Of all the objections that can come up during a sales presentation, price seems to be the most difficult to handle for many sales people. If a buyer says “your price is too high”, don’t panic and offer a lower price. If you do that, you have just confirmed what the prospect just said.
Take a deep breath and do a little digging. Find out if it’s a “Price Objection” or “Price Resistance”. Here’s the difference. A price objection is when a client really can’t afford what you are offering. If that is the case, unless you can arrange terms or financing, there isn’t going to be a sale.
Price resistance is a different matter. In this situation, the client actually believes the price is not justified. To make the sale, you will need to go back and demonstrate the value of your offering. If the buyer thinks he can get it somewhere else for less, make sure he is comparing “apples with apples”.
Like any objection, the price objection is a good thing. If you can overcome it along with any others, you probably will make the sale.