I often get told that the service or product is exactly what they want but the price is too high.
Here are 5 tips in handling money objections:
1. Money is often a “red herring” objection a good question to ask is “If money were no object…” – this will usually bring out the real issues behind the money question.
2. Make the value tangible – ‘fees too high’ is often code for I don’t see the additional value of your solution. You need to find a better way of making the value clear and tangible
3. Is it their objection or ours – often it is the service provider who is hesitant in stating the price. Make sure all the client’s needs are established and likely impact and the value to the client of the solution are clear. If you have, then it’s easy to state the price with confidence
4. Don’t lower the price without changing scope or deliverables – if you do, you are creating a platform of mistrust and lower prices ongoing.
5. Be sure you are dealing with the decision maker – money is always an objection for the person that doesn’t hold the decision. The objective for them may be more about getting a ‘win’ on the price to carry favour with the decision maker rather than creating the best solution.
In the end, if the service provider doesn’t have faith in the value of their services, you can be certain no one else will.