We’re discussing price objections and how to handle them, and it’s time for a visual aid.
So let’s draw a triangle: The three corners of an isosceles triangle. At the top corner, write a dollar sign for price. At the bottom left hand corner, write quality. At the bottom right hand corner, write speed. Those are three different components of your offering.
So the customer says it’s all about price. OK we’ve got two other variables we can manipulate to get you a lower price:
1) The quality of the product
2) The speed of getting it from our door to yours.
Now if you insist on low price, then you can have one of them, but you have to give up the other. So, if you want the lowest price, do you want low quality or do you want slow speed? Which one of those do you want?
All three of those things are available, but you can have only two at a time. So if you want high quality, are you willing to pay a premium for it, or are you willing to wait a long time for it? If you want fast delivery, do you want us to forego quality or charge you more? Do you want low price? Do you want it to take forever to get to your door, or do you want the cheapest stuff we can find?
The prospect has to understand, in order for your margins to be cut, it has to come out of somewhere. So you have to educate the prospect. And if it’s all about price, you haven’t done your job.
We have to get our customers thinking differently about us and the things we offer and how we offer them to the market place.