If you haven’t yet listened to Episode 207 – How to overcome objections in sales?, I encourage you to do so.
When encountering a “price buyer” there’s often nothing you can do to have them come up and see the value from a cost perspective.
I don’t want to beat a dead horse on what to say when this happens because I dive into what you should be doing and how to direct them down the path of a referral in that episode.
In episode 156-What do I say when a potential client says I’m too expensive? — yes, I get asked this question quite often — you learn 3 strategies and how to tell if it’s a negotiation tactic or not.
What I’d like to share with you though is that if you are getting this often in your sales conversations, put your prices on your website, Facebook page, or wherever you get your leads from.
If you get this objection more than a third of the time, then you aren’t clearly attracting the right kind of clients. You are also not setting the expectations early enough in the process.
Your leads will go down, there’s no question about that.
You lead quality though will skyrocket.
You’ll get folks coming to you with an expectation of the kinds of budgets they need to work with you.
You’ll also gain back time in your schedule too. I don’t know about you, but when I take a sales call, it’s not just the 30 minutes for the call.
It’s the prep time, looking into their business, looking around online to see if there are any red flags from them, maybe seeing if I can find past vendors they’ve worked with, looking at their customers, and so on.
Plus all that time that pulls me away from other client work or my own business.
All this could easily be a couple of hours on top of the time for the call.
Lower quality of leads will result in no-shows for the call, wasted time for yourself and them, and your profits flying right out the window because you are not getting paid for doing sales.
The payment for sales should be baked into your project costs. So just like any part of your business, your profits will increase if you are able to reduce the time spent on a task and increase the conversions through those points.
Setting the budget expectation as early as possible is a key component and major objection clients have.
A lead really has 3 things they focus on when deciding to sign on with you.
- If you can actually do the work
Addressing all these 3 before you even hop on a call with a lead will be beneficial to you improving your close rate on new clients.
Here are some further resources that you'll want to check out that directly relate to the show.
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