I can’t afford it.
I don’t have money to buy it.
I don’t have enough budget.
During my consulting sessions salespeople often complain that they are not able to sell as their product is very costly. However, when I ask them, “do they buy the cheapest products?’, their answer is always ‘NO’. They understand what I am hinting towards.
Then they ask, ‘what to do when prospect says that the product is very costly and they can’t afford it, I don’t have money to buy it, or I don’t have enough budget?’ They ask for tips how to handle this objection. But that’s the wrong question to ask. What they should be asking is, how do I avoid hearing these phrases in the first place?
Once the prospect has made this statement, you have invited the trouble. And it really becomes very difficult to save the sale at this point.
Have you tried reading between the lines? What is the prospect really sayin? The prospect is basically telling you that you haven’t shown enough value so that he can make the investment you are asking. To justify him making an investment in your offering, is your job, not his.
I am listing down few tips to avoid this deadliest remark from prospect in sales process. Keep reading till end.
Tip #1: Have a disqualification mindset.
“Not every prospect is your customer”. There are some prospects who simply don’t see value or don’t have money. Define your questioning process for finding out what kind of budget the prospect has for buying the product. It’s your job in the beginning of the sales process to qualify the prospect as soon as possible. That means asking questions to understand how critical their challenges are, to figure out whether they are the type of prospects who will really invest in solution you are offering.
The moment you determine they’re not going to make an investment, it’s your job to immediately disqualify those prospects. A disqualification mindset means that you think like a doctor. You’re not going to look for a sale. You’re looking for a prospect who has some serious challenges and a willingness and a commitment to solve them. Anyone who falls outside of that should be immediately disqualified. Remember a Maruti Alto 800 prospect will seldom upgrade to Maruti Dezire.
Tip #2: Help prospects calculate “how much it is costing them”
You need to understand your prospects’ challenges, but it doesn’t stop there. All prospects know they have challenges, but often they haven’t done the calculation to see what those challenges are really costing them. As a result, they don’t know what it would mean to them in additional revenue, profit, or cost savings to solve those challenges.
The math is where you actually build value in the sales process. Ask your prospect, “If you were able to solve these challenges, what would it mean in additional profit, cost savings, or additional revenue?” With this question, you are now creating value in the sales process. It is your duty as salesperson to position your product in prospects mind that the price is worth the investment. The benefits completely justify the price. Rather the prospect shall be in much more benefit.
Tip #3: Discuss money before you present.
Establish a budget before you present your solution. Make sure that you’re on the same page with money before you show them the goods. Often, salespeople think it’s easier to just present the solution before talking about money. Let’s face it, talking about money is uncomfortable. But the problem is that once you present your solution and share your prices, you suddenly have far less use to the prospect. You’ve given away the goods.
If you indicate the price in advance before the presentation, your product shall be received in right perspective. By doing that, you’re going to keep the sale on track.
Tip #4: Be proud of your price.
If you are selling a costly product, there are reasons to it. Do you know the reasons why your product is costlier than your competitors? Ask your senior colleagues and your boss. Unless you can justify the price of your product to yourself you can’t sell it. You must understand that your product is not overpriced. There is a perfect match of the features, benefits and price. You are adding value more than the price you are demanding. So, get convinced and feel proud of the fact that you are adding very high value to your prospect customer by offering the product at that price.
So there you have it. Those are the three tips every salesperson must take to avoid the objection, “I can’t afford it.”
Why don’t you share your experience? I want to hear from you. Which of these ideas did you find most useful?
I invite you to share your comments in the section below and get involved in the conversation
