How do you protect your margin?
If someone wants to negotiate the price of a deal, how do you navigate that as a salesperson?
In a recent episode of Negotiations Ninja, Steve Benson emphasizes, “Where there is a price, there will always be objections to that price—especially in this economy.”
Buyers are always thinking about the benefits and the tradeoff of what they’re going to be paying vs what they’re going to get when they make a purchase.
Proactively address price objections
Steve’s first strategy with price negotiations isn’t negotiating. Instead, you want to anticipate the objections before they arise and cover them during the sales call. When you address objections proactively, it shows you understand their needs, and it increases your credibility. You want to be in the driver’s seat.
You can say something like, “A lot of people ask about price, and that’s always something to think about as you consider your options.” Steve then demonstrates the value proposition. You could compare yourself to a competitor and tell them that your price initially seems higher, but share why your product or service offers more.
You end with, “Let me show you how…” You brought up the price, you dealt with the objection, and then you ended your presentation demonstrating the value of your product or service. Assuming you’re proud of your product, this strategy can work well.
If you want to learn more about navigating price objections—and every other aspect of sales—check out Steve’s latest venture, Badger Sales University.
Badger Sales University
Badger Maps just launched Badger Sales University, a sales training platform. Badger Sales University is where sought-after sales thought leaders offer amazing content that they’d typically sell on their website.
Badger Sales University compiles sales training videos from different experts and offers access to the content for a monthly fee ($29). So if you’re looking for specific training on price negotiations, you can go to the negotiation section and watch a video explaining how an expert would approach it.
Learn more about sales, negotiations, and empowering your team members to help each other level up in episode #413 of the Negotiations Ninja podcast.