How to prevent the price objection - Part 2
My previous Blog on Objection Prevention talked about positioning: setting the landscape so your price is viewed in perspective.
Here’s a magic question to ask that complements that approach perfectly, that enables you to turn the tables on the buyer, make them feel awkward about price for once.
During the probe, look the prospect in the eyes and ask: “so...er...do you mind sharing your budget with me in round figures?” You’ll get one of three reactions:
- “Yes, it’s £x”. One in a million will be telling you the truth, the rest are lying: undercutting to give you a hard time. Whatever they say, it’s nowhere near enough. Look thoughtful, perhaps even a little shocked: “Mmmmm, that’s not really enough to really achieve what you want...” or “that’s right at the bottom end of what’s needed, you won’t get x, or y, for that amount”
- “I don’t have a budget.” Yep, lying again. “OK, wouldn’t expect you have a detailed budget at this stage, but broadly speaking, what would be reasonable given the problem, and it’s likely impact on the business?”
- “I’m not telling you!” “OK, I understand, but I don’t want to waste either of our time...so broadly speaking, what would be a reasonable amount to consider, given the problem, and it’s real impact on the business?”
You need to be careful not to be too confrontational with this one, keep the tone of voice gentle, but when it works it raises the discussion onto business levels, and away from your price in isolation.