Sales is the most important part of any business. Without sales, you have no client, which means you have no business. Even though it is a vital part of your business, for most it is their least favorite part. There is a constant fear of rejection, feeling like you are being pushy or too “salesy”. The reality is to have a thriving business you need to be good at sales.
I really enjoy speaking about sales with other business owners and the biggest question I hear is: what do you say when a prospective client says your services are too expensive?
First of all, the price is hardly ever the real issue. In some cases, a person will simply not be able to afford what you offer, but it is more likely one of the two following reasons:
- They are not seeing the value in your offer
- They think you are the same as a cheaper option they have found elsewhere
So, how to respond to these objections?
Focus on Your Value & Expertise
During the sales process avoid focusing on price. This is your chance to demonstrate why what you offer is the answer to their pain point. If after you have presented all this the answer is you are too expensive as some follow-up questions about what they would pay to solve their stated problem? Whether they buy from you or not, the follow-up conversation will tell you if you explained the value of your offer well, or if they are price shopping.
Offer Less (If You Want)
Another option is to reduce the services you are offering to reduce the price. I never recommend discounting your prices and offering the same level of service, but you could reduce your offer to bring down the price. Only do this for clients you really want to work with and who might move into your full price offering later.
Finally, you can simply move on. Some prospects are truly price shoppers and no matter how much good your product or service could do in their life or their business they will never be a client. This is OK! It is better to get a clear no and free your time for other clients who will see value in you and what you offer.
My method is to spend the most time in the sales process educating and qualifying why you are the best choice based on your offering, not your price. You want your potential clients to decide based on what is the best product or service for their need, not based on price comparison. Rushing to the close of a sale does not allow your potential client time to realize you are the best decision because of your offering and expertise, not because you are the cheapest price.