Aug '24 • General discussion
When a Prospect Asks About Price
How you talk about price can make the difference in closing the deal.
In most cases, prospects are talking to your competitors. They are scheduling calls and demos to get ALL the information they need to make the best decision for their business... as they should. During this dance, it is important to always be the one that timed the music right to end up with your prospect when the song is over (the sales process).
Never give your full offer until you know the dance is almost done. Your prospect will beg and plead for you to give your absolute lowest and best offer, but what they really are hoping for is a bargaining chip. This chip will be used against the competition to drive down the price with the competitor that has created the most VALUE during the sales process. If you steer the conversation away from an offer and keep pressing the pain you are solving, you can keep the prospect from turning you into a commodity with the rest of your competitors.
What I am not saying is to never give the price when they ask.... just don't make that price their ONLY option. For example, almost all services, products, and software have upsells or tiers. While these tiers are a starting point, every deal should have a unique and creative offer (even if this is the tiered pricing). How you talk about price can and will impact your chances of winning the deal. When asked about price, I like to say something like, "Well our out of the box pricing is X, but there are a few things I might suggest to help solve (REPEAT THEIR PROBLEM). Let me touch base with my team and I will put together a quick proposal with a few options for you. We definitely want to make sure we solve this problem you're having". By doing this, I have answered their question but I also left ROOM for them to know I can be flexible and they get to make the final decision on price. In this scenario, the prospect will definitely check in with me before they make their final decision (considering I have created enough value from my product/service).
Don't turn your what you're selling into a commodity by selling by price. Create the value and continue to point back to solving your prospects problem. They will beg you to give them everything you can do, but never lay your cards down too early.
Stack the deck then show the hand. Value is greater than price.
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When a Prospect Asks About Price
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