"I can get the same thing for only $13,000 and your price is $18,000."
Hearing something like that from a prospect stops many salespeople right in their tracks. Having no better way to handle that statement, some settle for spewing sales babble such as "But we're the leading provider of widgets in our city" or "We have the best customer service around, and you should really buy from us."
Often, a customer isn't aware of the differences between your product and the other product that is priced much less than yours. When this happens, you need a methodology to continue the selling process. With that in mind, here are 3 ways to continue selling when you hear "I can get the same thing for less."
1. Encourage further communication.
As salespeople, we need to learn more about the lower price from the competitor. The worst thing we can do is get angry or defensive. Thank the prospect for sharing the competitor's information with you. Ask questions, not with the intent to point out differences, but with the intent of learning more.
2. Ask the prospect the difference between the two products.
Sometimes the prospect will say "it's exactly the same." But other times, the prospect will recite a list of differences that can be a starting point for deeper discussion of differences. It's interesting how the prospect's statement of "I can get the same thing for less" can be quickly followed by the prospect acknowledging that it's not really the same thing. It's so much more effective if the prospect tells you how the products are different than if you do all the talking.
3. Use a Venn diagram
Sitting down with your prospect and creating a Venn diagram together encourages the prospect to share what they know about your product (or company) and the competitor's product (or company). The fact that you're sitting down together to create the diagram adds structure to the discussion, and the visual element can be very helpful in having meaningful conversation with your prospect.
Below is an example Venn diagram that might be created with a prospect who says they can get a sofa at another furniture store that is exactly like your sofa, but for less money. After completion of the diagram, it's easy for the prospect to see the real differences, and the prospect may be able to come to understand why your sofa is $350 more expensive than the other store's sofa.
Remember, part of the value of the Venn diagram is that you're doing it with your prospect.
If you like this post (or don't) please click on "comments" below and share your comment. Skip Anderson is the Founder and President of Selling to Consumers Sales Training. He works with companies and individuals who sell to consumers in B2C, retail, in-home selling, in the financial, real estate, and insurance markets, and other consumer-selling industries.
Contact Skip | Join Mailing List
Follow on Twitter | Connect on Facebook | Connect on LinkedIn
Recent Comments