How I Handle Every Price Objection | Donald C. Kelly - 2042

“It’s too expensive” may be the answer a prospect gives you, but it may not be the reason they are saying no. The real issue could be that they do not see the value, they already have another solution, or they have another concern they have not told you yet. In this objection-handling conversation, I break down two ways to get past the surface response, find the real reason behind an objection, and connect your solution to what the prospect actually values. The Real Reason Behind a Price Objection A prospect who says a $100 water bottle is too expensive may not really have a problem with the $100. They may simply be comparing it to a $10 bottle and not seeing what makes the more expensive option worth it. The value changes based on the buyer. For someone working outside in South Florida, a bottle that keeps water cold all day, has a built-in filter, and reduces trips away from a job site can solve problems that a cheaper bottle does not. That is why dropping the price is not always the answer. If the prospect does not see the value at $100, they may still not see it at a lower price. The salesperson's job is to find out what matters to that specific buyer and connect the solution to that need. Use the Socratic Method to Get to the Root Issue The Socratic method uses questions to help prospects think through their own problems and understand why a solution may be in their best interest. The questions should not be random. They should focus on the prospect's challenge and help uncover what is behind the first objection. A prospect may start with “I can get a water bottle for $10.” Keep asking questions and you may discover that the cheaper bottle means buying more water, buying ice, leaving the job site, and losing time that could have been spent quoting more work. Thank the Prospect Before You Challenge the Objection The first step is to thank the prospect for raising the concern and show genuine empathy. A $100 purchase is a bigger decision than a $10 water bottle, so the concern deserves to be taken seriously. From there, ask what they mean when they say it is expensive. Are they comparing it with another product? Have they never paid that much for a water bottle? Or do they simply believe the product is not worth $100? Those questions help reveal what the prospect is really thinking instead of forcing the salesperson to guess. Once the real concern is clear, the salesperson can educate the prospect around the value they were not seeing. Turn Lost Time Into a Business Case The water bottle example becomes more valuable when the conversation moves from the product itself to the time it can save. A construction worker who has to leave a job site for water or ice is losing working time. If that person can get even 30 minutes back in the day, that time could be used to quote more jobs. When one new job is worth thousands of dollars, the value of the solution looks very different. The salesperson is no longer selling a water bottle. They are selling convenience, time, and the chance to create more revenue. The same principle applies to other products and services: find the business problem behind the feature and show the prospect what solving it is worth. The Menu Method Gives You a Shortcut The second approach is the Menu method. Instead of asking a long series of questions, give the prospect a few common reasons other buyers have raised the same objection and ask if one applies to them. The options should come from real sales conversations. For example, the prospect may think the product is too expensive because it will not last, because they already have another solution, or because they are not interested in working with the company. This gives the prospect an easier way to explain what is really stopping them without having to come up with the answer from scratch. If none of the options apply, that is useful too. Ask them to explain what the real issue is and keep digging. Make the Prospect Empty Out Every Objection A prospect may have more than one concern. They might start with price and then reveal that they also think the product is fragile. That is why asking, “Is there anything else?” matters before moving into the solution. The goal is to get every concern on the table. Once the prospect has explained everything, you can address each issue instead of solving one objection and discovering another later. The approach is simple: find the root cause, explain how your solution addresses it, and then give the prospect a clear reason to believe the result is possible. Use Proof Before You Ask for the Sale After uncovering the objection, the next step is to educate the prospect and use a testimonial or case study from someone with a similar problem. One example in the conversation involves a company that bought the bottles for its team because employees were leaving job sites to get water. Those trips were linked to accidents, lost time, and other problems. The company saw roughly $300,000 in value from keeping its team on site, reducing accidents, getting more work done, and dealing with fewer health-related problems. That kind of proof can change the way a prospect sees the purchase because the conversation is now tied to a result they care about, not just the features of the product. Start Small Instead of Asking for the Whole Deal Once the value has been established, there is no need to ask the prospect to make the biggest possible commitment immediately. Instead of asking a company to buy 50 bottles for its entire team, start with one or two and let them see what happens. If the solution produces the result discussed, there is a clear reason to expand the purchase. The same approach can work with software, licenses, professional services, and other offers. Give the prospect a way to test the solution instead of asking them to take a large risk. The smaller commitment can make it easier for the prospect to move forward while giving you a chance to prove the value. "You don't need to talk about all the features. If you could just get help them with understand the one feature or one offering, one solution that can best help them, then money in the bank all day long." — Donald C. Kelly Sponsorship Offers This episode is brought to you in part by Hubspot. With HubSpot sales hubs, your data tools and teams join a single platform to close deals and turn prospects into pipelines. Try it for yourself at hubspot.com/sales https://www.hubspot.com/products/sales. This episode is brought to you in part by LinkedIn. Are you tired of prospective clients not responding to your emails? Sign up for a free 60-day trial of LinkedIn Sales Navigator at linkedin.com/tse https://business.linkedin.com/sales-solutions/cx/20/09/sales-navigator-podcast?src=re-pod&trk=tse&veh=tse&mcid=6897323946090332160. This episode is brought to you in part by the TSE Sales Foundation. Improve your connection on LinkedIn and land three or five appointments with our LinkedIn prospecting course. Go to the salesevangelist.com/linkedin https://tsesales.typeform.com/to/UCMfjZbX. Credits As one of our podcast listeners, we value your opinion and always want to improve the quality of our show. Complete our two-minute survey here: thesalesevangelist.com/survey http://thesalesevangelist.com/survey. https://tsesales.typeform.com/to/lc5yAa8P We’d love for you to join us for our next episodes by tuning in on Apple Podcast https://podcasts.apple.com/us/podcast/the-sales-evangelist/id788738885, Google Podcast https://podcasts.google.com/feed/aHR0cDovL3RoZXNhbGVzZXZhbmdlbGlzdC5saWJzeW4uY29tL3Jzcw?sa=X&ved=2ahUKEwj5kaXI3Pj2AhVKcjABHW5PDVwQ9sEGegQIARAC, Stitcher https://www.stitcher.com/show/the-sales-evangelist-sales-trainingspeakingbusiness-marketingdonald, or Spotify https://open.spotify.com/show/1NjzsFjQwVrgboUfDvbzd5?si=LdQOJDc1T-WBPMxr1h3RsA. Audio provided by Free SFX, https://freesfx.co.uk/ Soundstripe https://soundstripe.com/, and Bensound http://www.bensound.com/. Other songs used in the episodes are as follows: The Organ Grinder written by Bradley Jay Hill, performed by Bright Seed, and produced by Brightseed and Hill.

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• 1:53Speaker 00

  No matter what you sell, you're going to get people who are going to have challenges or objections that may not necessarily mean the deal is dead. But how do you overcome those challenges so the deal can progress forward? Today, I'm going to share with you a couple of methods that I use that helps me and my clients, and hopefully can help you out as well. Check it out.

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  Hey, hey, hey, everyone. Welcome to another great episode of the Sales Evangelist Podcast. I'm your host, Donald C. Kelly, the Sales Evangelist. And I'm so excited for another great episode. I am so excited to be here with you today. And on this episode, we're going to be challenging you around the concepts of objections. And I'm going to share with you a couple of objection handling methods that I use that help me and also my clients. Now, if this is your first time watching our podcast or listening to it, I encourage you strongly to subscribe and we'll make sure to notify you every time we drop a new piece of content. Now, today's episode, I'm going to talk about this idea because it comes up regularly on with questions that people ask me, especially when new sellers or folks that's been in the industry for a while. But right now, it's a little bit tougher at times. So you find people that may not necessarily want to move forward.

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  Now, the way I look at objection, you got to understand that first. Objection, I don't see it as a way, a means of the deal is ending. Not at all. Like I've given objections to people that I've met with when I'm the buyer. And it's not necessarily because I didn't necessarily want the product or I couldn't afford it. It was I didn't have enough information or perhaps I needed something clarified or I didn't see it the right way. Or maybe they explained something and I thought it was different. You know, there's so many different reasons. But usually, the reason why people are not moving forward is because at the heart of it is they don't see enough value to make that investment. Now, one of the common objections that you get is price. Now, this may be a shocker to some of you, right? No, right? Many of us get the price objection. It's too expensive. It's, I can't afford it right now or whatnot.

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  And I want to clarify something. There is truth to that to some degree, to some level. Now, the may not necessarily, it may be expensive for me right now because I don't see the value in it. Or perhaps it literally just may be too expensive for me and I can't afford it. I have made that mistake before where I pushed something forward because, you know, you feel like, you know, it's not a big deal for this particular customer, but it turns out they couldn't afford it and it was a bad client in the end. And that's the last thing you want for your organization. So if sometimes people don't qualify for it, man, if they can't afford it, don't worry about it. Just let it go. But do not just take it at face value without getting that real reason behind it. Now, the ways that I go about it is two methods.

• 4:32Speaker 00

  They're called the one Socratic method and two, the menu. And we're going to have those displayed on the screen. Again, one, the Socratic method and two, the menu. But let's talk about that first. Now, before we talked about what the objection is and sometimes why you might get an objection. Now, I want to clarify one more thing before we go into those two methods. Objections, there are several different layers to it. They're like onions, as Shrek would say, or donkey. It's like a parfait, right? There are multiple layers to it. The surface level objection usually is what the prospect will feed us. And sometimes as sellers, especially if we're younger and newer to the game, we'll tend to take that objection and we'll run with it when it may be not necessarily a real issue. It's a smokescreen. Let me give you an example.

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  So let's go back to the price. Somebody might tell you, hey, the price is too high. Well, we might take it and say, well, if the price is too high, maybe drop the price down a little bit and then we give them a discount. Now, this is a dangerous game because now not only are you losing value in the product that you have, you're telling the prospect that it's cheaper than you may have lied to them then because you could give it to them cheaper. You weren't honest. Is that the case? Is that true? Probably not. The also could be the fact that you can just, they don't realize that you're cutting out your commission and also the fact that maybe you're going to bring less money to the organization. So it's not necessarily that discounting is not going to be the real issue to solve. Now, in some cases, discounting can be. But the way I look at discounting, we'll talk about this in the solution phase.

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  But right now, we're not even at the solution phase. But there's a reason why they say it's too expensive. Can we get down deeper to that reason why it's so expensive? But there's a real reason deeper beyond that surface level. So that real reason could be one of several things. Maybe one, they just don't see that, you know, for what you're telling me. You tell me this thing costs, let's just kicks and giggles, $100, but I don't see $100 worth from what you're telling me so far. I mean, for goodness sake, it's just a water bottle. Like what is, why is it that's such a hundred dollars? I don't see it, so therefore that's too expensive. I can get a water bottle for free at a trade show or I can get a water bottle for like $10. So why is this $100? What is the value in it? Now, the value is going to be in the eye of the beholder.

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  So we have to understand what is it that they find valuable and then express that piece. For me, maybe the convenience of having a water bottle is going to be great. But perhaps I work outside and it's really sunny and it gets hot here in South Florida and I want a water bottle that's going to retain the ice. But if I can share how you don't have to spend multiple water bottles on a weekly basis because it's getting hot or you don't have to stop and take multiple trips or whatnot. But the fact is my water can remain, the ice will remain throughout the whole day and it will stay insulated and it will stay nice and cold and refreshing for me when I'm on the job site. Then now I'm seeing some more value in this, in this $100 water bottle. And it's fact that it has a filter built into it. So I don't have to go filter the water bottle.

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  I can get water anywhere where I'm out on the construction site. Or perhaps it's the, I don't know, whatever, it's a clip on, it's a clip to my waist. So whatever many reasons that you might find. But those might be important to me if I'm somebody that's outside. But the fact if I'm just sitting in an office and I don't need my, I just want cold water, maybe a hundred dollars, maybe a little bit too much at that point. But we can identify what is it that I need. So you got to make sure you go towards the real reason that that person, what's the value to that individual and get down to the real reason why they don't see that. So maybe this person just say, again, they tell you initially it's too expensive. We can go to discount. Discounting isn't an issue then, right? Clearly, it's not the discount because if you drop it down to the lower level, it's still probably don't see the value in that. So you got to make sure you understand what is the value to this individual.

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  I'm going to show you the two methods, how we get to that in one second. But maybe they give you the surface level response and then maybe there's a, I just don't think it's going to work for me. And then they tell you, well, I've seen cheaper water bottles than this that are out there. And that's the real reason they don't see that value. So we address that.

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• 9:37Speaker 00

  Here are the two methods that I would get to, to do it. One, the Socratic method. Now, this is something that I learned early on in my career. Now, Socratic method, you've probably heard of Socrates and how he taught by asking questions. This is a similar idea. Our job as sales professional is to educate the prospect so well that they convince themselves that the solution that you have is in their best interest and for which they're going to reward you. But that's going to come from education. So now you might go back and you can ask questions that can help lead to the end result. Now, here's a part that I want you to understand when it comes to asking questions. It's not just random questions. They're inquisitive questions around the topic or the challenge. There's a concept called the five whys. So similar to the Socratic method where your Socratic method

• 10:21Speaker 00

  is you're asking questions to get to the truth or to help educate. There is a five why principle that you can use. So these are the type of questions. They're why type questions. Now, I'm not going to tell you to ask why five times. Kids do that and they truly get to some of the real reason. My kids might tell you, you might tell them, no, you can't have any candy. They might say, why? And then you tell them, because it's not good for you. Why? Because it's a lot of sugar in it. Why? Now, that can get annoying over time. But essentially, you're doing a similar thing because we might get down to the real reason to the kids. Say, you know, I don't want you to have a lot of sugar. It's going to be unhealthy for your body and it's going to cause you to run around all night and you're not going to get any sleep and you're not going to be able to have fun tomorrow because you're going to be grumpy. So there's the real reason, right? So I got by asking the why, I got down to the real reason to it.

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  Or it's going to rot in your teeth and you're going to have to go to the dentist and they're going to have to drill it out and you don't want to scare the kid, right? But the concept is I'm getting to the real reason. And once I get to the real reason, it can help them to understand and they're educated, they can say, oh, okay, that makes more sense for me now. I see the value in it. So with your prospect, when the person tells me like, you know, yeah, it's too expensive, I might, I would follow a four step method. I would say, one, I always appreciate, thank them for saying that and express some kind of empathy. So I would say something to the nature of, you know, I appreciate you bringing that up. Thank you so much. Most times, you know, people will tell me and not necessarily, or sometimes they don't tell me the real reason behind it. So I appreciate you telling me that. Now, I get it, you know, making an investment in a water bottle like this, it's not something you're going to take lightly because it's not a $10 water bottle. It's a significant.

• 11:51Speaker 00

  However, is it okay if I ask you a question? You know, when you say expensive, can you help me understand what do you mean? Is it inexpensive to comparison to something else that you've looked at or expensive because it's, you've never seen a water bottle this much? Or you don't think $100 is worth it for a bottle like this? And they might tell you, well, you know, Donald, it's, you know, true. I just don't see the value in a water bottle charging $10 when I, $100 when I can get one for $10. And then I'll say, tell me a little bit more. Well, I have used other water bottles that are, you know, 10th of the price and they were good. When you say they were really good, explain that for me. Well, you know, I used it for a couple of months and I got water and it helped me to rehydrate. Now, was that when you're doing construction, when you're outside? Uh, sometimes it was.

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  Now, go back and explain. And I might go deeper with this person and I might say, realize, well, you know, I do make multiple trips and I do buy a case of water and it does sit in my car and it does get warm. And then I have to go buy ice and I have to fill up the cooler and I have to fill that up every day. So you can start add that up and you start to see like, oh, okay, you educated, you walk them through it and they can, by asking the questions and it comes down to it, I just don't see why $100 is worth it for me to spend on a water bottle. Now, when you explain all of this and you walk the, how they do and what the challenges they have with the current $10 water bottle, now we can start to look and see, okay, well, maybe it makes sense for the convenience. I don't have to stop working because leaving a job site or making a detour to go get more ice or for whatever in the mornings

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  to do this, it adds more to my time, which takes me away from prospecting. And one deal is $10,000 for this person doing construction. So can we give them an extra 30 minutes back in their day? So they can go back and make those deals. Now, that has become valuable with the water or cistern or some tool that could stay cold throughout the day. Now I go through it and I might explain, okay, now we understand why the real, some of the real reason is, I don't see the value in it. Based on what we share, if we can help to demonstrate how this water bottle can still last and you can still do this. And if you can have three more jobs throughout the week that you can quote, what would that look like for you? Oh, great. Well, we're selling them convenience at this point. And we're also selling them a tool that can be able to last

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  a lot longer than them interrupting their day. So now they see the value in it and say, okay, well, $100 isn't bad. And then we do some testimonials after that. So again, one, I end, I do the, I thank them. Two, I do an empathy. Three, I start going deeper with those questions. And once I got down deeper to the question, I give them a testimonial. We had a similar client like you. They bought some for their fleet, for their bottle, for their whole team. Because now they don't have people driving back and forth. And one of the things, the common accident that they get is that people are going to the convenience store and leaving a job site and that's where most of their accident happens. So, I mean, a water bottle that can help your team stay focused, can stay hydrated, limit the illnesses and the sicknesses that they can get on the site and to be able to have the, you know, cool water throughout the whole day.

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  I mean, having that versus the car accidents, minimizing the car accidents, getting more jobs billed. And then also the simple fact that you have people who are more healthy being here in South Florida. You know, with that being said, for them, it was literally $300,000 that they saw in their company. If you could have that within your organization, would it make sense at that point to invest? Donald, you make a good point there. And then you can close it whatever way you want. So let's go ahead and start with the water bottle. If you don't like it, just start off with one or two. And if you don't like it, you'll see the improvement with your team, then you don't have to invest anymore. Does that make sense? Would you be open to doing that? And they might move forward. Now, that concept though, you can apply to any different objection. I don't care what it is. You thank them, you can choose a method, the Socratic method.

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  You thank them for that, then you express empathy for them. You got to be genuine with it. And then you ask those questions that get to the root cause. And once you get to the root cause, offer a solution to that. My solution is that they go ahead, instead of getting the whole fleet, to start off with just one or two bottles. And then from there, we can go from that standpoint and place the order. Bam.

• 15:52Speaker 00

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• 17:55Speaker 00

  Now, the second method is one that I absolutely love and it's called the menu. Now, you might say, what's the menu? Just like you go to a restaurant and you have a menu with a bunch of different items on it. The menu allows for you to just cut through the malarkey and get down to the real issue. So if I know based on speaking with client and I don't want to ask a bunch of questions with the Socratic method, I can just get down deeper to it. It's like me shortcutting the line. Let's go back to the same thing, express the same issue. Yeah, that's too expensive for a water bottle. Then I might say, hey, I totally under, uh, thank you for expressing that to me. I appreciate that. And oftentimes people don't necessarily tell me that, right? They don't feel, sometimes prospects don't want to tell me that right off the bat. And that's okay, and I appreciate that. But I can get it, you know, make it an empathy now, so empathy. Now I can get it, make it an investment like this, a hundred dollars in a water bottle. Like where's it, you know, what value is that?

• 18:40Speaker 00

  You know, I can use it for a $10 water bottle. Understand, now is it okay if I ask you a question before though? You might say, sure. Now, usually, not all the time, usually when I speak to construction workers like yourself who are out there a lot and I tell them that the water bottle is a hundred dollars and they tell me the price is too high, it's usually come back to one of three things. One, they feel that this is not worth it because it might break. It's not gonna be, it's not gonna have the endurance and it's just, it's, I can get another water bottle for $10. Two, they also feel that they already have another solution and maybe they don't want to hurt my feelings. Number three, they tie back to the same thing. They're not interested at all in working with us, but you know, maybe, you know, I'm a

• 19:24Speaker 00

  nice guy and they don't want to make me feel bad. Is it any of those by chance? Now, they might go back to the first one because I'm going to address the real, you can't put in there just random objections of reasonings. You have to give reasons that you've received from the hundreds of meetings that you've had with prospect. You're like AI at this point, you're aggregating all of the reasons why people have said in the past, the real reason why they didn't invest with you and you're using those. And more than likely, the person you're dealing with is probably going to be the similar reason why they're bringing up that objection. So again, in this case, the prospect might just tell me, yeah, it Donald, I just, for $10, I can get another water bottle. I just don't see the investment for a hundred dollars. Similarly, with the Socratic method, I would go through that solution with them and then I would ask, before I give any solution, do I ask, is there anything else?

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  And they might tell me, well, Donald, no, that's a reason. Or they might say, you know, also it seems like it's fragile. So is there anything else? No, those are the only two things. It's a $10, I can get a one for $10. This one seems like it's fragile and a hundred for a hundred dollars. That doesn't make sense to me. But now, as I go back and I re-educate them, I explain, I ask some questions and find out what are they comparing it to and find out that they are using the similar logics from a $10 water bottle and how it took them away from the site and so forth. And I express how this can change that. And I switch their paradigm, educate them. I give them a testimonial about one of our clients and how they were able to say, you know, generate, you know, $300,000 more dollars in a year because their team was able to be

• 20:50Speaker 00

  on site, reduce accidents and reduce the headaches of, uh, physical headaches and also the sickness of their staff. Because I was able to explain that, the person is like, holy moly, I didn't think about it like that. And then you go in for the ask, you talk about the durability as well and you go in for the ask. Now, if we could do that for your organization, you know, you don't have to buy 50 of them right now, but if you can, I know you will eventually, but if you can just try it out with one of your teams and get, you know, two water bottles to see what that is like, to see how this result happened, would you be willing to invest more after that? I say, yeah, sure thing. So then we start off and we go with that. Again, I use a water bottle, you can use it with software, you can use it with a number of license, you can use it with professional services that you have, whatever you sell. But the concept though is those two methods.

• 21:33Speaker 00

  One, the Socratic method where you ask five why questions to get to the root issues. By the third to fifth why, you're going to get the real issue. Number two is the Socratic method where I just give them the menu, where I just give them the options, the reason, here's the reason why people say they're not interested. One, two, and three, is it any of those? Now, if they don't say it's, if they say it's something else, then you know, you dig deeper. Interesting, tell me more. And whatever they're saying, is there anything else? Tell me more. You just want to, want to empty the, their objection reservoir, so to speak. And they tell you everything at that point because they feel confident if they told you one, they could tell you the other one. And now you have those and you addressed them. You're in the solution phase, you explain how you could fix this, how it could work. Now, if we could do this for you, if, I love the if and statement after a testify by giving

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  them a case study or a scenario, somebody like them. If we could do this for your organization, would it make sense? Would you invest right now? Or would you decide to partner with us? And they will say yes or no or whatever, and we go forward and a deal's happened. That is the way that I've handled my objections since I started selling software back when dinosaurs were living, not really. But when I first got into software sales and I got introduced to the method, this works time and time again. It allows me to have the confidence to be able to talk to the prospect, allows to bring up the root issues and allows me to be able to give them some, it allows me to give the, re-educate on the areas where they have the lack of knowledge and then also where it's going to help them to feel more confident because the value that they're bringing up

• 23:00Speaker 00

  is what they seen, the issue they're bringing up tied directly to the value that they are not seeing. So you want to make sure you paint the picture towards them. You don't need to talk about all the features. If you could just get, help them with, understand the one feature or one offering, one solution that can best help them, then money in the bank all day long. I would love to get your feelings on this. I mean, are there other ways that you would handle objections? If you have some, please go ahead and drop it in a, and tell me on LinkedIn, you could drop me a message and I'll give you a shout out on a podcast and share that I learned this method from you. But tell us and I would love to hear that. But I want you to try this and I want you to let me know. Again, I want you to thrive and I want you to win. I want you to succeed. Most importantly, I want you to raise your level of thinking and I want you to go out, I want you to do big things.

• 23:48Speaker 00

  The Sales Evangelist Podcast is created by the Sales Evangelist Sales Training Organization. It is produced by TSC Studios. Our podcast production manager is Nancy Paul. Our audio engineer is Jershun Obayal. Our video engineer is Dusan Kunado. Guest management is done by Jill Vito and Kristy Virtus. Our content writer is Carlisa Galbraith. Our graphic designer is Yurvis Savalia. And I'm your host and executive producer, Donald C. Kelly.

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  Sales Podcast Network.