October 27, 2019
How do you manage customers who ask for your price right away?
1) Is this a call-in and the prospect says, “What’s your best price”?
2) Is this a call-in and the prospect says, “I’m calling to get some information and costs on your XXXX”?
3) Is this a cold call and the prospect soon after your Opening Value Statement (the detail you say after “Hello, my name is…”) asked you “How much is it?
These are 3 common areas where a prospect will ask about price EARLY ON in a sales call. Each one happens for different reasons and so each one needs to be managed differently.
1) When they respond with “What’s your best price”?
This is a common scenario if you sell a product or service and other companies sell the same exact thing. It is most probable that the prospect is SHOPPING around for quotes.
When a prospect is shopping around, the person calling in is either a support role to gather information gatherer who will provide detail on the best price or it is the person that can make the purchase decision. The first thing you need to establish is which of the 2 roles this person is playing. To do that you need to manage the response with a direct, simple question:
“Dear Prospect, I’d be happy to help you with that information… so if you are then happy with out price – what are the next steps?”
If they respond with “well, I need to take it to my boss” you know you are not speaking to the decision-maker. Giving your best price now would be a shot in the dark at best. You’re better off letting them know what standard pricing is but that you may also have some possible incentives available however you would need to have the final decision maker involved in the call.
If they won’t get the decision-maker on the phone AND they are NOT willing to BUY NOW on the call no matter what the price, resist the urge to give them your best deal. They are only going to shop it if you do.
2) “I’m calling to get some information and a quote on your XXX”…
Listen, if you get a call-in and the prospect enquires about pricing, this in the sales world is called a BUYING SIGNAL. So count your blessings. You just got a hold of a legitimate WARM LEAD. However, this does NOT mean you get an automatic run scored. You still have to round (and touch) all of the bases.
Most salespeople are taught early on to AVOID discussing price until the end of the presentation. This is a HUGE mistake. However, discussing the price before uncovering their buying motive, purchasing authority, time frame, etc. is ALSO a HUGE mistake.
One of the easiest ways to handle this early request from a prospect is to simply say (with sincerity)
“Would it be OK to ask you a few quick questions first to make sure that what we offer would be the right solution for you and your company?”
Who says “no” to that? (Actually, I did have one prospect say “no” to that once but he quickly followed it up with “I know we want to move forward, I just need to know the price so I can place the order.”)
3) I’Soon after your Opening Value Statement they interrupted you and just said, “How much is is”?
This happens when the salesperson fails to pique the prospect’s interest and engage the prospect in a conversation regarding a pain point / hot button issue. So if you are cold calling and early on in the sales call your prospects are interrupting you with a displeased tone and asking “How much is it?” and you want it to stop, you need to learn a new sales process because what you are saying and how you are saying it is causing your prospects to react the way they are.
InspireU Sales Academy in Jersey teaches sales teams how to pick up the phone and close business. See our training page for more information on our courses and schedules. Paula Thomas, Founder
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