Getting The Edge In Professional Selling 鈥 Terence A. Hockenhull
ONE OF THE MOST common objections is: 鈥淚t鈥檚 too expensive!鈥
The statement by a customer that something costs too much can mean a number of different things. Normally, we interpret it as a client鈥檚 way of saying that the item does not represent good value for money. The customer is telling us that the item is not worth the price that the salesman is asking.
However, it is possible that what the client really means is that he doesn鈥檛 have the budget to make this particular purchase. Bear in mind that many of today鈥檚 corporate buyers determine exactly what they want and how much they will have to pay for it, long before they meet the suppliers, vendors, contractors or salesmen. To find a buyer with an 鈥渦nlimited budget鈥 is rare. It is not difficult to determine what the customer really means.
Ask the question, 鈥淎re you concerned about exceeding your budget for this purchase, or do you feel that the item doesn鈥檛 represent value for money?鈥 The customer鈥檚 response will tell you whether the objection is a 鈥渧alue鈥 or 鈥渃apability鈥 issue. Objections that relate to the worth of the product fall into the 鈥渧alue鈥 category. If the price exceeds the client鈥檚 budget, the objection is a 鈥渃apability鈥漣ssue.
Designer brands and labels hold a degree of intrinsic value for many people. This is the very reason some people are prepared to pay a premium.
Others (like me) are more concerned with form and function. Of course, I am interested in the reputation of the manufacturer and the quality of the item. However, the name itself holds little value. I rarely buy designer items for this very reason. My thought process when offered an expensive brand is: 鈥淗aving a patch on my backside that advertises some fashionable brand really isn鈥檛 important to me, so why I should pay for something that I don鈥檛 want or need?鈥
When a salesperson offers me a poorly made product that carries a high price, I may similarly respond: 鈥淚t is too expensive.鈥 In this case, I don鈥檛 think it is worth the cost.
A couple of weeks ago, I was in a department store buying pots and pans. Some of the kitchenware appeared to be reasonably priced until I examined it closely. Made of cheap, low-quality materials with blemishes and faults in the finishing, I didn鈥檛 buy because the goods didn鈥檛 represent good value for money.
A professional salesperson should take the time to determine why a customer is raising a value objection. When the value of the product rests in a feature that the client doesn鈥檛 need, the salesperson should look for a more appropriate item to sell. If the objection occurs because the product is low-quality and not worth the asking price, he would do well to ask himself why he is trying to sell something that has very low marketability.
If he sells in a market with little or no competition, he might still make sales. In a competitive marketplace, he will not be able to sell.
Sometimes, the objection occurs because of a misperception. For example, a client may believe an item is identical to all other products offered in the market. A closer evaluation may show that one product is demonstrably better than the rest. If the salesperson hasn鈥檛 bothered to take the time to explain this, then it is his fault when he loses the sale to a cheaper alternative.
When the issue is capability, and the client lacks the budget to buy, the salesperson can try to sell the idea of increasing the budget. This can only be done if the client is convinced that a higher price is necessary to secure the item he wants and needs. Alternatively, he can look for a cheaper product that will not necessarily meet all of the client鈥檚 needs and do his best to sell the features of this.
A third way of handling this type of objection is to be creative. Perhaps the item can be sold on a lease-to-purchase scheme, or maybe the item can be stripped of all of the optional extras to get it into budget.
Objection handling is not difficult providing the salesperson understands why the customer is really objecting. Forethought, planning, and exemplary selling practices will prevent most objections from occurring in the first place.
Terence A. Hockenhull is a long-term resident of the Philippines. He is an accomplished sales consultant who currently holds an executive sales position with an Italian geotechnical company.
