When a deal gets stuck because a buyer doesn’t have the budget, or considers your offer too expensive, the worst thing you can do is lower your price.
Not only because it damages your sense of self-worth, but also:
It gives your buyer the feeling that you were asking too much to begin with, and that causes broken trust, meaning the sale is even less likely to happen.
But one thing you *can* do when a buyer objects to a price, is to increase the scope – i.e. the overall value of what you’re offering.
And that doesn’t mean you necessarily have to do or deliver a whole lot more. It all depends on how powerful and effective you are when you are in your Zone of Genius.
Like my friend Paula, or Fred, who are both ace designers. For them, it’s a matter of minutes to look at a page and offer some suggestions – which then dramatically improve the entire page design.
In my case, asking questions about one of your deals, and providing you with an email to send, or a few bullet points to talk through with your buyer, or a few useful questions to ask them, is practically a zero-effort activity, because it’s in my Zone of Genius.
And *because* it’s in my ZOG, it’s extremely effective, and guaranteed to get your deal unstuck.
So if I’m proposing a $25K consulting project to a buyer and the price is a problem, I’ll happily say:
“I won’t be changing the price, but I do want you to feel good about that price. So I’ll add something in: You get to call me at any time during these three months, and ask me advice on your opportunities and sales. I’ll help you close your deals. Does that make any difference?”
Adding value to your offer is the way to respond to price objections. Either by asking questions that have the buyer get a good view on how exactly how valuable your solution is, or by adding something in from your Zone of Genius.
The trick is to choose things that are low-effort to you, but that add meaningful value to the buyer.
And that word – value – is key.
Because most people don’t mind paying an asking price, so long as they value the purchase high enough.
Those are the two best ways to respond to “too expensive” or “no budget”:
Either have them see the value, or add some.
On another note:
I’m building an app that coaches you on working your pipeline, moving your deals forward – and closing them faster and at better rates.
It’s called SalesFlow Coach, and we’re scheduled for beta-release in June 2022.
Register here to be notified when it goes live.