It's Almost Never Price When the Prospect Doesn't Buy When they say it costs too much they are politely saying you haven't convinced them it's worth the money.
By Grant Cardone Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
If I were to survey all the salespeople in the world, most of them would say price is the number one reason they lose a sale. Nothing could be further from the truth. Price is not the problem, and it's definitely not your problem. Price is not your buyer's biggest concern. It never has been, never will be. Price is actually at the bottom of the list on concerns and reasons why people don't buy.
If you're an entrepreneur, you must learn that most sales are lost over objections you never hear, not some obvious and spoken objection like the price. Getting the sale is not about money but about the buyer having confidence in three things:
1.Confidence in the product or service.
2.Confidence in the salesperson.
3.Confidence in the company.
Related: 5 Strategies of 'Psychological Pricing'
Let's face it, nobody is going to say, "I don't believe in you," they will blame the price. Most salespeople believe if the price was lower, they would sell more. You will not sell more because you haven't fixed the problem. If price alone is why people buy, then a company doesn't even need you. They would just make products, put a low price on them, advertise them and nobody would have to answer questions because nobody would be shopping -- people would just buy.
That is not reality. Many businesses that try to be the lowest price provider go out of business. This shows price is not the problem. Does the buyer have confidence in the product, in the salesperson, in the company? It takes a salesperson to sell features and benefits, build value, do a great product demonstration, get emotional and get the customer emotional so they can begin to make sense of the price.
You have to get someone excited and give them reasons to build that value in their own mind. People have to justify making a decision and make sense of the money. Most people struggle with making a decision. It's your job to sell with emotion and close with logic.
Related: 4 Reasons Why Raising Your Price Is a Brilliant Marketing Move
So, remember that salespeople stop sales, customers don't. Your customer is never the problem. You are the ultimate barrier to any sale. You make think that's insane. You say that customers do cause problems. I agree, but that doesn't give you a solution to the problem. Attaching blame never will solve your problem.
Assume the position that you're the only one that can stop the sale. It's critically important that you stabilize the things you can control. You are the barrier—not the price. Assume that responsibility and your results will skyrocket.
Too many salespeople blame customers, the market, management, the economy, the manufacturer, the inventory available, other staff, the government -- the list goes on. When you don't make the sale, rather than blame, ask yourself what you didn't do, what did you miss? Why does the customer not have confidence in the product, the company, or you?
