Handling Price Objections

Now, I know talking about price can stir up a fuss quicker than a storm rolling in from the Gulf. But let me tell you how I handle those price objections when they come my way, ensuring everyone walks away satisfied.

​First, you must shift that focus from price to value. It’s not just about the cost but about what you are getting for your money. I explain it clearly: what they are gaining is not just a product or service, but something that adds genuine value to their lives, the same way a reliable tool makes any job easier.

Empathizing with their concerns is crucial. I nod and let them know I understand, akin to listening to a friend share worries about an upcoming job. It is important to acknowledge their feelings, showing that you are not there just to sell but to help find what suits their needs.

Then, there’s this “10 Year Same Price” study. It reveals that generally speaking, when a customer is insured with a preferred big-name insurance company, the 10-year overall premium is very similar between two competing companies. I share this to demonstrate that in the long run, they are not just spending their money but making a solid investment.

And consider the price of essentials—high, but do we stop buying them? Absolutely not! We continue to invest in what’s necessary because it’s essential. It’s similar with other valuable things. If it’s something they genuinely want or need, they’ll find a way to manage the cost. I point this out gently, so they see that the price is not the ultimate factor, but getting what they truly want and need is what’s most important.

Handling price objections is all about perspective. Guide people to see past the initial sticker shock to the lasting benefits of their purchase. It’s like persuading a friend to invest in a quality product. They might hesitate at the cost, but once they experience the benefits, they will see it was worth the investment.

So, when you are faced with a customer hesitating over the price, remember: it’s your job to help them see the bigger picture. It’s not just about cost; it’s about investment. It’s about value. And here in Louisiana, whether it’s choosing the right ingredients for a dish or the right insurance plan, finding the best value is what we all strive for.

Author
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