Posted in General, Management, Productivity, Retail Operations, Selling & Persuasion

Overcome Price Objections

The moment every sales person fears is a price objection: “Why is your price so high? Or “Why do you charge more than your competitor?”

Jerry Weissman coined the term “buffering”, which he describes as paraphrasing the question without the loaded words.

The buffer to “Why is your price so high?” is the salesperson responding:

‘What’s our pricing rationale?’

This is rephrasing the question so that you’re not agreeing that the price is too much or anything at all. Buffering strips the negatives, and neutralizes any possible hostility. Weisman suggests that you use a simple rule of thumb by only using only nouns and verbs. No modifiers, adjectives, or adverbs.

You are still meant to ‘sell’ the product’s advantages and benefits, but you are more effective AFTER you have stripped away any judgments about your products or services. The process works as follows:

  1. Buffer.
  2. Answer the question: address the concern that is identified in the person’s question.
  3. Sell.

Example:

Objection: The price is a bit high for my liking.

The Buffer: “Why have we chosen this price point?”

The Answer: “The reason we chose this price point is that it includes the service package, an upgrade to what you already have and the fact that you don’t have to retrain your employees.”

The Sell: “By choosing our product at this price, you’ll be able to realise the cost savings that come from the lower maintenance costs over time.”



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