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"Your Price us too high" How to deal with this sort of objections?

👑 Sales Strategy
📈 Closing
☁️ Software Tech
31
CoorsKing
WR Officer
+13
King of the Coors Knights
I go back and keep selling the value. If I’ve done my job as well as I want to, I shouldn’t be getting this objection. And 50% of the time I hear this, it’s not from a decision maker anyway, so I need to get higher in the org.
SalesbeastMode
Catalyst
+4
Senior BDM
Correct @BigMeech . 
si
sickofthetoxic
Politicker
+7
this place is sad
Yep @SalesbeastMode you either aren't talking with the right folks, or haven't shown the value of what you're selling. 
Kinonez
Celebrated Contributor
+9
WR Enthusiast
We don’t usually talk about price initially, bc we would like to learn more about you, we create a personalize offer specific for your specific needs. Every client is different based on the functionality they need but I can tell you we are the most cost effective option in the market plus you ONLY pay for the features you use.

I wouldn’t want to disservice you giving you a wrong number, not knowing all your needs.

We don’t let money get in the way, and I don’t want to let a number get in the middle of your needs
AlphaCharlie
Arsonist
+8
Account executive
We'll price match any other offer out there (We actually do this for 1 year)
SalesbeastMode
Catalyst
+4
Senior BDM
😄
Show 8 more replies
SalesbeastMode
Catalyst
+4
Senior BDM
Appreciate this @Kinonez . 
Kinonez
Celebrated Contributor
+9
WR Enthusiast
You are quite welcome!

tonysoprano
Opinionated
+5
AE
I usually hash this out in the discovery call when talking about budget whenever possible. If they are open with me with what competitors they're looking at (we are 99% of time time more expensive) I will be open and tell them that and tell them why we are. 

Also challenging that with something like "too high compared to what?" If at all possible you're able to put a $ amount on how much their problem is costing them, it's a really useful thing to come back to in a pricing convo

at the end of the day I try not to be scared to walk away if pricing is a deal breaker 
SalesbeastMode
Catalyst
+4
Senior BDM
Great one @tonysoprano 
Gottapumpthosenumbers
Opinionated
+2
Strategic Growth
Step 1 - Blame Marketing
Step 2 - Shotgun a 4Loko
Step 3 - Ask the prospect if they have any other questions before signing a contract
Step 4 - Profit

In all seriousness, this is such a broad question. What do you sell? Does your prospect need your product? Is your product appropriately priced? You get my point.

And, there are TONS of posts and conversations on this topic already. Use the search bar, friend!
SalesbeastMode
Catalyst
+4
Senior BDM
Thanks for responding. Whatever we sell, this question will arrive till sales exist. 
Gottapumpthosenumbers
Opinionated
+2
Strategic Growth
Totally agree, this question will always exist. I also agree that there are general strategies that will guide you in the right direction. I only asked my follow up questions because I wanted to try and add as much relevant context to an answer that I could have added. However, it sounds like you got what you're looking for in the other comments. Cheers!
funcoupons
WR Officer
+12
that's queen coups to u
Too high compared to what?
SalesbeastMode
Catalyst
+4
Senior BDM
Yes, when we dig deeper with respect to our comparison, it can help. Thanks @funcoupons . 
NoSuperhero
Politicker
+7
BDR
i wrote this too, for sure gotta find out more. Also it's good to find out what is a must have in the solution that the competition offers.
Oz
Ozz
Politicker
+6
Account Executive
Sell value - not price. You wouldn't want those cheap customers anyways.
SalesbeastMode
Catalyst
+4
Senior BDM
Understood
GDO
Politicker
+7
BDM
-why?

-compared to what?

-what do you think should be the price? Why?

-how much value is in it for you?
SalesbeastMode
Catalyst
+4
Senior BDM
Great one to share @GDO 
GDO
Politicker
+7
BDM
Thanks beastmode
CuriousFox
WR Officer
+13
Senior Account Executive
Usually something is off to where they don't feel the need or urgency to buy your product. Dig more. Are you talking to the right people?
SalesbeastMode
Catalyst
+4
Senior BDM
Prospecting should be done accurately. Thanks @CuriousFox for responding. 
Sniper
Opinionated
+3
Enterprise Account Executive
The rep is off if there’s a sense of no urgency coming off
StringerBell
Politicker
+7
Account Executive
Meh I hear it often enough but we’re not meant to work with everyone. It’s usually from like a 20-30 person start up though. If they’re 100 person company I usually ask them compared to what and who? Then reinforce the value and how many customers we work with. I’ll be honest I kind of treat price like I’m surprised they think it’s expensive (and in the grand scheme of things it not, think like 30k ARR)
SalesbeastMode
Catalyst
+4
Senior BDM
Noted @StringerBell 
SalesbeastMode
Catalyst
+4
Senior BDM
Can we ask them like : Is pricing the only priority? 
If we do not go ahead with this deal while not solving the pain due to pricing, will it affect this badly? 
JC10X
Politicker
+8
Senior Sales Manager
I agree with you, is there anything else we should unpack further?
Swarthymovie
Arsonist
+7
SDR
with experience, and trying to make a balance with it and market price 
SalesbeastMode
Catalyst
+4
Senior BDM
NoSuperhero
Politicker
+7
BDR
Compared to what?
SalesbeastMode
Catalyst
+4
Senior BDM
The comparison information can help better. 
Biznasty
Opinionated
+5
Lead Business Development Manager
Confidently wait them out. Have a healthy detachment from deals and learn that people who want everything for nothing are the most negative customers you will ever have. Also, price fairly upfront
Biznasty
Opinionated
+5
Lead Business Development Manager
All of this only applies if you have confirmed price is the real objection and not the easy one they are giving you so you don’t sniff them out and make them buy
SalesbeastMode
Catalyst
+4
Senior BDM
Noted @Biznasty 
RampagingDog
Politicker
+5
Recruitment Consultant
"My price is high because it's worth it.  It may sound arrogant, but the truth is, if you were satisfied with the job that your in house team were doing, or with what my competition is able to provide, we wouldn't be having this conversation.  We ask for X because what we bring to the table is different in (1,2,3 value add ways).  The question is not whether you can afford to work with me; the real question is can you afford to not change up what you've already been doing and not seeing the results that you're after?"
SalesbeastMode
Catalyst
+4
Senior BDM
Totally nailed it @RampagingDog 
AnchorPoint
Politicker
+8
Business Coach
"Too High?"
LordOfWar
Big Shot
+12
Director
Add value.

I'll bring in my engineering team/designers/production team and try to improve on their design or product. I'll propose multi-year agreements to flatten pricing and secure against inflation. I promise our improved quality will reduce field failures and returns which in turn ensures performance and end-user satisfaction. No company wants their product to fail because they chose the cheapest supplier and saved a few pennies.

People pay more all the time for easy, fast, simple solutions that reduce their workload. Keeping that and the fact we're not the cheapest game in town, I try to not play the price game. I get ahead of procurement whenever possible to spec in requirements only we can deliver. Educate the customer so they search for solutions to problems they didn't know they have and (surprise!) only you can solve.
SalesbeastMode
Catalyst
+4
Senior BDM
Valued answer @LordOfWar 
SammySandbags
Politicker
+6
Account Executive
on to the next
EQSales
Contributor
+2
VP of Sales
One of my favorite sales quotes, "Price is a conversation in the absence of value."  If your price is "too high" it means you haven't shown enough value that the customer agrees to, don't have a true champion, etc.  or you are just talking to procurement.  then you pull in your champion and ROI to shut it down fast

my favorite response to this is to understand, "Price is too high in relation to what?" then shut up and let them talk.  their set budget? research they did online about competitors?  some imaginary ballpark they thought made sense?  these statements typically fall apart fast if you have the courage to ask some direct but very fair questions.

finally, don't fall into the trap of responding to that statement, instead understand it.  the moment you try to solve for that objection, you are dead in the water
SalesbeastMode
Catalyst
+4
Senior BDM
Great one indeed @EQSales 
SaaSam
Politicker
+8
Account Executive
Sometimes it's true too. If a company is pricing themselves too high, no amount of objection handling will get you out of that pickle. Do you know what the industry average is for your product/service pricing?
SalesbeastMode
Catalyst
+4
Senior BDM
Yes and true @SaaSam 
NotInterested
Valued Contributor
+5
Business Development Manager
When I get this objection, it's usually due to our mark up price compared to other agencies. I always argue - let us SHOW YOU why we are so valuable (this usually occurs when we are 3% higher than another agency). 
SalesbeastMode
Catalyst
+4
Senior BDM
Interesting @NotInterested 
co
corgilover
Good Citizen
Territory Manager
you have to go back to the original pain point that brought them to take that initial call. Is there a real hard compelling event or are you creating fluff? sometimes you can sell fluff, but if there's no pain and need - status quo is always going to be your biggest competitor
SalesbeastMode
Catalyst
+4
Senior BDM
True @corgilover 
kbites
Valued Contributor
+2
Account Executive
I usually try to quantity the value of the product to the company. If this product can save your team time, I'd quantify the man-hours saved, figure out hourly wages and put it in a spreadsheet.
Economic buyers cannot argue if you save them $40,000 and the product cost $30,000.
SalesbeastMode
Catalyst
+4
Senior BDM
Noted @kbites 
li
linkedinconnectmaster
Politicker
+5
CEO
I let my rep handle that
TheRealGMoney
Arsonist
+4
Sales and Business Development Manager
@SalesbeastMode -- If you've done a strong Discovery and they see the value here's something you can drop, but you have to make sure you're actually speaking with a decision-maker. 

- "sounds like you objectively see the value in XXX, but you're having some hesitations about pricing, correct?", go into an ROI scenario and talk about the value they're getting... If you've done a good job with your disco you should be able to get past that. 

- "Compared to who/what?"

- "Why do you think that this isn't worth COST?" 

- "Can you help me understand why?" 

- IF you've done a good disco, poc and an upfront contract, go into this -- "When we first started the conversation, you mentioned you were looking to XXX, and through our proof concept,  you've agreed that you objectively see the value in XXX, and you mentioned that if the POC was successful, this would be something you'd be ready to move forward with... what are we missing here/ where's the disconnect?" 

SalesbeastMode
Catalyst
+4
Senior BDM
Great one noted @TheRealGMoney 
Sniper
Opinionated
+3
Enterprise Account Executive
Use their quotes and own words against them which are their paint points, and how they can 1) do nothing but make sure they hear you say “as long as you’re okay with your revenue decreasing (insert pain point) 2. Go hire a new employee to do whatever it is you need done but be okay with ramp up, potential turnover, training him/her, human error etc or 3) sign here and illustrate the roi of them signing with you. Then stfu and stay silent. Using a prospects own words are Impossible for a prospect to defend and you’ll find out real quick that this was never supposed to be a client of your bc you can’t sell to stupid or they’ll open up and now it’s time to play ball
SalesbeastMode
Catalyst
+4
Senior BDM
Nice to hear this @AmirAli88 
rainmakerinthemaking
Opinionated
+5
Enterprise Sales executive
We are the pro in this field and this is my price, if you think my price is high .. wait till u get an amatuer. 
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