Overcoming Objections: The Worst Way to Respond to Pricing Objections

Hello, my friend, it's Janine back here.

Once again, this is Live with the Pricing Lady, the podcast.

Welcome back.

So for the past eight weeks, we have taken a little break of releasing

new episodes, but we did bring you my Value Vault series where we shared

retro sodes, Tips and resources on various topics over the past few weeks.

I hope that you enjoyed the series and if you have not had an opportunity, go

back in your emails and have a look at what was in there or head on over to

LinkedIn and take a look at my post there.

You'll find all those resources, tips, and retrosodes there.

Today we have a brand new episode for you and what I want to talk to

you about today is the worst way you can respond to pricing pressure.

Now, this episode came to me as a result of the questions that I

get from people when it comes to dealing with pricing objections.

And most of the time when people ask for help, this is what they ask me for.

They say, Hey Janine, what arguments can I use when people put pressure or say no

to my offer, when they object to my offer?

And this led me to understand that most people feel that when they get a

pricing objection or any sort of sales objection, that they actually have to

first defend themselves and their offer.

And to me, this is the worst way you can respond to any sort of objection, pricing

or otherwise in that, in that matter.

And why do I say that?

Well, if we just look at the pricing part of it, when someone says, ooh,

that's, you know, no thank you, that's too expensive for me, a lot of times

people are using that response to simply shut the conversation down.

And, and it works because it's not like you're going to say, well, prove

to me that you can't afford this.

Yeah.

You would never say that to someone.

That would be incredibly rude, right?

So it serves a very good purpose to shut the conversation down.

The reality is you don't actually know why they've said that.

There are a myriad of reasons why they might have said that, and many of them

have nothing to do with the price at all.

So what I want to share with you is what you can or could be doing

when you get such objections.

Now the first thing for many of you, It will feel when you get an objection to

your offer, it might trigger you a bit.

So the first thing that you want to do is you want to breathe.

And the reason you take a nice deep breath is to keep the cognitive part

of your brain functioning properly.

You don't want to go into fight or flight mode or panic mode.

You want to be able to think clearly when this happens.

So take a nice deep breath.

You might even try to have a little smile in your eyes, not a goofy smile on your

face, but you know, just try to relax yourself and stay in a good frame of mind.

So that is the part number one.

Second thing you want to do is you want to ask them a question.

So rather than launching into a list of, well, this is why you should buy

from me and this is why you should buy our product or this is why you should

download our app, so on and so forth.

You want to ask them a question and it might sound something like this.

So if someone says, Ooh, you know what?

That's a bit too expensive for me.

You might say, Oh, that's really interesting.

Can you tell me more?

And then just zip it.

Don't say anything and wait for them to respond.

What you're doing here is you're actually putting the responsibility on them

to explain what's behind that answer.

And that is a beautiful thing for them and for you.

So as I said before, they may just be saying that to set the conversation

down because it's a simple thing to, a simple way to respond.

It could also be that they don't really know why.

They don't want to take that offer right now.

And so now you're giving them the opportunity to vocalize that and

you get the benefit of hearing it.

So the next thing you want to do is simply listen to what they're saying.

Try not to think about what you're going to say next or what you need

to, you know, defend your offer.

Just listen to what they're saying, because then you're going

to ask some clarifying questions.

Because your objective at this point is to understand what is behind that objection.

Is it really the price?

Could it be that they have a different understanding of the value?

Could it be that they are just looking for a second offer so

that they can accept another one?

Now they may never tell you that.

But you want to understand as much as you can about what's behind that answer.

Because that is how you can understand where to take the conversation next.

So if they say, well, you know, I'm not really sure that this will

work for me, you say, Oh, okay.

So it's not about the price.

It's actually about how we might work together or what

this can really bring you.

So what is it do you feel that's missing?

Cause then you can take the conversation in that direction.

Now maybe your offer doesn't include that thing that's missing.

That's good information for you.

Maybe you could include that missing thing in what you offer if it is, or maybe it's

there but they just didn't realize it.

Right?

So, by understanding what's behind their objection, whether it be a pricing

objection or any other sort of sales objection, it helps you understand better

where to take the conversation from there.

So, to summarize, the worst way that you could respond to pricing

pressure is to go into defense mode.

Your first action should be to breathe, second action to ask them a question, then

listen and then ask further clarifying questions so that you know in which

direction to steer the conversation next.

Now, this is a shorty, but it is a great episode because I want you to

start feeling more confident and not so afraid of those pricing objections.

Yeah.

Cause if you're afraid of it, then you're going to get more

triggered when they come your way.

Use them as an opportunity to understand your customers and the

situation better and find the right path to come up with a mutually

beneficial way forward for you both.

That's all for today's episode.

I also want to take this opportunity to let you know that the next

cohort of the Fair Price Formula is now open for enrollment.

This course is all about helping you understand step by

step how to set your prices.

Over about two weeks, I take you through that process.

We look at the customer, we look at the offer and the value, we

look at the willingness to pay, and we get into the competition.

and your cost and profit.

It's a fantastic course, so if you just head on over to the pricinglady.

com on the homepage, you will find the link to it there.

We will also put it in the show notes.

It would be my great pleasure to have you join me.

If you have any questions about if that course is fit for you, please book a

call with me and let's have a chat.

I wish you a great day, and as always, enjoy pricing, my friend.