Shock and awe: Overcoming a non objection
In my last article, I wrote about overcoming price objections - a topic that attracted a lot of interest and clearly something that resonated with many readers.
A price objection is one thing. However, if you reveal your pricing and ask for the order, then after a comprehensive sales interaction, the prospect responds with a state of disbelief; you have a much bigger problem.
This really is an OUCH moment!
In a price objection, as discussed last month, you failed to build enough value. However, if the prospect is truly surprised or even shocked by your price, the problem is much worse - you failed in many foundational sales areas. You did not do one or more of the following:
1. Properly unearth the prospect's problems and pain
2. Properly expose the need
3. Help the prospect to understand the validity, costs and importance of the problems
4. Properly build the value of the solution
5. Convey credibility in you and your company
6. Gain the prospect's trust
When is an Objection not an Objection?
What most sales people do at this point is turn to their rebuttal book, and begin to try to overcome the price objection.
Please understand that at this point, there is no objection. There is no objection because there is no valid offer. There is no valid offer because the prospect does not see a realistic solution to a legitimate problem. There is no objection because the prospect does not even have a real consideration on making such a purchase.
The Missing Link
The main thing for you to do if you are so unfortunate to be in this self-imposed predicament, is to go back and try to find out what you missed. Ask questions. Dig deeper into the problems and properly expose the need.
Then assign a real monetary value to the problem: What does it cost the prospect NOT to have your product or service? What do they suffer? What is their pain point?
Also, please note that if this exclamation of shock or surprise happens more than extremely rarely, you have a fundamental problem in your sales interaction. There are essential ingredients missing in the foundation of your sales structure. (This of course, is assuming that your pricing is reasonable.)
Instead of continuously trying to combat so-called price objections and eventually drastically lowering your price all the time; go back to the proverbial drawing board and redesign your sales interaction.
Price Objection = Build value
Price Shock = Start over