Feb 12, 2024 • Podcast

How do I manage price objections at the end of a long sales cycle? (Rebroadcast)

Imagine spending six – nine months trying to close a deal. The customer is ready to buy, but they tell you, “Your price is double the competition!”

On this show, Paul answers Jeff’s question:

“We consistently compete on price because our product is always the most expensive! When we compete on technical capabilities, we always have an advantage. But justifying the higher cost is a challenge. How do we avoid going through a long sales cycle and losing the business at the end? Customers always see the value in our extended capabilities but have trouble justifying the 2X cost.”

Paul responds, “The key is figuring out what makes your solution different or better and why that is meaningful to the customer.”

In this type of selling scenario, there are going to be multiple decision makers, and they are getting involved at different phases. You must identify who is involved and how they define value. This needs to happen early on in the buying process.

“How are you going to sell them on your value, if you don’t understand how they define value?”

Additionally, multiple decision makers can complicate the buying process. “There are group dynamics you just can’t ignore.” Paul explains, “Groups want to conform.” On the show, Paul demonstrates how to facilitate group conformity. “It’s not enough to just gain individual buy-in with decision makers…”

How do you respond when your price is double the competition?

“Being double the competition is a big hill to climb, but you can climb that hill, if your solution is worth it.”

“Don’t focus on the price of your solution. The key is to…”

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