30 Ways to Handle the Objection: "It's too expensive"! (Part 2)

"Price objections are common in sales for 2 reasons: either clients have learned that pushing back on cost will get them a discount, or they are trying to use the price as an excuse not to purchase because there are other concerns such as value or trust. Very few times it means they can´t afford your product. If the client sees enough value and urgency they will come up with the money!"

This is Part 2 of the 30 best responses to the Objection: "It´s too expensive".

As we said in Part 1 of this Post is important to establish if by expensive, your clients mean "costly" or simply a large amount of money involved (coming up with $200K for a Bentley might seem costly for some), or if they really mean "expensive", or that the price exceeds the value (a VW Beetle being sold at the price of a Bentley is Expensive).

Steps to handle the Price Objection:

According to Aja Frost, Senior Content Strategist on HubSpot, this 4-step process will help you overcome price objections:

1.- After the prospect has finished speaking, pause for three to five seconds. (Hit the “Mute” button if you need to.)

2.- Explore the pricing objection. You should ask up to three questions before responding to the objection.

3.- Summarize their price objection in a few sentences.

4.-Circle back to your product’s value.

The following responses to pricing objections allow you to acknowledge your prospect’s concern without immediately slashing your price or causing them to walk away.

16. "What's the ROI you're looking to see?"

This steers them away from thinking in terms of "expensive" or "cheap," and towards the long-term value for their business. It also puts you in a position to objectively define the value of your product or service.

17. "It might seem expensive for one day, but let's break it down by month/quarter."

A lump sum can seem scary to anyone, so break down the number a bit. Show them a new way to conceive of your pricing. Have figures on how the cost distributes over years, months, or days at the ready.

18. "Is what you're saying that our prices are high in comparison to our competitors'?"

Like so many others on this list, you have to deliver this one without aggressiveness or condescension. And if your price is indeed higher than the competition's, this question opens the door for the salesperson to differentiate on value.

19. "Have you ever bought a similar product or service before?"

Another possibility is that the prospect has an inaccurate idea of what this type of product or service costs — perhaps because they've never purchased it before. With this question, you can clear up their misconception.

20. “Price is an important consideration. So I have some context: How much research have you done on what a typical investment is for a product/service like this?”

The question behind this one is, “Do you already know what something like this should cost?”

Thanks to your prospect’s inexperience, they might be placing your product in the wrong category.

For instance, maybe your solution has both a data storage and an analytics component. If they compare it to other data storage options, it’ll look significantly more expensive. But if they benchmark it with analytics software, your price is right in line with the competition.

21. "You think it costs too much?"

Prospects can change how they feel as they hear recap their perspectives. Feeding their line back to them forces them to explain their position, and might make them reconsider in the process.

22. "When's the last time you bought something based on price alone?"

Again, no one likes to feel cheap. This question provides an excellent opportunity to differentiate your value from your competitors.

23. "I understand. In fact, I had two other customers just like you who were uneasy about the price at first. But what they found was ... "

Empathize with the prospect, and then address their concerns with a strong case study that proves value. Be able to demonstrate real results — having hard figures is a big plus when doing this.

24. "In your own business, is your product/service always the least expensive option available?"

This is a great line to have in your back pocket, especially if you´re talking to a business owner. The buyer's organization has to win deals too, and they probably do it on value and not just price. If delivered correctly, this line might elicit a chuckle — and a signed contract.

25. "[Silence]"

Sometimes the best response is no response. When a salesperson simply falls silent after an objection, the prospect often begins to explain their rationale. The rep can then address specific concerns from there —no prompting needed.

26. “Mr. Prospect, I would rather apologize for the price today than for the lack of quality and your unhappiness forever. Now, let’s not let a few dollars keep us from doing business together.”

This reply comes from famous salesperson and trainer Zig Ziglar: it reminds your prospect skimping on price will hurt them in the long run.

27. "Thanks for your honesty. How much were you thinking of spending?"

The prospect's answer will reveal whether they're in the right ballpark or playing in a completely different state. This response also turns the conversation back on them, so they're forced to take a stand or admit they were bluffing.

28. "That's a little surprising to me, because when we talked [earlier, on X day] cost was less of a concern. Has something new come up on your end I should know about?"

Use this objection-handling strategy when you've previously discussed price and it definitely wasn't an issue. Something has clearly changed — your prospect has begun evaluating a less expensive alternative, the final decision maker has asked them to get a discount, their department just invested in a different solution and now they have less budget — and you need to figure out what did.

29. "How soon would you need to see ROI for this to work with your budget?"

Telling your prospect they'll see 20% ROI isn't comforting when they have a strict budget and aren't sure how long it will take to see those returns. Ask them how soon they must see the benefits of your product/service and do the math with them to determine whether they can achieve that goal, even with their current budget.

30. "What are the most valuable parts of the product/service for you?"

If it's just not possible for them to afford your full product/service, ask which parts would be most valuable to their business and work with your sales manager to create à-la-carte pricing. This might not be possible with your business model, but if it is, you'll earn a thankful customer — and hopefully more business from them down the line.

Closing the price objection shouldn´t be an issue anymore! Go Close that deal Today!

Learn More:

The Closer´s Survival Guide

100 rebuttals for the most common Sales Objections.