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How Price Conditioning Kills Price Objections
By, Nick Moreno
“I NEVER THOUGHT IT COULD COST THAT MUCH!!!”
Have you ever heard those words? Here is what you need to know about “price conditioning” your prospect.
Price conditioning is a strategy that prepares your prospect for the price they will be charged for your product or service. Failure to properly use price conditioning strategies often results in “sticker shocked prospects” and lost orders.
Price conditioning is necessary because prospects often have a price range in mind before they even meet with a single sales rep. Prospects may get their pricing expectations from “low ball” advertisements, something they heard or a previous purchasing experience… that happened fifteen years ago!
Many prospects simply guess they know how much something should cost based on baseless assumptions. However, no matter how a prospect gets a price in their head, know that their price is almost always too low. In order to succeed, the sales rep must condition the prospect to accept a higher price. I hope you can see why you need a price conditioning sales strategy.
Price conditioning involves a series of every increasing “leaks” about price from the sales rep. These “leaks” are tied to specific steps in the sales process. Let me review with you what to say and when to say it as you condition your prospect to spend more than they expected.
#1 – Price Conditioning During Fact Finding
Price conditioning begins during the Fact Finding step of the sales process. The sales rep must highlight the magnitude of the “project” as a way of moving the prospect past the feelings that the purchase is “small, quick, inexpensive and easy”.
Here are a few price conditioning statements that reps may consider during Fact Finding…
“I can see why this is top priority for you”
“We often work on projects of this magnitude”
“You don’t want to revisit this every few years”
“How often are you involved in projects of this importance?”
The above statements are intentionally vague. The statements only serve to open the prospects mind and to prepare that prospect to “think larger” as it relates to price.
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#2 – Price Conditioning During Presenting Solutions
The next time we see price conditioning is during the Presenting Solutions step of the sales process. Presenting Solutions is presenting your product as the solution to your prospect’s problem. Here a few statements you can use when price conditioning during your product presentations.
“You could paint but even that will cost about $4,000 and all you did was cover up the problem.”
“The problem isn’t always paying too much. All too often the problem is not paying enough and receiving an inferior product that lasts only a year or two.”
“You could pay $60,000 to $20,000 for this. It depends on the features you know you must have.”
“Because we give the best guarantees, we can only use superior products that are well worth the price because of the value they represent and the benefits they deliver.”
Consider the intent of the above statements and how they can be made to fit your product or service when price conditioning during Presenting Solutions. I want you to benefit from this sales training.
#3 – Price Conditioning Prior To Presenting Price
The final time a rep must be involved with price conditioning is just prior to announcing the final price. Consider the following price conditioning strategy right before you tell the prospect how much they will be charged…
“Before I provide you with the final price, I want you to know it includes everything to complete the project including, but not limited to…
I applied your Major Account Discount and the price is $______ .”
At this point, it’s far less likely you’ll hear… “I NEVER THOUGHT IT COULD COST THAT MUCH!!!”
I hope you’ll benefit from this sales skill and I hope you’ll use these price conditioning strategies.
I wish you great sales success!!!