Discussing Price With Prospects – What to do first
“I frequently speak with prospects that sound very interested in what we offer but once I email them the proposal, it’s hard to get them back on the phone or to answer my emails. Why does this happen?”
If you’ve sent out (emailed) a proposal and aren’t hearing back from your prospects, chances are your sales process (what sales questions you ask, when you ask them, why you ask them, how you ask them) has you missing one or more of these steps:
Did you identify a problem and get agreement from the prospect that they want it solved?
If you simply asked a few “probing questions” that gave YOU the understanding that there’s a problem, but failed to have the prospect realize a problem (or an opportunity for them to be better), there’s no reason for them to use your service – even if they like it, and even it was FREE! (Ever felt like you couldn’t give it away? Now you know why)
What role does the prospect play in the decision making hierarchy? If they said they were the “decision maker”, how did you confirm this?
Salespeople like to use titles as a way of identifying decision makers… I’ve got news for you:
Each company has their own way of doing business. Assuming you’re speaking to the decision maker just because their title is CEO is a huge mistake.
What does their ideal solution to the problem look like?
Have you ever been on the receiving end of a sales call where they ask you a few probing questions and then go off into a sales pitch that is the equivalent of the world’s longest run-on sentence? What would it have been like for that sales person to ask YOU what the ideal solution looks like, and then matched what they offered to what you are after?
When would they like to solve it (time frame)?
Are you selling on your time frame or the prospects? Are you more worried about getting the deal in so it can count towards this months commission check, or are you seeking to understand what’s best for the prospect?
Did you find out what was going to happen once you disclosed price?
If you don’t know what steps are going to be taken once price is given, how do you know if this is an opportunity for this month’s or this quarters’ numbers? Your manager wants an accurate forecast. Not a hope-for-the-best forecast.
Once you’ve identified the above, did you uncover if your price range was doable for them? Was it within their means?
If you do the above steps correctly, price won’t be a stall objection. Sure, some prospects may still want to try and negotiate, but negotiation isn’t a stall objection.
With that said, not EVERYONE will be able to afford your solution. Have a strategy that addresses the “price qualifying” step in the sales process – and make sure it’s one that gets you the answer you need (the truth – if they can afford it) and not just the answer you wanted.
– Michael Pedone
Michael Pedone teaches inside sales teams how to pick up the phone and close business. He is the CEO/FOUNDER of SalesBuzz.com – An online sales training company.
OUTBOUND B2B SALES WORKSHOPS
How to successfully sell by phone, email & LinkedIn – Live Online Sessions from Michael Pedone
SPACE IS LIMITED TO FIRST 50 REGISTRATIONS
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