Price Objections: Convincing Customers to Pay the Right Price

1253 Words Jun 20th, 2013 6 Pages
Consider that you are selling a line of toys that, because they are made overseas where labor costs are far lower, can be sold using a low-price strategy. If a buyer raises a price-based objection, what would you say to convince him that your price is appropriate?
Price objections are one of the biggest obstacles salespeople have to conquer. There are two important points to keep in mind concerning price resistance. First, it is one of the most common buyer concerns in the field of selling. A salesperson must learn to negotiate skillfully in this area. Secondly, price objections may be nothing than an excuse. Price can be a barrier while selling to a transactional buyer. Buyer's generally raise a price-based objection under three
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The literature is to show you are definite about the price and no one else has been given a better price than them. Build the value of your proposal and show how the product saves money so the cost is an investment.

Consider the same scenario as in question 1--that you are selling a line of toys that, because they are made overseas where labor costs are far lower, can be sold using a low-price strategy. If a buyer says, "You get what you pay for, and I don't want inferior foreign goods," what would you say to convince her that your products are of equal quality to those made in the United States?
Understanding the needs of a customer along with the budget is very important to a sales person. Find out what the customer is looking for and what's the best the customer is ready to pay. If the customer denies paying the cost cause the product looks or feels inferior to other products. You can show the authenticity certificate of the product. Talk about the wear and tear of the product and how it could be fixed. Let them know the difference in price between toys that the manufactured in US as well as the product you are selling. Let the customer know of the after sales service provided and that the product or toy can be exchanged or replaced if it is broken or damaged or not as per the customer's satisfaction.
It is important to make the customer realize that you are not cheating them of their money and