Selling is a win-win. When a sale is completed, we’ve sold a solution to someone either get rid of some pain or achieve some gain. Marketing strategies the source of revenue but sales bring the money. Selling is more matter of WILL than SKILL but WILL is more important than SKILL.
“Unless you establish and justify your price- show that it’s right, you can’t make a sale” Price alone absolutely nothing, its what you get in return for your money that determines value. It’s up to the salesman to make sure each customer understands this value-price relationship.
Nobody can rightly decide the validity of a price without the complete knowledge of what it represents. If the customer says that your price is too high, you’re admitting that an outsider knows more about your product than you do. As a salesman, you’re the expert on price and value because you know the facts!. Always you can turn the price objections as an invitation to close. It can be done in two ways : The first thing is that prove two things that your product or service is absolutely right one and your price is also right. The second thing is that never apologize for your price.
There are 4 ways to overcome Price Objections. That’s ad up all benefits buyers get from your products or services and subtract everything that the customer will not get from the competitors. The 3rd way is multiple all the intangibles things such as reputation, branding, your commitment, values, credibility, Customer care, service and good will etc. and the 4th way is divide it from long term cost. Price is for today but costs is for running it for long term.
Studies show that 80 % of the sales are made after the 5th call and 80% of the salesmen quit before the 5th attempt. This is called ‘Selling for your competitors’
#44 % of sales people quit after the first rejection.
# 22% quit after the 2nd rejection.
# 16 % of salesmen give-up on the 3rd objection
# 10% of sales people give up on the 4th rejection.
Only 8 % left and they’re considered as the superstar in sales and they make 80% of total sales.