7 Keys to Handling the “This is Too Expensive” Objection

Data-Driven Selling By Sales Insights Lab

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In this episode of "Data Driven Selling," hosted by Marc Wayshak, we delve into a common challenge faced by sales reps and business owners: the "This is Too Expensive" objection from prospects. Marc provides seven strategic keys to effectively handle this objection, emphasizing a shift in both mindset and tactics. The episode is rich with actionable advice aimed at helping listeners not only overcome the objection but also ensure they are aligning their sales process to showcase the value of their offerings clearly.

"7 Keys to Handling the 'This is Too Expensive' Objection" by Marc Wayshak covers a comprehensive guide to navigating price objections in sales.

Here’s a breakdown of the primary topics covered, with sub-topic bullets for each:

1. Determine How You Got Here
- Exploration of the sales process to identify potential improvements.
- Understanding that price objections often stem from a perceived lack of value.

2. Own Your High Price Upfront
- The strategy of proudly owning and justifying a higher price point.
- Discussion on the negative implications of competing on price in your industry.

3. Remember That 20% Must Be DQ'd
- Categorizing prospects into three buckets based on their price sensitivity and value perception.
- Emphasis on immediately disqualifying the bottom 20% who are price-focused.

4. Slow It Down
- Tactical approach to pause and slow down the conversation upon encountering the objection.
- The importance of not rushing into defensive or justifying responses.

5. Ask What Prompts You to Say That
- Turning the objection back to the prospect to understand their perspective.
- The value of listening and prompting further explanation from the prospect.

6. Dig Deeper
- The importance of digging into the objection to truly understand the prospect's concerns.
- How effective questioning can reveal the underlying reasons for the objection.

7. Can I Throw Some Ideas at You?
- Strategies for collaboratively exploring potential solutions or alternatives with the prospect.
- Seeking permission to offer ideas, enhancing the receptiveness of the prospect.

Conclusion and Additional Resources
- Summary of the key strategies to handle the "This is too expensive" objection.
- Invitation to access additional free training material to improve closing skills without price objection.

Each of these topics collectively aims to equip sales professionals with strategic responses and a deeper understanding of handling price objections effectively, turning potential setbacks into opportunities for value demonstration and closing sales.