Sales Objection Handling - When Client Says, "Your Price Is Too High!” And You Say... | Patrick Dang | Skillshare

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Sales Objection Handling - When Client Says, "Your Price Is Too High!” And You Say...

teacher avatar Patrick Dang, International Sales Trainer

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

3 Lessons (11m)
    • 1. When Client Says, "Your Price Is Too High!” And You Say... Intro

      0:43
    • 2. When Client Says, "Your Price Is Too High!” And You Say...

      9:33
    • 3. Next Steps

      0:22
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About This Class

Learn how to handle the sales objection when clients say, "Your price is too high!”

How many times have you found yourself in a sales meeting and everything’s

going well until you give pricing and the prospect angrily says “YOUR PRICE IS TOO HIGH!”

Now there can be many reasons for why this happens, so in this video, I’m

going to show you exactly how you can handle this objection.

Step #1: Is your price actually too high?

Evaluate whether or not your offer is fair.

Step #2: Understand why the customer feels the price is too high.

Don’t resist or fight back. Remain calm and let the prospect tell you what price they want.

Step #3: Make prospect feel confident in their decision to move forward.

If you can put a price on how much that is worth, then you can put it up against the cost of your product or service and it’s obvious why your thing provides more value than the cost of the thing.

The primary strategy here is to convince your clients that what you’re offering to the customer is “worth it”.

Meet Your Teacher

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Patrick Dang

International Sales Trainer

Teacher

Hey, it's Patrick here!

Now, I’m on a mission to help everyday people to generate more sales for their business using the most cutting-edge B2B sales strategies.

After a successful sales career in Silicon Valley, I packed two suitcases and booked a one-way ticket to Thailand and started my journey with the aspiration of creating world-class online B2B sales training all while living a digital nomadic lifestyle.

And since then, I’ve traveled to many countries while creating programs training over +30,000 students in over 150 countries.

And over time, it became clear that no matter what country you’re from, what your background is, or whether or not you think you have the talent to sell...I’ve found that sales is a skill anyone can learn... See full profile

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Transcripts

1. When Client Says, "Your Price Is Too High!” And You Say... Intro: everybody. What's going on? Is Patrick dating here now? If you ever got the objection that your price is too high, this is going to be the course for you because in this course of really show you exactly how to handle objections when it comes to pricing. So whether you're entrepreneur, sales person, freelancer, basically anybody who has to do any type of cells over the phone or in person, this is going to be a fantastic course for you and for a class project. What I want you to do is share the number one thing that you learned in this course and share with the rest of the community, cause I'm really curious to know what value you're getting out of the course. So that's it. If you really want to master the skill of how to handle the objection, your price is too high. And make sure you enroll in this course now 2. When Client Says, "Your Price Is Too High!” And You Say...: How many times have you found yourself in the meeting with a potential customer? You're talking and everything sounds like it's going great until you get to pricing. And sometimes when you give your price to your potential customer, they may get extremely angry and completely feel like the price is too high. And in these habits scenarios, the deal can actually die right there. Everybody, What's going on? It's Patrick dating here. So in this video, I'm going to show you exactly how you can handle the objection. Your price is too high. This is gonna be great for you, especially if you ever struggled with pricing and talking about that. Because, as you know, customers can be very sensitive to pricing. So we're going to show you exactly how you can deliver pricing and handle this type of objection. So that said, let's go ahead and dive into exactly how you can handle the objection. Your price is too high now. The first step that we want to cover when you're handling this objection is really to reflect on the Proctor servers that were offering and think is our price actually too high ? Because in some scenarios, sometimes you may be selling something and charging away higher price than you actually should be. Let me give you an example. So there are a lot of that's a website designers out there who will say, Hey, how build you a website for $10,000. Now, from a customer's perspective, paying $10,000 for a website is actually quite expensive, especially if there's so many ways to do it yourself. Using templates like Squarespace, Shopify, WordPress and things like that, you can probably set one up in the weekend for maybe, like 50 bucks or even for free. So if you're charging way too high based on the value you are delivering, then you obviously should knock your price down because you want to base your price on value. So the first thing like I said before, make sure your price is actually fair so you don't run into these type of objections and you're not ripping people off. And when it comes a pricing, here's a very simple way to think about it, right, So, basically, whatever you're selling, you have a certain level of value. How much value are you delivering for your customer now? If you are charging a dollar amount that is equal to the value that you are delivering, then that's a fair deal, right? But what you want to do is you want to make the customer feel like the value that you are providing is a lot higher than the price that you are asking for. So this is perceived value. So if the customer fuse like they have to pay so little to get so much, of course they're going to buy from you. And of course, you won't have an issue when it comes to pricing. Now we're gonna move into step number twos. Sometimes a prospect of the customer still feels like the price is too high. And so here is how you are going to handle that objection. And that is assuming that the value you deliver is equal to the price you're asking for, or the value perceived value is higher than the pressure asking for Okay. Now, when the customer or client tells you your price is too high, the first thing you want to do is not react right away. Sometimes we have this fight or flight response and automatically what we want to say something like, No, our price is not high above a blah, and you get to this friction and argument, and then that doesn't lead anywhere. So instead of responding right away, take a moment to pause and breathe and really reflect on your emotions that you're feeling right. You might feel like you want to, you know, clap back, but instead use that energy and channel it into another place. And actually look at these objections as opportunities, because it's actually a blessing for a customer to tell you that your price is too high. That means something. Somewhere during the sales process, information was miscommunicated and they don't see the value that you're offering. So by them telling you, it gives you more information to better navigate the situation so that you can then position your product or service again as something that is worth the price that you're asking for. So what you want to do, instead of fighting back, is remain calm. Okay, and then when you respond to the customer first, you want to thank them, that they actually are letting you know that the price is too high and then you want to navigate into what you gonna do next? So let me give you an example. So the customer tells me my price is too high. I could say something like, Okay, I appreciate the feedback. And, you know, I understand that you feel my price may be too high now, just so we're both on the same page. Why do you fuel like the price is too high. So in this situation, I'm remaining calm thinking the customer, and then when I'm doing next is asking the customer why they feel the price is too high Now , there may be a lot of reasons for why a customer things your price is too high. But the truth is you actually just need to get to the truth and understand why, before you can even handle that objection. Other ways to say it is, you know, what kind of price were you expecting or what would be a fair price to you to move forward ? Right. So these are all questions that will get the customer to tell you what they were expecting in the price point. And then, basically, if there's a gap between what you want and what they want you have to uncover. Why, exactly? The customer is valuing whatever you're selling so low. And how can you bring that perceived value up so that your pricing actually makes sense. So sometimes when you give a price and the customer gives a price, sometimes you just have to negotiate and meet somewhere in the middle. And so both sides are happy. However, the other way to do it is to again make the prospect feel like the value that you deliver is much more than the price that you are asking for, because the main reason for why someone says your price is too high is because they don't see the value that you're delivering. So you have to show them what that value is, and there are many ways to do this. So we're gonna move into the next step, which is pretty much making the prospect feel confident in their decision to move forward and basically increasing your proceed value of your product or service. Now, for let's say, if you're selling something that's very are oi driven, return on investment driven, then this is gonna be really easy, right, because I'll give you an example. So let's say I'm selling coaching services, helping people get more clients. Okay, so let's say I charge I'm just making hypotheticals up here. Let's essay. Okay. I'm gonna train you and your team for a whole day if you give me $5000. Okay. $5000 for one day of training, right? Customer? My say, Oh, that's extremely high. Um, I wasn't expecting a price, like $5000 for one day of training. Okay. And in this scenario, you say, OK, that's totally fair. I understand that $5000 may seem you seem like a lot for training, right? You think the customer understand where they're coming from, and then you want toe maneuver it so that they understand the value that you give. So if you say okay, look, yes, I charge $5000 but let's focus on you. Um, you know, if you were to take this training and you weren t able to just close one more client just because of this training, how much would that climb be worth to you? The client might say, Or the customer you're talking to might say. Well, if we calls one deal, each deal is actually Worf about $20,000 So, yeah, we would make $20 if you took your training. Okay, so now back to me. I said, OK, look, I'm charging $5000 okay? Which I feel it's fair. And if you calls one client based on what you're learning from me and that one day you're gonna be able to close a $20,000 client, so right off the bat, you already making a $15,000 profit just based on taking this training. So stepping out of that role play if you kind of look at it from that perspective Now, the customer, you know, because they're getting you know, in this example of four x r a. Y meaning that they give me $5000 you're gonna make $20,000. That is obviously a no brainer, right? Of course, we're gonna take your deal because they're making so much money than they have to pay you. Now, the reason for why they wouldn't take the deal is because they don't believe you. And they don't believe that you can get them. The results that you are promising right, that's when it gets into things like paper performance or it's some kind of guarantee. And if you don't want to do guarantees, then you really have to bring up examples of customers that you helped in the past, who you've been able to get a similar result to what you're promising the new customer. And then they're going to feel a lot more confident that you can actually do the job, assuming again that you should be able to do the job for whatever you're promising. So it doesn't always have to be money driven right. Sometimes, instead of helping other people make more money, you might be saving them time or bringing joy and happiness into the life, depending on what product or service you're selling right. So you just have to make it seem as if the value of the dollar amount that someone is paying. You write in exchange for the value that you're giving. You want to make sure the value you give is so much greater than the price that they're paying. You could apply this technique to all types of things, So if you're selling expensive golf clubs that cost thousands of dollars, right, so you would in that scenario you. What you want to do is you want to sell the joy of how much better their golf will be if they buy this type of equipment, right, and maybe they value golf, a law and things like that, and they're gonna be willing to pay thousands of dollars just to get their game a little bit better, because they value that for other people. It might be collecting sneakers, you know, spending a lot of money on sneakers because it brings them on a joy and happiness. So the theme here is all you need to do when you're handling objections when it comes surprising when the customer tells you the price is too high. First again, you want to understand why they feel your price is too high, because sometimes it's just a miscommunication in value. And then from there, you want to think the customer understand their perspective and then reframed the situation in a way where your product or service actually seems like. It delivers much more value than the price that you're offering. And then from there, it's a no brainer for the customer to purchase your product or service and to simplify that you just got to make the customer feel like whatever you're selling is worth it. If it's worth it for them, then they are going to buy it. And that's pretty much a summary of this entire video. And in the comments, one thing I'm really curious to know is what's one objection that you're constantly facing that you want to get over or you need to figure out? And, you know, if you put in the comments, I'm going to read A. I do read every single one, and I will make a video about how to handle that objection in the future. So once again, thank you for watching. I really do appreciate all the support. My name is Patrick Deng, and I am going to see you guys in the next video. 3. Next Steps: Now, if you're getting any value out of these courses, make sure to leave a positive review. Sharing your experiences. I read every single review, and I really do appreciate your feedback. And if you want to see more videos like this, make sure to follow me on skill share so you could be notified on when I release my latest courses.