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7 Tips for Overcoming Price Objections in B2B Sales

Posted by IndustrySelect on Wednesday, January 15, 2020

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Common B2B Sales Objections and How to Overcome Them: Part One

3 MIN. READ

Ask any B2B salesperson or marketer what the hardest part of selling a product or service is, and there's a good chance they'll answer, "clients who don't want to pay for it." There are few more frustrating responses than "Well, I really appreciate your time and what you're trying to do, but I'm having trouble justifying the price."

Fortunately, there are several proven ways for salespeople and marketers to close deals - even with reluctant clients.

In Part One of our series Common B2B Sales Objections and How to Overcome Them we're covering our favorite ways of overcoming objections from B2B clients when it comes to price.

Is it the Client, or Your Sales Process?

Today, it's harder than ever for B2B sales reps and marketers to reach prospects and close deals. The average B2B buying group contains six to 10 stakeholders, leaving plenty of room for internal politics or differing opinions to complicate what should be an easy sell.

Furthermore, stakeholders today prefer independent research to the word of reps, making it hard for reps to get a word in edgewise and help inform buyers about the sale.

Some clients are just painful to deal with and will haggle for the sake of haggling, true. However, it's also likely that your sales process could be improved a little. For example:

1. Use prescriptive sales techniques. Positioning your rep as a subject-matter expert who gives objectively useful information instead of as a shill for your company will do wonders for client trust.

The more involved your rep is in the sales process, the easier it will be to close deals.

2. Make sure your sales and marketing teams are on the same page.

Sales and marketing departments that collaborate heavily are proven to be more effective at closing deals than their less cooperative peers.

3. Understand your clients on a human level. It may sound cliche, but it's just as necessary to understand the personality of your client as it is to understand their business.

For example, a CFO who's more risk-averse will probably want a different pitch than a guns-blazing CEO.

If your sales process is streamlined, but clients are concerned about your prices, never fear! Here are some ways you can overcome price objections during the sales process:

4. Let the client work through their concerns with you.

Don't jump in as soon as you hear them say, "The price seems a little high." Let them tell you why they think that.

Are they getting better offers from competitors? If so, how can you combat those offers? Take time to understand the full breadth of your client's concerns.

5. Leave price for the end. Frequently, there's a disconnect between reps and clients because the rep has an intimate understanding of why a product or service is worth its price.

They see the ins and outs of the company and how much effort goes into making a high-value product.

Clients have none of that behind-the-scenes information.

This disconnect can lead to reps jumping into pricing details before the client is ready, which is never good. Make sure you're taking time to quantify the value3 of your product or service before discussing pricing.

6. Back up your claims with evidence. "We promise this product will increase your sales" isn't nearly as appealing as hard data proving that statement correct. Have testimonials, graphs and analytics ready.

Showing a client how a sizeable up-front investment can statistically save them thousands or hundreds of thousands of dollars in the long run should make closing the deal easy.

7. Last but not least, take this nugget of advice: negotiate, don't haggle. Negotiating is when both parties compromise to reach a mutually beneficial agreement. Haggling is when only the seller makes sacrifices.

If you've reached the point where you're haggling with a client like you're at a farmer's market buying avocados, you've already lost.

When Clients Still Say "No."

Sometimes, clients just aren't going to budge. In that event, it helps to have a steady stream of sales leads so that you're always working with fresh prospects.

If you're a sales leader or marketer looking to reach executives in the industrial world, we can help. IndustrySelect provides clients with touch-point data for potential leads, including contact information and other actionable data.

Get instant access to IndustrySelect's database of 500,000 industrial businesses and one million executives in the U.S. manufacturing and global energy sectors. Drill down to the data you need using up to 30 specific criteria points. Data is collected and verified by MNI's 80-person research team, so you're always working with updated information.

To learn more about how you can use IndustrySelect to generate reliable leads for your company, visit our website to try out a free demo.

Article Sources:

https://www.industryselect.com/?src=WGD
https://blog.zoominfo.com/b2b-sales-problems/
https://blog.hubspot.com/sales/price-objection-responses
https://blog.hubspot.com/blog/tabid/6307/bid/33907/how-to-talk-about-pricing-without-scaring-people-off.aspx

In Part Two of this series, we are covering how to respond to clients who say "I need to think it over." Don't miss it!

Want to know more on what to do when a customer objects to price? See more from Dan Lok in the video below or see our free online sales training videos!

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