“What should I do when a prospect tells me, ‘Max with the truck can do the work for $500,’ when I know my starting price is $1,000?” asked Terry, one of our President’s Club members. The answer : Use an assumptive question to overcome price objections.
Let’s face it customers are managing their budgets more closely than ever and shopping around to get the best deal these days. Odds are you’ve faced a challenge similar to Terry’s. Depending on your business or industry, there’s always a real or imaginary “Max” who will do the work for less.
One of the best techniques for handling this situation is to use an assumptive question in order to smoke out the real issue. After all if your prospect was comfortable working with “Max and his truck”, why are they talking to you?
Here’s how Terry’s conversation could have gone better:
Prospect: “This is great, but I’ve got a guy named Max who will do it for $500.”
Terry: “So, when you gave Max your business, how did it go?”
Prospect: “Well, I haven’t used him yet?”
Terry: “For a reason?”
Whatever answer your prospect gives you, is ALWAYS the reason they would pay a premium to do business with you. Try the assumptive question the next time you’re faced with a “Max and his truck” situation. Leave your comments below to let me know how it goes.
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