The price is too high – How to handle price objection in sales (with examples)

You’ll hardly meet a sales rep who has never faced the “price objection”.

Almost all sales professionals have faced this objection in their sales career.

Some sales reps grumble while others tackle it wisely.

Do you remember the times when you thought of not purchasing a product due to its high price? But then suddenly some words from a sales rep worked like a magic spell and made you change your decision.

Oh yes, words have great power. It’s all about how you persuade your potential prospects.

Price objection is like a poison that can kill your sales. However, even the deadliest poison has an antidote. You just need to find it.

Examples to handle the price objection in sales? 

“Sorry, the price is too high”.

It is exasperating to hear this after all that hard work. Isn’t it?

After spending several days on a deal, you can’t afford to lose it due to the “price objection”. 

So, stay confident and try to overcome the price objection.

“Offering a discount” is the first thing that comes to mind when you think about tackling the price objection. That might seem like the easiest and quickest way of closing a deal, but it has a huge impact on the profit margins.

So just discard that thought. Find a different approach to handle the price objection.

Well, I’ll help you.

Here are a few tips with examples for handling the “price is too high” objection.

1. Answer back with a smart question

Ensure you take a brief pause whenever someone raises a price objection. Don’t be in a hurry to answer; as what you say next can make or break a deal.
Instead of giving up, ask some questions to your prospects and move them to a different track for thinking beyond the price.

Handling price objection example:

With the help of questions, you can make the prospect ponder over your offering. So do not give up when you come across a price objection. Try once more before abandoning the deal. You never know things might work in your favor.

2. Agree to the prospect but hit on the pressure points

The prospects might be facing some issues where your solution can help. So, it is essential to find out the prospect challenges and goals during the initial stages of the sales process. 

If you’ve gathered enough information during the discovery calls, then you won’t face much problem in tackling the customer objections.

People tend to react quickly when they are under pressure.

Think about this hypothetical situation.

You got a job offer from a renowned company in a different country and you need to migrate. So, finding a house in a new country as soon as possible would build pressure on you. You wouldn’t spend time exploring options there; you might settle for something that serves the primary purpose.

Similarly, you know what the prospect needs the most at present. So, just remind the prospect about the problem they have and make them visualize the consequence of not addressing the problem immediately. 

Handling price objection example:

3. Share case studies of a satisfied customer 

You’ve worked hard in creating a database of happy customers, so use that to your advantage. Create case studies and share them with your potential prospects. You can even share experiences of those customers who had price objections earlier but are happy using your product now. 

Handling price objection example:

4. How are you better than the competitors

Most of the competitors are low-balling their prices to attract customers. Several prospects use this as a base to support their “high-price” objection. 

Here you need to play it smart. First, analyze your competitors and find the gaps. See what more you are offering. You can contact the competitors pretending as a potential buyer to find out their strengths. 

Once you do the competitive analysis, create a list of USPs that makes you different from the competitors, and use it to handle the price objection. 

Handling price objection example:

5. Offer a free trial

Your potential buyer might be having some doubts about the product that they aren’t sharing. So, they took the easy path by bringing up the price objection. 

Try to clear their doubt. The best thing to do here is to offer a free trial. Let them use the product to clear the doubts that they aren’t comfortable sharing. 

Handling the price objection example 

Wrapping up

The price objection isn’t the end of the road. You can handle this objection. So, don’t give up, try once again in a different way. If there are certain concerns, then find out and address them. 

Try to change your prospects’ perspectives and give them some time to think. Follow-up with them. If they aren’t responding to your call, then send them a follow-up email. 

With the best CRM like Salesmate, you can put your follow-up on auto-pilot. It allows you to create a sequence of emails that will be executed as per pre-set day and time. So, you don’t even need to worry about the follow-up. Just ensure you don’t give up at any point.