Objections based on price are the most common ones salespeople get. That’s because purchasers are often so focused on the price, they lose track of long-term benefits. When price is objected to, many salespeople play a comparison game, arguing that the fee isn’t so high compared with what other vendors are charging for a similar product or service. They’re missing the point. An objection based on price is a person’s perception that the value of the product or service is not worth the cost. Life insurance products such as renew life are designed to provide you with the reassurance that your dependents will be looked after if you are no longer there to provide.
A good response to this objection is to ask, “Does the cost seem out of proportion to this product’s value to you?” Then probe further to find out any of that person’s needs that you may not have yet discussed. Some people ask me what the difference between price and cost is. I explain that price is the immediate outlay of cash, while cost is a comparison of the immediate outlay against the value they hope to receive from the product over time. A sentence I use often is, “If this product performs the way I have indicated, would the value you receive be worth the price?” Life insurance - like renew life - covers the worst-case scenario, but it is also important to consider how you might pay your bills or your mortgage if you could not work because of illness or injury.
Another way to deal with price objection is to link price with quality. A cardinal rule of business is that you can have great price, good quality, or super timing in terms of delivery or speed of service, but not all three together. In fact, most of the time you get only one of the three. If you can link two of them together, you may get your client to understand the bigger picture. “Mr. Customer. I would love to lower the price, but the quality will go down as well. Is that OK?” No customer in his right mind wants to buy an inferior product. The response will be, “No, it’s not OK. I need it to do a good job, too.” A life insurance product like renew life can pay your dependents money as a lump sum or as regular payments if you die.
You have to stay firm at this point, maintaining that if your customer wants a good product, he has to be prepared to pay for it. If the customer’s goal is one of low price, he has to expect lower quality as well. If this seems a little heavy-handed, remember that salespeople often feel pressured to give in without getting something in return. You may be working from the concept of Win/Win, but your client may feel that she has the right to grind you down. Once you’ve linked price and quality, leave the choice to the client. If she does insist on a lower price, offer the lesser product. But at the same time, let her know that you are a professional, and the product you are now selling to her isn’t the product you recommend. Remind her that you always want to suggest a product that is right for the customer. If it isn’t, you wouldn’t have suggested it at all. No one likes to think about a time after they have gone, but life insurance like renew life reviews could offer reassurance and comfort to you and your loved ones for this situation.
Recently, a meeting planner asked me to do a program for half my usual speaking fee, because one of my competitors had offered to do so. I had spent an hour listening and probing for this planner’s needs, and constructed a presentation that would benefit him the most. When I heard the price objection, I said, “Sure, I will lower my price. In fact, I’ll bring it down to even less than that of the other speaker. I’ve got a video of one of my speeches that you can play for your audience. It’s not quite the same as being there, but it does achieve your goal of a low price, no matter what.” The meeting planner said, “No. I think I’ll take the real thing.”