If you’ve been in business for a while, by now you would’ve come across clients or prospects giving you the too expensive objection. Mastering the right mindset and believing in the value you’re offering is so important. Understanding how and why people buy is also vital to knowing what to say to the too expensive objection. So what do you say in response?
Dealing with this type of rejection is always tough. It can make you question what you’re offering. It can make you question your value, your entire business and can even make you consider lowering your prices. It’s so important to fight the self-doubt.
Stop! Don’t change a thing until you’ve read on.
The worst mistake you can make is to try and cater for someone who doesn’t value what you’re offering. They are possibly not the right person for your business so here are some ways to respond to the question, “You’re too expensive.”
Just because a customer says you’re too expensive, doesn’t mean what you have to offer is not valuable. It may just mean it’s not valuable enough to that customer, or not valuable to them right now.
“What budget did you have in mind to invest in xyz solution?”
“If I could help you with xyz problem, how much were you thinking that would be worth to you? “
Don’t compromise on the value you’re delivering just to please a customer who uses this objection. Stay firm on your price but offer them a reduced solution to match their lower budget or offer an added bonus at the original price if they agree to do business with you.
“I wouldn’t want to compromise on the quality of what I’m offering so if your budget is $xx then I would love to offer you xyz solution instead. How does that sound?”
“My prices are firm, however I would love to work with you. What I’d like to offer you is an additional xyz bonus as a free added extra to thank you for doing business with me.”
People buy emotionally and then justify with logic. This is a very normal part of the buying process. The fact you’re getting a logical objection is actually a really good sign the customer has bought into the idea of your solution. This knowledge gives you the ability to continue to work with the customer on their needs and help them see you can solve their problem. Focus on the importance of them finding a solution right now.
“I know finding xyz solution is really important to you. Can you tell me more about why it’s so important you find a solution to xyz problemtoday?
“I understand it’s important for you to find the right solution right now. How would it feel if I could help you find a solution to xyz problemtoday?”
Not everyone is going to be the right customer for your business. You can’t possibly have a solution for every single person and you shouldn’t try. Stay true to what you are trying to accomplish and focus on the right people who will value what you have to offer.
“I really believe I can help you with xyz problem and I would love to have your business when you’re ready. If your situation changes, feel free to get back in touch.”
“I wouldn’t want to compromise on the quality of xyz solution, so I’m afraid I can’t lower my prices. If a lower cost alternative is the main priority for you I understand but I’m afraid I can’t help you at a lower price.”
The most compelling reason someone will become your customer is because they have a real and current problem they need solving. This is one of the most important factors in improving customer conversions. Focus on uncovering their need and providing them with the right solution.
“You mentioned you wanted to solve xyz problem. I am confident I can help you. What would it mean to you if I could help you with xyz solution?”
“How important is it for you to be able to find xyz solution today? If I could help you immediately, would that be worth the investment?”
Dealing with the ‘too expensive’ objection can be frustrating but when you understand how and why people buy, you’ll see it’s not all bad. This objection is the customer telling you they’re not quite there yet but if you respond in the right way, this objection can be overcome.
Business Strategist and Success Coach
Lisa has over 30 years of experience in coaching, training and mentoring her clients to success in life, fitness, health, sport and business. Her passion is working with aspiring small business owners and entrepreneurs to create, build and grow their business and achieve remarkable success. Her aim is to inspire you to think bigger, motivate you to push harder and educate you to achieve the success you desire.
Thank you so much for your fabulous service and creativity throughout the year. You really are very special.
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