Here’s a question that you may have encountered.
“How to respond to: “Your price is too high!“?”
1) Avoid the urge to speak immediately! You may feel offended at the statement (after all of the work you’ve done). Wait quietly for them to finish. Sometimes counting to ten in your head helps.
2) Then ask: “What are you comparing the price to?”
Again wait for them to finish. You may find that the other price option (competition) is not giving them the same level of service (or quality of product).
3) Summarize their price objection. Be certain that you understand the expensive aspect from their perspective. Start by saying: “I hear you. What you are saying is…” (Then repeat their price objection).
4) Value Check – you may want to do a value check to determine if your product or service is still meeting their needs.
“Let’s take the cost off of the table for a moment. Is our product/service meeting your needs?”
(You might discover some fulfillment gap or service issue with this question).
If they are making a valid point and you want to keep your price and them as a client here is two options:
A) We may be over-delivering. Looks like you don’t need everything that we are providing. Let me adjust the price, and our service delivery, to better meet your budget.
B) Ask “how much were you looking at spending for this service/product?” Let’s explore some options for making this fit into your budget. We can create a payment plan. Would that be helpful?
NOTE: Never collapse your price when the client balks. Always concede what you are delivering.
Click here if you want another option that avoids this question altogether.