Price objections and sales coaching
If you are like most sales managers, your salespeople regularly hear price objections. If this is the case for your team members, you can help them sell more by getting into greater depth about what happened during their price objection sales conversations, and then by coaching them on how to improve on what to say and do next time.
As you know, the more specific your sales coaching, the more effective your sales coaching will be, and the more your salespeople will sell. With this in mind, ensure you keep your sales coaching focused on one aspect of their price objection conversations at a time.
For example, your price objection sales coaching might include sales coaching questions like:
- “At what point did you know the prospect had an objection?”
- “What did you say to respond to the prospect’s concerns?”
- “What do you think is the reason for that concern?”
- “If you were in the same position as the prospect, would you have the same concerns?”
- “Considering what you know, what makes have/not have the same concerns?”
- “If we looked at the price of the product and looked at the worst case scenario, how much will they save?”
- “If we took the cost of the product and broke it down to cost per day/week, what would the daily/weekly investment be?”
- “If we compared their daily/weekly investment and compared it to some regular comfort activity they might do (like the cost of a coffee or a movie), what could we compare the price to?”
- “Which of the examples that we’ve talked about do you think would have helped that prospect?”
- “What could you have asked the prospect to engage them in looking at the price of the product in a different way?” (This is where you can brainstorm with team members.)
- “Which of the alternatives that you came up with do you think would have been the most effective in that particular conversation?”
- “What are you going to do to remind yourself to use this new approach next time a prospect has a similar price objection?”
From general to specific
Notice how the questions develop from more general to more specific. If you let your sales questions build in their degree of specifics, the quality of your coaching conversations with your team members will increase. And the more you know about the price objections your team members hear, as well as the circumstances around those objections, the more you can help them prepare and respond more effectively to objections in the future.
By coaching your salespeople to think through more effective ways of responding to prospects’ price objections, you help them to choose better sales responses next time they are speaking with prospects with price concerns. And you increase their chances of closing more sales.
About the author
This post is written by Peri Shawn, the award-winning author of Sell More with Sales Coaching (Wiley Publishing).
Find out more at www.CoachingandSalesInstitute.com.