Last month, I gave you responses to the "price complaint" that will help you get the easy sales. If those responses don't close customers, you've got a full-blown "price objection."
In the October, 2010 issue, I stressed the importance of developing a list of reasons why people should buy from you. Make sure you read the extended, online version of that article and download the accompanying "Features and Benefits" list, then commit it to memory. You'll use it on a daily basis. This month, I'll show you how to use that list to overcome the price objection.
What to Say
If customers are still complaining about your price after you've used the responses we covered last month, ask, "Is price your only concern?" or, "Will your decision be based on price alone?"
They'll usually respond with either, "Well, it's a big concern!" or "Around here we try to weigh value versus price. We don't want the cheapest, but we don't want the most expensive either!"
Say something like, "My company has been in business for (number of) years. We run (number of) service calls per year and have done (number of) replacement jobs like yours. Most of those people got prices from other contractors. When they do, they always want to tell me why they chose me over my competition. Would you like to know what they told me were some of the reasons why they chose me to do the same type of work for them that I'm proposing I do for you?"
Some prospects will show more interest in what you've got to say than others, but any prospect upon whom you've already made a favorable impression will probably respond with something like, "Sure, go ahead."
Start reciting from the features and benefits list you've committed to memory. For instance, you can say, "We give you a 'Satisfaction Guarantee,' so you can't waste your money with us.
"We give you a 'Comfort Guarantee.' The equipment installed will cool or heat to your satisfaction, or be replaced with equipment that does.
"We give you a 'Firm-Price Guarantee.' Once the work starts, the price quoted is the price you pay, even if the job entails more work than estimated."
There is no set number as to how many features and benefits you recite before giving your prospect another opportunity to make a decision.
Look for these three buying signals:
- Head nodding
- Quiet murmuring, like, "Oh, I didn't know that," or even just, "Hmmm."
- Pupil dilation.
When you get all three, ask, "Do you see now why so many people buy from us and refer us to their friends and family?"
They'll usually respond in the affirmative. Extend your hand in a friendly manner, and say, "Welcome to the family. You've made the right decision. You've done exactly what I would have done if I were in your position. You're absolutely going to love it."
When a Handshake Isn't Enough
Not everyone buys at this point. Some people will shake your hand, then jerk it away and say, "Wait a minute! I didn't just buy something, did I?"
I always just lighten the mood a little by shrugging my shoulders and saying, "Sorry, you shook," and we both have a little laugh.
When someone does anything other than buy, what they're really telling you is, "You have not yet given me enough reasons to buy." The solution is to give them more reasons by reciting more features and benefits.
You're looking for their hot spots. Some people are more interested in cleanliness, while others are more interested in expertise; still others are more interested in personal security, warranties, or convenience. Skip around these topics until it's obvious what they want in a contractor. When you get your three buying signals again, close again.
There is no hard, fast rule, but try to close after reciting every six to10 features and benefits.
The Truth About This Technique
No single feature and benefit is going to be the reason customers buy from you. They're not necessarily going to buy from you because of the specific content of most of your features and benefits list. In fact, if they're like most people, they're barely listening anyway. Their heads are flooded with their own emotions and feelings. While you're reciting your list, they're hearing the same thing Charlie Brown hears while his teacher is talking.
Inside their heads, they're thinking, "He seems to feel his price is more than fair. He certainly has enough reasons. I'll bet he could go on all day. He ain't budging on price. I'm wasting my time by arguing with him."
That's when they decide to buy.
Charlie Greer is the creator of the audio CDs "Quantifying Quality: How to BEAT LOW-BIDDERS," and "Over The Top HVAC Sales." For information on Charlie's products and speaking schedule, visit his website at www.hvacprofitboosters.com or call 800/963-HVAC (4822). E-mail Charlie at firstname.lastname@example.org. Facebook friend Charlie at www.facebook.com/the.real.charlie.greer.