Price objection is one of the objections that sellers face regularly. In view of this, it is crucial to identify the reasons for price objection to plan how to handle it or avoid it altogether, if possible. There are many reasons why prospects say that your price is too high.
Meanwhile, it is crucial to know that price objection does not mean that prospects are not interested in your offer, product, or service. However, knowing the reasons for saying your price is too high can help you fine-tune your marketing strategy and get better results and increase your revenue.
The following are some of the reasons why prospects say that your price is too high:
1. They Do Not Have Enough Money
When you send your offer to prospects, many of them might say that your price is too high to cover up for not having enough money on them to pay for your product or service. Except for not having enough money, they desire to have the product or service but thought of letting you go by saying that your price is too high.
2. They Want a Discount
It is interesting to know that many prospects usually have the money to pay for your product or service. However, they desire to get it at a lower price. If you follow up by giving them a discount on the asking price, you would be surprised that many of them will buy from you.
3. They Are Not Interested In The Product
In some cases, some prospects might not be interested in the product or service altogether but they are looking for the easiest way to say no. Even if you give this group of people a discount, they will not still accept your offer by not responding.
4. They Might Not Like Your Company
In rare cases, some prospects do not like your company. So, the best way to tell you off is to say that your price is too high. Meanwhile, they might need the product or service but they would rather buy from another company. To avoid issues like this, you need to work on your branding, leaving no chance for anyone not to like you.
5. They Do Not Know How Much The Product or Service Is Worth
Prospects may say that the price is too high when they do not know how much the product or service is worth. However, if you follow up and explain to them the values offered by your product or service and its worth, they might become a loyal customer eventually.
