1. Your price is too high
2. We need time to think about it
3. We´re going to wait to do this
Selling is built on relationships and trust — so the first thing is to start connecting with those you are not selling to today — so that you´ve built up a relationship at the point that they are in the market to purchase from you.
Your price is too high –
When you have a relationship built with a prospective buyer, and the price comes up,, it indicates that they don´t feel the value you´ve talked about or they don´t think it´s enough to incur more cost than they could get otherwise. It could be how you presented it, it could be what you said, or it could be that there really is no perceivable difference to an untrained eye. There are many possibilities.
One thing most sales professionals will agree on is that if you can find out how much too much the prospect feels it is, you have a great starting point. Another thing to do is to make sure they are educated on differences between your product or services and what they are comparing to.
We need time to think about it — I say this as a consumer sometimes — because I have not figured out everything I need to feel comfortable about making this purchase. There is a great moment for a professional seller to help me, as consumer, or corporate buyer, go over what it is that I´m getting and how that will make my life better or easier.
Corporate buyers do this all the time because of some things they don´t want you to know (they are not the only one involved in the decision, perhaps) or because they just want to cover all the bases and ensure it is a sound decision to make with their company´s dollars. They want to look good, be seen as a smart decision maker, and often they want to move up the corporate ladder.
This is a good point to ask what it is that they need to think about, and to find out what they do feel good about, as well as what they don´t. It´s better to know at this moment that they are not comfortable with the proposal than much later down the path.
Often there are multiple people involved in the decision. At this point, I´d want to ask my contact this question: "If it were up to just you, today, what would you do?" This answer will tell you whether you need to convey more information or benefits to your contact — or to the others involved in the decision.
We´re going to wait —
Somewhat similar as above, plus a couple of ideas. This is more of a “we understand but we’re waiting” standpoing. In addition to your initiative on the table with the prospective buyer, they may have ten (or 20) other initiatives awaiting approval. Not all will make it — and sometimes the timing is off. Find out what the real reasons are and this can help you to overcome objections now, or wait until the timing is better.
With a full pipeline, you will typically not need to pressure a prospective buyer. There are occasions where they buyer needs more urgency and when all sorts of fears can get in the way of a good decision. By being a great people reader and part psychologist, you can detect caution and withdrawal, and address it when you see it. (more on that later)