How to Handle the Unspoken Objection

“How can I sell my product if a prospect tells me that my price is too high?”  This is what I hear at nearly every sales seminar.

Among the many reasons for a price objection there is another – unspoken – objection that may be difficult to handle, and it has little to do with price. The price objection is so easy for buyers to use that often, people use it just to end a conversation.

The price objection can mask the real objection, which most people don’t want to verbalize. No, this is not about value - although perception of value is critical.  This is about something else.  It is a four-letter word:  FEAR.

There is a natural, human reaction to unpleasant past experiences. Whether it was the wrong decision when buying a stock, or a past experience with a car that was a lemon, we have all made mistakes. We learn from our mistakes, and we have a fear of making mistakes – a fear of taking a risk.

One definition of risk: “Jeopardize.” Buyers don’t want to jeopardize – or risk – their money or their reputation or their career by making a bad decision. So, as a seller, if you can remove the obstacle- the risk – from the buying experience before you hear an objection, you have a much better chance of earning the prospect’s business.

Two Ways to Remove the Obstacle

1. Begin building a relationship – building trust.

When the prospect trusts you, they are less likely to feel they are taking a risk by buying your products. They are more likely to become a client.

You can begin building a relationship by offering and sending free information – not sales or marketing information about your products, but free educational information.

For example, a stockbroker can send a FREE report about those quiet stocks we never hear about, that have weathered the bear market and still continue to do well. If you publish an informational newsletter, you can send it as a free service to prospects.

If you are selling consumable products, you may have a free cross-reference guide you can send to prospects. And you can alert your prospects about fraudulent telemarketers.

Another way to begin building a relationship – building trust – is to let your prospect know you are willing and available to answer questions about the products or services you are selling. This is especially important when selling intangible products or services.

2.  Begin collecting testimonial letters from satisfied customers.

Nothing is more convincing to a prospective buyer than reading real, current letters from real people and real businesses who have used and are continuing to use your products or services.

Testimonials are especially critical if you are selling remanufactured or generic products considered risky by consumers, like recycled toner cartridges. Customers who have been burned in the past by defective cartridges are usually reluctant to take the risk of trying them again.

Providing current testimonial letters written on a customer’s letterhead stationery will cause the reluctant prospect to think again, and realize that “hey, I guess if other people – other businesses – are using these products, they must be okay.”

When you create trust, the unspoken objection will disappear.