One of the most difficult customer objections to deal with is “It is expensive”. What stands for the word “expensive”? It turns out that the word has lots of meanings, and sales people need to understand what customers mean in every particular situation, and deal with the objection accordingly.
Your customers know where to buy cheaper.
When your customers say that your product is expensive, this can mean that they know where to buy cheaper. It does not necessarily mean that they won’t buy it from you. Try to find out if they mean exactly the same product and the same service conditions. It may turn out that you have better delivery terms or better warranty. Customers can simply pay more if they like your personality.
Your customers think they can buy cheaper.
They do not know where exactly yet, but they are determined to keep searching. It differs from the previous situation because the customers do not know for sure if there are any place around where they can buy cheaper. But they believe they can find it. Still there is a chance that they like your service and your attitude that they stay.
They want to buy cheaper and save money
It does not matter whether they can find a cheaper offer or not. They say that it’s expensive because they are determined to pay less. Show them a cheaper and a more expensive option, explain the difference to help them accept the price.
They planned to buy it cheaper.
Here we have to deal with some sort of a budget. The customers planned their expenses and want to stick to the budget. Try to find out what that budget includes and think how they can rearrange it. See if there are ways they can buy your product and save on the others on their list.
They want a cheaper product.
This case has a major difference from the previous ones. It’s not the customer who wants to buy the product, but the sales manager who wants to sell it. The customers want to buy another product, a cheaper one. The aim of the sales person is to persuade them that they need a more expensive one.
They don’t want to buy from you.
In this case the “expensive” word does not have anything to do with money. It’s you or your company that they don’t like. It’s a matter of attitude, location, service terms or reputation. The word “expensive” used here is only an excuse to stop the conversation, because customers know that this excuse is more difficult to handle than any others.
They do not have enough money now.
The word “expensive” here does not mean that they do not want to buy. It’s just they cannot buy right now. A sales manager in this case needs to make customers want the product badly and help to figure out how they can afford it. Sometimes just a small advanced payment can work.
Here are some of the meanings of the word “expensive”. You can see that it is not always about money. It does not mean that the customers won’t buy your products when they say “it is expensive”. Sometimes it even has a positive meaning. Sometimes they want to buy not despite but because it is expensive. Try to find out what meaning stands for the words you customers use to successfully close a deal.