- Blog post
The Selling Essentials Minute, Ep. 2: The Hot Potato: Price Negotiations for Sales Professionals
Today brings the second installment of The Selling Essentials Minute.
For those who missed the previous episodes, The Selling Essentials Minute is a series of videos that offers one powerful sales tip in about sixty seconds. It’s a single, focused idea that salespeople can use to help them master one small concept. You can use the Minute to kick off a sales meeting, push an idea out to your team, start a discussion or reinforce your training.
Today’s episode looks at what sales reps happens when a prospect offers a price objection, and how reps can hold firm on price and still win the business.
In a negotiation it’s only natural for your customer to try and get the lowest price. And how they do that? Well, one way is to make their problem, your problem. They’ll say it’s more than I budgeted or my boss will blow a gasket.
i’ts kind of like a game of Hot Potato, the buyer wants you to solve his problem, his budget, his boss by lowering your price. That’s passing that hot potato to you, making the price your problem. Except you don’t have a problem with your price, your buyer does.
So, you’ve got a choice, kayvon price or toss that hot potato back. How? By asking the kinds of questions that maintain your price, while solving his problem. Questions like, can we help you with payment terms, or how do we help your boss see the value. These types of questions signal that while you’re not willing to own the buyers problem, you are willing to help them solve it.
They’ll still throw that hot potato back at you, but you’ll keep finding new ways to say, how can I solve your problem, and everyone will cool down.
So, make your buyers own their hot potato, and you’re more likely to get your price. If you don’t, you could be left holding the bag.
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