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HOW TO AVOID CUTTING YOUR PRICE by Tom Reilly, author of Crush Price Objections (Motivation Press) Stimulus-Response psychology tells us that there is a moment between stimulus and response that is pregnant with choices. People have a choice for how they respond to the stimulus. Cognitive psychologists have developed therapies based on this moment of choice. In sales, there is a moment between the buyer’s stimulus and our response that has lasting implications. This is especially true with price objections. When the buyer says, “Your price is too high”, you have a choice for how you respond. In this moment of choice, you have a number of decisions to make. First, how much will you allow your emotions to interfere with your response? This emotional phase is a natural reaction to a perceived threat. Some people are better than others at keeping their emotions in check. If your reaction is purely emotional, you will probably do or say something that you will later regret. The second decision you make is based on these soul-searching questions: Do I want to cave on price? Do I want to play the price negotiation game with the buyer? Do I want to take the bait about my competitors? Do I want to set an irreversible precedent on price-cutting? The best way to control your emotional reaction and make better business decisions is to insert a simple step between the objection and your response. Ask the buyer to elaborate on the price objection. Is it really a price objection? Is it a package objection? Is the competition doing something really dumb and do you want to follow suit? Is the buyer lying? Clarify the objection, which gives you time to understand, think and respond rationally. |
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