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The five most dreaded words salespeople hear are: Your price is too high! Do you have the courage of your convictions to say “no” when someone requests lower prices? Just because the customer raises a price objection doesn’t mean you have to lower your price, according to professional speaker Tom Reilly. His article “Your Price Is Too High!” appears in Welding & Gases Today, the leading magazine for the gases and welding equipment industry.
Buyers who complain that they have a fixed amount of money to spend or who are on a tight budget are dealing with insufficient resources and expect suppliers to help them deal with this problem. To overcome this, Reilly recommends helping the buyer find the money or a way to pay the higher price. “If the buyer rejects numerous attempts on your part to help them find a way to resolve the price objection, the real problem is the buyer’s attitude,” says Reilly.
Emotion obscures reason and blunts solid decision making. When customers present an emotion-based price objection , Reilly recommends appealing to the buyer’s desire to own the best or provide the best for those whom they are buying. One approach is to ask: “Which poses a greater risk for you at this point, paying a little more than you anticipated or not getting what you need to provide the safe environment for your people?”
Reilly’s article is part of a series of sales-related articles in the Fall 2011 issue of Welding & Gases Today, which includes the Gases and Welding Distributors Association (GAWDA) Sales Hall of Fame. The Sales Hall of Fame (http://www.weldingandgasestoday.org/index.php/2011/09/gawda-sales-hall-of-fame/) recognizes seventeen sales reps and sales managers who are making a difference in today’s economy.
To learn how to combat customer price objections in a difficult economy, read “Your Price Is Too High!” (http://www.weldingandgasestoday.org/index.php/2011/09/your-price-is-too-high/) at Welding & Gases Today Online. For more information, contact Devin O’Toole, content editor at Welding & Gases Today at email@example.com or 315-445-2347.