Adding Value to Overcome Price Objections: Here’s How to Do It and Why
Last week we talked about price becoming an issue when value is not perceived. I shared how a successful business is built with focusing on what you can offer rather than trying to offer everything that your competitor does, and I left you with a challenge to think of ways that you can add value to your client experience.
Today, I want to share a quick story about Mary B. A few years ago, my husband and I purchased a new home and needed some new furniture. We took a trip to North Carolina so that we could buy pieces directly from the furniture manufacturers. We blocked out a few days and we were ready to SHOP! This furniture store required appointments and assigned each shopper with their own sales representative. My husband and I — seasoned sales professionals ourselves — were prepared to have an ordinary sales experience. We were met at the door by our assigned sales representative, Mary B., and she quickly proved to be anything but ordinary!
Girlfriends, I promise I am going to go into detail about how you can add value to your client experience, but let me tell you a little bit about why Mary B. was so special. She spent a lot of time with us to understand our needs, our style, our budget, and our personalities — more time than I see many salespeople spend with their clients. After spending time getting to know us, Mary B. said, “I will spend the entirety of the next two days with you working to make sure your home is beautiful and comfortable. The only thing that I ask is that you give me your word that you will not take advantage of my time, skills, and ideas just to go down the road to try and find a better deal. I will give you a fair price and will work my absolute hardest to make your home perfect. I don’t think you would do this, but I have had past clients work with me for days, only to have them go to another manufacturer to save a few dollars. I would appreciate your commitment on this.”
My husband and I were stunned by her directness and transparency. But after seeing the time and attention she gave us, we knew that she would be well worth our time and money. We made the commitment, and we couldn’t have been happier with her work!
When was the last time you had this kind of direct and transparent conversation with your client? Or maybe I should ask, have you ever had this kind of a conversation with a client?
If you haven’t, then you are losing a valuable opportunity to build trust with your client. People want to be trusted, and you can be the one who initiates creating that trust and loyalty.
Mary B. established trust and loyalty early with my husband and I — this added immense value to our experience. By doing so, she took away the obligation that some people feel to shop around for the lowest price. You can utilize the same technique in your business! A direct and transparent conversation with the client will establish yourself as a trustworthy and fairly priced authority while saving them the hassle and guilt of shopping around!
Now, it is important to note that Mary B. didn’t demand our trust without first showing us why she was the best choice for the job. She took her time showing us her strengths and establishing herself as the authority in her field. By doing so, it became easy for us to put our faith in her talents and expertise.
Maybe you are a wizard when it comes to guidelines, or you are available to your clients around the clock. Maybe you have more positive reviews than anyone in your field in your area. These are strengths that will help your client know that you are the best person for the job. Find ways to incorporate your strengths into your scripts and be prepared to back them up with examples.
An easy way to incorporate your strengths into conversations with your clients is to ask how the client was referred to you. I am sure that many of you already do this, but I will teach you how to make the most of this conversation to highlight your strengths. If your client says, “Susie at XYZ Realty referred me to you,” respond with, “What did Susie say about her experience with me?” This question may feel uncomfortable to ask at first, but this is a valuable opportunity to let the clients identify and bring up your strengths all on their own!
Client: “Susie said you would make sure we close on time!”
You: “I definitely work hard to close within an appropriate time frame! What else did Susie say?”
Again, it may feel uncomfortable to ask these kinds of questions, but it will establish yourself as an authority and will help the customer identify why you are the most qualified person for the job.
Client: “She said you are a great communicator and are readily available when we need you.”
You: “I always have my phone on and will do my best to respond quickly! Did Susie say anything else?”
After allowing the clients to share what stood out to them from Susie’s referral, it is important that you then edify Susie. She gave you a sparkling referral and you want your client to trust her recommendation since she is also an expert in her field.
These are all examples of how you can add value to every step of your process without having to significantly change your approach or add extra work onto your plate. I would like to challenge you to start asking yourself, “How can I add value to every step of my process?” If you can do that, then you will be well on your way to becoming just like Mary B. — extraordinary!