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Best Practices for Handling Pricing Objections
Here are a few tips for calmly and confidently handling pushback from buyers.
1. Pause and Slow Down
This will give you a chance to deep breathe, and not be overly reactive. Don’t pressure yourself to answer right away. Sometimes, a little silence helps in a negotiation conversation as the other person may fill in the gap with some useful information that helps you make the sale.
2. Curious Questions
Talk less and listen more when negotiating. When hearing an objection, don’t get defensive. Get curious and ask the buyer to give you more information so you can address the buyer’s specific concerns.
3. Validate Feelings And Concerns
Mirroring a buyer’s words and validating their feelings establishes trust and shows the person that you are a good listener. Whenever possible, use the buyer’s exact words when reflecting back on what you heard the person say.
4. Share success stories
The most effective way to demonstrate the benefits and value of your services is to tell a success story. Pick a client who is like your prospect and briefly share how you helped this person solve a problem, save time, reduce expenses, or make more money.
5. Don’t Drop The Ball
Send a brief email thanking the buyer for his/her time. Include a brief summary of the conversation and your services (focused on benefits and values that are applicable to this buyer) and include any time/date that was agreed upon to follow up. Those professionals who follow up and make plans to continue the dialogue are the ones who close more sales.
Want to know more about KBK Wealth Connection’s Negotiation Programs? Visit https://breakingmoneysilence.
Kathleen Burns Kingsbury
Negotiation Trainer and Coach KBK Wealth Connection
I’m passionate about coaching women – financial advisors, coaches and consultants – because I thrive on empowering them to transform from feeling uncomfortable, apprehensive, or anxious about setting and discussing fees with clients into becoming confident and self-assured professionals. My tailored negotiation and sales programs are exclusively crafted to cater to the unique needs of women. Drawing upon my extensive two-decade-plus background in business and clinical expertise in the psychology of women and wealth, these programs provide women with a comprehensive toolkit of proven negotiation tactics that work and yield tangible results.