- How many times have you
found yourself in a meeting with a potential customer, you're talking and everything
sounds like it's going great until you get to pricing. And sometimes when you give your price to your potential customer,
they may get extremely angry and completely feel like
the price is too high. And in these type of scenarios, the deal can actually die right there. (upbeat music ) Hey everybody what's going on? It's Patrick Dang here so in this video I'm gonna show you exactly how you can handle the objection, your price is too high. This is gonna be great for you especially if you ever
struggled with pricing and talking about that because as you know customers can be very
sensitive to pricing. So we're gonna show you exactly
how you can deliver pricing and handle this type of objection. Now before we go ahead and get started make sure you give this video a like because it really does help the algorithm recommend this video to more audiences. And if you want to see new
videos every single week make sure you hit the subscribe button and if you wanna get notifications hit that notification bell. So that said, let's go ahead and dive into
exactly how you can handle the objection your price is too high. Now the first step that we wanna cover when you're handling this
objection is really to reflect on the product or service
that we're offering and think, is our price actually too high? Because in some scenarios, sometimes you may be selling something and charging a way higher price
than you actually should be. Lemme give you an example. So there are a lot of, let's
say website designers out there who will say, hey I'll build
you a website for $10,000. Now from a customer's perspective, paying $10,000 for a website
is actually quite expensive especially if there's so
many ways to do it yourself using templates like
Squarespace, Shopify, WordPress and things like that, you
can probably set one up in the weekend for maybe like
50 bucks or even for free. So if you're charging way
too high based on the value you are delivering, then you obviously should
knock your price down because you want to base
your price on value. So the first thing like I said before, make sure your price is actually fair so you don't run into
these type of objections and you're not ripping people off. And when it comes to pricing here's a very simple way
to think about it, right? So basically whatever you're selling, you have a certain level of value, how much value are you
delivering for your customer? Now, if you are charging
$1 amount that is equal to the value that you are delivering, then that's a fair deal, right? But what you wanna do is
you wanna make the customer feel like the value that you are providing is a lot higher than the
price that you are asking for so this is perceived value. So if the customer feels
like they have to pay so little to get so much, of course they're gonna buy from you and of course you won't have an issue when it comes to pricing. Now we're gonna move into step number two. Sometimes the prospect or the customer still feels like the price is too high, and so here is how you are
going to handle that objection and that is assuming that
the value you deliver is equal to the price you're asking for, or the value perceived value is higher than the price you're asking for, okay? Now when the customer or client tells you your price is too high, the first thing you wanna
do is not react right away, sometimes we have this
fight or flight response and automatically what we
wanna say something like, no our price is not high
blah blah blah blah, and then you get into
this friction and argument and then that doesn't lead anywhere. So instead of responding right away, take a moment to pause and
breathe and really reflect on your emotions that you're feeling. Right, you might feel like
you want to, clap back, but instead, use that energy
and channel into another place and actually look at these
objections as opportunities. Because it's actually a
blessing for a customer to tell you that your price is too high that means something somewhere
during the sales process information was miscommunicated and they don't see the
value that you're offering. So by them telling you it
gives you more information to better navigate the situation so that you can then position
your product or service again as something that is worth the
price that you're asking for. So what you wanna do
instead of fighting back is remain calm, okay? And then when you respond to the customer, first you wanna thank
them that they actually are letting you know that
the price is too high and then you wanna navigate
into what you can do next. So lemme give you an example. So if a customer tells
me my price is too high, I can say something like, okay, I appreciate the feedback and I understand that you
feel my price may be too high, now just so we're both on the same page, why do you feel like
the price is too high? So in this situation I'm remaining calm, thanking the customer, and then what I'm doing
next is asking the customer why they feel the price is too high? Now there may be a lot of
reasons for why a customer thinks your price is too
high but the truth is, you actually just need to get to the truth and understand why, before you can even handle that objection. Other ways to say it is, what kind of price were you expecting? Or what would be a fair
price to you to move forward? Right, so these are all questions
that will get the customer to tell you what they were
expecting in the price point. And then basically if there's
a gap between what you want and what they want, you have to uncover why
exactly the customer is valuing whatever you're selling so low, and how can you bring
that perceived value up so that your pricing actually makes sense. So sometimes when you give a price and the customer gives a price, sometimes you just have to
negotiate and meet somewhere in the middle and so both sides are happy, however the other way to do it is to, again make the prospect feel
like the value that you deliver is much more than the price
that you are asking for. Because the main reason for
why someone says your price is too high is because
they don't see the value that you're delivering. So you have to show
them what that value is. And there are many ways to do this. So we're gonna move into the next step which is pretty much making
the prospect feel confident in their decision to move forward and basically increasing
your perceived value of your product or service. Now, for let's say, if
you're selling something that's very ROI driven
return on investment driven, then this is gonna be really easy, right? Because I'll give you an example. So let's say I'm selling
coaching services, helping people get more clients, okay? So let's say I charge, I'm just making hypotheticals
up here, let's say I say, okay I'm gonna train you and your team for a whole day, if you
give me $5,000, okay? $5,000 for one day of training, right? The customer might say,
Oh, that's extremely high I wasn't expecting a price like $5,000 for one day of training, okay? And in this scenario, you
say, okay that's totally fair, I understand that $5,000 may seem you seem like a
lot for training, right? You thank the customer understand
where they're coming from, and then you wanna maneuver it so that they understand
the value that you give. So if you say, okay look, yes I charge
$5,000, but let's focus on you. If you were to take this training and you were to able to get
just close one more client, just because of this training, how much would that
client be worth to you? The client might say, or the customer you're
talking to might say, well if we close one deal, each deal was actually
worth about $20,000, so, yeah we will make $20
if we took your training. Okay, so now back to me, I say, Okay look, I'm charging $5,000,
Okay which I feel it's fair and if you close one client based on what you're learning
from me in that one day, you're gonna be able to
close a $20,000 client. So right off the bat, you're already making a $15,000 profit, just based on taking this training so stepping out of that role play, if you kind of look at
it from that perspective, now the customer, because
they're getting, in this example, a 4X ROI, meaning if they give me $5,000, you're gonna make $20,000 that is obviously a no brainer, right? Of course, they're gonna take your deal because they're making so much money than they have to pay you. Now the reason for why
they wouldn't take the deal is because they don't believe you and they don't believe that
you can get them the results that you are promising, right? That's when it gets into
things like pay per performance or some kinda guarantee, and if you don't wanna do guarantees, then you really have to bring
up examples of customers that you helped in the past, who you've been able
to get a similar result to what you're promising the new customer, and then they're gonna
feel a lot more confident that you can actually do the job, assuming again that you
should be able to do the job for whatever you're promising. So it doesn't always have
to be money driven, right? Sometimes, instead of helping
other people make more money, you might be saving them time, or bringing joy and
happiness into their life, depending on what product or
service you're selling, right? So you just have to make
it seem as if the value, the dollar amount that
someone is paying you, right? In exchange for the
value that you're giving, you wanna make sure the value
you give is so much greater than the price that they're paying. You can apply this technique
to all types of things. So if you're selling expensive
golf clubs that cost, thousands of dollars, right? So in that scenario, what you wanna do is you wanna sell the joy of
how much better their golf would be if they buy this
type of equipment, right? And maybe they value golf
a lot and things like that and they're gonna be willing
to pay thousands of dollars just to get their game
a little bit better, because they value that, for other people it might
be collecting sneakers, spending a lot of money on sneakers because it brings a lot
of joy and happiness. So the theme here is all you need to do when you're handling objections
when it comes to pricing when a customer tells you
the price is too high. First again, you wanna
understand why they feel your price is too high, because sometimes it's just
a miscommunication in value. And then from there, you
wanna thank the customer, understand their perspective, and then reframe the situation in a way where your product or service actually seems like it
delivers much more value than the price that you're offering, and then from there, it's a
no brainer for the customer to purchase your product or service. And to simplify that you
just kinda make the customer feel like whatever you're
selling is worth it. If it's worth it for them, then they are going to buy
it and that's pretty much the summary of this entire video. So that said, if you made
it to the end of this video, make sure to give this video
a like because every like does count and I really do
appreciate your support. If you wanna see new
videos every single week, make sure you subscribe and
hit that notification bell. And in the comments one thing
I'm really curious to know is, what's one objection that
you're constantly facing that you want to get over
or you need to figure out? And if you put in the comments, I'm gonna read it I do
read every single one and I will make a video about
how to handle that objection in the future. So once again, thank you for watching I really do appreciate all the support. My name is Patrick Dang and I am going to see you
guys in the next video.
