In this scenario-based lesson, you'll learn how to handle price objections in sales through active listening and a tailored pitch. Watch how account executive Sarah turns a objection into a sale by understanding the customer's needs and offering flexible payment options to show the value of the product.
In this short video, you will learn how active listening can help you handle price objections when selling our product to a small business owner. Our account executive, Sarah, is going to demonstrate how to handle the conversation, with John, a CEO of a small business, and turn the pricing objection into a sale.
John “Sarah, I really like ProjectPro, but the price seems a bit high for my small business.”
Sarah “I understand your concern, John. Just before we discuss pricing, can you please tell me a bit more how are you currently managing projects and what specific challenges you're facing?”
Sarah is using active listening skills to better understand John's needs before tailoring her pitch to address his price objection.
John “Well, we currently have a lot of manual processes that cost the team a lot of time, but also cause errors. For example, my team has no overview of the project status and has to ask each other every time they want to make changes.”
Sarah “Thanks for the context, John. And that's where ProjectPro comes in. We help you and your team automate manual data entry by synchronising information at every stage of the project. This reduces the likelihood of errors by up to 90% and saves your team 50% of their time.”
By highlighting the benefits and addressing John's specific challenges, Sarah is showing the value of ProjectPro and how it can help his small business in the long run.
John “That sounds great, but I'm still not sure we can afford it right now, as we're not generating enough business to justify spending so much money for a project management software. However, I think your product is exactly what we need, so is there anything we can do to sweeten the deal?”
Sarah “I understand, John. What we can do is offer you a flexible payment plan, which means you can start with 2 seats and pay as you go for additional seats as you grow your business. Additionally, think about the long-term savings and improved efficiency you'll gain by using ProjectPro. It's an investment that will pay off in the long run. For example, one of our customers, Bright Technologies, saw a 50% decrease in time spent managing projects, which enabled the team to focus on bringing in more business.”
John “You have a point, Sarah, and I'm glad we found a solution. Let's start with two licences. Please send me the invoice and let's start the onboarding process as soon as possible.”
And there you have it. By actively listening and understanding John's constraints, Sarah was able to effectively address his price objection and close the sale. Remember, when selling to a small business owner, it's important to understand their specific challenges and tailor your sales pitch to show how your product can help them in the long run.