{"id":49964,"date":"2021-09-27T13:14:00","date_gmt":"2021-09-27T17:14:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=49964"},"modified":"2021-09-28T16:00:35","modified_gmt":"2021-09-28T20:00:35","slug":"overcoming-price-objections","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/overcoming-price-objections\/","title":{"rendered":"The 3 Step Formula for Overcoming Price Objections"},"content":{"rendered":"\n

What are the steps to overcoming price objections? What myths about money<\/a> should you be aware of when selling?<\/p>\n\n\n\n

Overcoming price objections starts with establishing whether the customer lacks sufficient money or is simply uninterested in the product. The next step is to convince the customer about the value of the product and why it is worth twice the asking price. Misleading money myths like \u201cpeople don\u2019t like to spend\u201d or that “money is always in short supply” can discourage you from pressing on to convince the customer.<\/p>\n\n\n\n

Read on to learn more about the steps to overcoming price objections.<\/p>\n\n\n\n\n\n\n\n

Price Objections in Sales<\/strong><\/h2>\n\n\n\n

Once you\u2019ve built a relationship with the customer and have her interested in a product, you\u2019ll undoubtedly have to address money. In this chapter, we\u2019ll look at some myths about money, overcoming price objections, and the phenomenon of \u201csecond money\u201d (it\u2019s easier to get people to spend more once they\u2019ve already bought something).<\/p>\n\n\n\n

Mythbusting Money<\/strong><\/h3>\n\n\n\n

There are two myths associated with money that you need to be aware of when selling:<\/p>\n\n\n\n

Myth #1: There\u2019s a shortage. <\/strong>This is untrue\u2014if we averaged all the money on the planet, everyone would have a net worth of $1 billion. If you don\u2019t have your billion, it\u2019s because you have the wrong attitude. Additionally, if there ever was<\/em> a shortage of money, the government could print more.<\/p>\n\n\n\n

Myth #2: People don\u2019t like to spend.<\/strong> In fact, people do <\/em>like to spend money because it lets them show off. U.S. culture is about consumerism and competition, and Americans like to buy things with an audience. The more people spend, the more fun they have, and the more they\u2019ll like what they bought. <\/p>\n\n\n\n

Overcoming Price Objections<\/strong><\/h3>\n\n\n\n

Now that we\u2019ve cleared up two myths about money, let\u2019s tackle one that\u2019s more specific to sales: the myth that the major reason customers won\u2019t buy things is price. In reality, price is never anyone\u2019s number-one concern\u2014in fact, it\u2019s never even among their top reasons. <\/strong>The real <\/em>reason people don\u2019t buy something is that they aren\u2019t confident that the product is what they need or want. <\/p>\n\n\n\n