ONE THING ALL of us hear from customers is how it’s “cheaper down the street.” Whether it’s a big box retailer, another independent, or even the ever-popular Costco, our approach should be the same. Whenever you encounter someone whose main objection is price, you should secretly be ecstatic because if you can get them over that objection, you’ve got the sale.
Think of it this way: If there were something wrong with the ring they’re looking at, they would talk about the shape, the metal, the detail, something specific about the ring as the reason they’re not buying. By bringing up price as their main objection, they’re saying to you, “I want this ring, I just don’t want to pay that price.” Lucky for us, if you’re selling a quality product, price is a simple objection to overcome.
The first thing I ask is whether it’s the price they’re concerned about, or is it the cost? Usually you’re met with “Well isn’t that the same thing?” It’s not. Price is a one-time thing; cost is a lifetime thing. You might pay a little more for this ring now, but because it is a more well-made ring, it will actually save you in the long run. There’s a reason that ring down the street is cheaper. If we were selling the same exact thing at a higher price, we would be out of business. The reason ours is more expensive is because it is more well made. Wouldn’t you agree that the most important piece of jewelry she wears shouldn’t be the cheapest you can find, but rather the nicest you can afford?
Another go-to is to explain that higher prices are a direct result of quality, and that it is an intentional choice we make. “Mr. Smith, we have a choice in this business. We can choose to be the cheapest on the block, or we can choose to carry high quality jewelry. We’ve chosen quality because it is far easier for us to explain price to you one time than it is to apologize for poor quality forever. If you choose to do business with us, you’ll leave with the peace of mind knowing you’re giving her a quality piece of jewelry that will last.”
I’ll leave you with this, something I tell my team often, an idea I first heard from Kate Peterson over 10 years ago that has always stuck with me. A price shopper is only loyal until there is a better deal down the street. If we can sell our customers on our quality, service, and experience, we will have a loyal customer for life.