Prospects can't wait to ask for the price. Frequently, it's the first thing out of their mouth ... before they even know what they're getting.
What do you say when they ask, "How much?" If you answer the question, you hand over control of the sales process to the prospect; if you don't answer it, you appear to be evasive. What to do?
Yesterday I was working outside repairing a fence. A group of five young girls set up a lemonade stand on the sidewalk next door. Being a great admirer of the entrepreneurial spirit and being very thrifty, I walked over and became their first customer. I handed over three one-dollar bills and received several thank-yous and a small cup of mediocre lemonade. They asked how I liked it. I suggested it be a bit stronger and a bit sweeter. The ringleader thanked me profusely and said I could have free refills all afternoon.
From my vantage point, I could see and hear all the interactions at the stand. The girls were enthusiastic and managed to wave down at least half of the passing cars. In just about every case, the driver stopped, lowered the window, and asked, "How much?" I suppose the girls got a bit ambitious, their reply was "One dollar!" This resulted in some people driving off and others saying things like, "One dollar! Where have the days of the ten cent lemonade stands gone?"
I walked over and was offered a cup of the new stronger, sweeter lemonade. Delicious. Then I asked, "May I make a suggestion on your sales process?" They were all eager to hear. I said, "I suggest that when customers ask, 'How much?' you reply with, 'Whatever you think it's worth, we're just so happy you stopped by,' and give them a BIG smile."
These girls were quick studies; they immediately applied the lesson. The results were amazing. After the next car the girls yelled at me, "We got two dollars for two cups!" One lady replied, "Well I can't pass up an offer like that!" and handed over two bucks. As the money poured in, other neighborhood kids who had been nay-sayers at the start gathered around wanting to help out and get in on the action. Now, any car that stopped was a sure buy, some at a quarter, some at a dollar, and some for more. The girls were having a blast and the cash was rolling in. After two hours the young team of entrepreneurs had over fifty dollars cash in their little wooden box. As they packed up their stand, they thanked me for the sales tips. I enjoyed watching these eager students apply some simple lessons and make money.
It is an enigma to me why people are so price-obsessed, but we are - universally, worldwide - everybody leads with "How much?" I can say "How much?" in more languages than I can say, "Have a nice day."
Buyers rarely want to share their budget with you, but they always expect you to share your price with them. It's their pattern. Don't get upset with them - expect the question. But try to interrupt the pattern just like the girls did. A pattern interrupt is doing or saying something that your prospect is not expecting; it's disarmingly honest, such as when you're making a cold call and you say, "George, this is Sally Smith. I doubt that you're familiar with my name. This is a sales call; would you like to hang up?" Try it sometime. You'll be surprised at the response, and George WON'T hang up! Likewise, when discussing money with your prospects, you might have to interrupt the pattern.
The sales team at the lemonade stand interrupted their buyers' pattern in a fresh, honest, and cheerful manner. They redirected the course of the conversation and changed their buyers thinking from, "This is a rip off," to, "Isn't that sweet!" and increased their profits in the process.
When a prospect focuses on price above all else in your sales call, be ready to redirect and break the pattern. Here are some suggested responses to "How much?" I've tried them all, with varying degrees of success.
- A lot.
- I don't know. May I ask you some questions to figure out if you even need what I have?
- Sally, normally when somebody asks me the price, it's because they're ready to buy. I didn't think we were at that point yet. What did I miss?
- Fred, when I answer that question, it's ALWAYS too much. I'll answer it, but first tell me this, suppose it was free. Why would you want it?
- Susie, I'm feeling a lot of pressure on the price issue. Here's my problem, I'm never the low bidder. That being the case, should we continue talking?
- George, it sounds like low price is the main buying criteria here. Since I know I won't be the lowest price what should we do?
- Any price that makes us both comfortable.
Be sure to respond in a non-aggressive manner. The idea is NOT to irritate customers, just to gently keep the sales process on track and to focus on the problem, not the price. If all else fails, when asked, "How much?" just say, "Whatever you think its worth, I'm just happy you stopped by!"
