I get emails all the time and it’s great because I get real insight into what reps face day in and day out – and how they are dealing with it. The email below is a perfect example of this. I’m sure this rep isn’t alone in facing this kind of selling situation. Read his email below and ask yourself how you handle it when a prospect asks you for your price:
I’ve listened to your CD set many times. You opened my eyes to disqualifying prospects. You’re right, “You can’t close unqualified leads.”
I sell life insurance and on occasion I will have someone ask me, “How much would an insurance policy cost me say for $25,000?” If I just tell them how much it costs then I usually lose the sale and it ends there.
After listening to your CD’s I think I shouldn’t be giving out the price. What would you say if someone asked you this question?
Thank you Mike
Rino, that’s a great question, and you’re right – you shouldn’t just give a price. If you do, you’re giving away all control and leverage of the sale. Here’s what you should do instead. Just say,
After that, it’s your turn to qualify and then decide, based on their answers, whether to give out a price or not. You may want to follow that up with questions like:
“When are you looking to put a policy like this into effect?”
“Would you want to combine this with another policy?”
“How about your wife? Does she have a policy?”
“What have you been quoted on this kind of a policy in the past?”
“Why didn’t you go with it?”
“What are you waiting for?”
“What is your price range on this?”
“What is your budget?”
“If I could get you a price that would fit your budget today, is this something you’d seriously like me to pursue for you?”
You get the idea. Before you give your price, you must qualify for interest.
Now, if your prospect is just shopping and you get the feeling he/she isn’t serious about it now, then after you ask these questions and determine they aren’t ready, then instead of giving a price you should say:
“Well, as I said, it really depends on when you’re ready to buy the policy. I’d give you a range of anywhere from $75 – $100 per month. Tell you what, when you’re ready to look at some definite numbers, could I be the first person you call?”
And then get their contact info, any other buying information, and move on…
That’s the way to handle any inquiry into the price of your product or service.
Thanks, Rino, for your email and all the best!
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