Transcripts
Hello, my friend, it's Janine back here.
Speaker:Once again, this is Live with the Pricing Lady, the podcast.
Speaker:Welcome back.
Speaker:So for the past eight weeks, we have taken a little break of releasing
Speaker:new episodes, but we did bring you my Value Vault series where we shared
Speaker:retro sodes, Tips and resources on various topics over the past few weeks.
Speaker:I hope that you enjoyed the series and if you have not had an opportunity, go
Speaker:back in your emails and have a look at what was in there or head on over to
Speaker:LinkedIn and take a look at my post there.
Speaker:You'll find all those resources, tips, and retrosodes there.
Speaker:Today we have a brand new episode for you and what I want to talk to
Speaker:you about today is the worst way you can respond to pricing pressure.
Speaker:Now, this episode came to me as a result of the questions that I
Speaker:get from people when it comes to dealing with pricing objections.
Speaker:And most of the time when people ask for help, this is what they ask me for.
Speaker:They say, Hey Janine, what arguments can I use when people put pressure or say no
Speaker:to my offer, when they object to my offer?
Speaker:And this led me to understand that most people feel that when they get a
Speaker:pricing objection or any sort of sales objection, that they actually have to
Speaker:first defend themselves and their offer.
Speaker:And to me, this is the worst way you can respond to any sort of objection, pricing
Speaker:or otherwise in that, in that matter.
Speaker:And why do I say that?
Speaker:Well, if we just look at the pricing part of it, when someone says, ooh,
Speaker:that's, you know, no thank you, that's too expensive for me, a lot of times
Speaker:people are using that response to simply shut the conversation down.
Speaker:And, and it works because it's not like you're going to say, well, prove
Speaker:to me that you can't afford this.
Speaker:Yeah.
Speaker:You would never say that to someone.
Speaker:That would be incredibly rude, right?
Speaker:So it serves a very good purpose to shut the conversation down.
Speaker:The reality is you don't actually know why they've said that.
Speaker:There are a myriad of reasons why they might have said that, and many of them
Speaker:have nothing to do with the price at all.
Speaker:So what I want to share with you is what you can or could be doing
Speaker:when you get such objections.
Speaker:Now the first thing for many of you, It will feel when you get an objection to
Speaker:your offer, it might trigger you a bit.
Speaker:So the first thing that you want to do is you want to breathe.
Speaker:And the reason you take a nice deep breath is to keep the cognitive part
Speaker:of your brain functioning properly.
Speaker:You don't want to go into fight or flight mode or panic mode.
Speaker:You want to be able to think clearly when this happens.
Speaker:So take a nice deep breath.
Speaker:You might even try to have a little smile in your eyes, not a goofy smile on your
Speaker:face, but you know, just try to relax yourself and stay in a good frame of mind.
Speaker:So that is the part number one.
Speaker:Second thing you want to do is you want to ask them a question.
Speaker:So rather than launching into a list of, well, this is why you should buy
Speaker:from me and this is why you should buy our product or this is why you should
Speaker:download our app, so on and so forth.
Speaker:You want to ask them a question and it might sound something like this.
Speaker:So if someone says, Ooh, you know what?
Speaker:That's a bit too expensive for me.
Speaker:You might say, Oh, that's really interesting.
Speaker:Can you tell me more?
Speaker:And then just zip it.
Speaker:Don't say anything and wait for them to respond.
Speaker:What you're doing here is you're actually putting the responsibility on them
Speaker:to explain what's behind that answer.
Speaker:And that is a beautiful thing for them and for you.
Speaker:So as I said before, they may just be saying that to set the conversation
Speaker:down because it's a simple thing to, a simple way to respond.
Speaker:It could also be that they don't really know why.
Speaker:They don't want to take that offer right now.
Speaker:And so now you're giving them the opportunity to vocalize that and
Speaker:you get the benefit of hearing it.
Speaker:So the next thing you want to do is simply listen to what they're saying.
Speaker:Try not to think about what you're going to say next or what you need
Speaker:to, you know, defend your offer.
Speaker:Just listen to what they're saying, because then you're going
Speaker:to ask some clarifying questions.
Speaker:Because your objective at this point is to understand what is behind that objection.
Speaker:Is it really the price?
Speaker:Could it be that they have a different understanding of the value?
Speaker:Could it be that they are just looking for a second offer so
Speaker:that they can accept another one?
Speaker:Now they may never tell you that.
Speaker:But you want to understand as much as you can about what's behind that answer.
Speaker:Because that is how you can understand where to take the conversation next.
Speaker:So if they say, well, you know, I'm not really sure that this will
Speaker:work for me, you say, Oh, okay.
Speaker:So it's not about the price.
Speaker:It's actually about how we might work together or what
Speaker:this can really bring you.
Speaker:So what is it do you feel that's missing?
Speaker:Cause then you can take the conversation in that direction.
Speaker:Now maybe your offer doesn't include that thing that's missing.
Speaker:That's good information for you.
Speaker:Maybe you could include that missing thing in what you offer if it is, or maybe it's
Speaker:there but they just didn't realize it.
Speaker:Right?
Speaker:So, by understanding what's behind their objection, whether it be a pricing
Speaker:objection or any other sort of sales objection, it helps you understand better
Speaker:where to take the conversation from there.
Speaker:So, to summarize, the worst way that you could respond to pricing
Speaker:pressure is to go into defense mode.
Speaker:Your first action should be to breathe, second action to ask them a question, then
Speaker:listen and then ask further clarifying questions so that you know in which
Speaker:direction to steer the conversation next.
Speaker:Now, this is a shorty, but it is a great episode because I want you to
Speaker:start feeling more confident and not so afraid of those pricing objections.
Speaker:Yeah.
Speaker:Cause if you're afraid of it, then you're going to get more
Speaker:triggered when they come your way.
Speaker:Use them as an opportunity to understand your customers and the
Speaker:situation better and find the right path to come up with a mutually
Speaker:beneficial way forward for you both.
Speaker:That's all for today's episode.
Speaker:I also want to take this opportunity to let you know that the next
Speaker:cohort of the Fair Price Formula is now open for enrollment.
Speaker:This course is all about helping you understand step by
Speaker:step how to set your prices.
Speaker:Over about two weeks, I take you through that process.
Speaker:We look at the customer, we look at the offer and the value, we
Speaker:look at the willingness to pay, and we get into the competition.
Speaker:and your cost and profit.
Speaker:It's a fantastic course, so if you just head on over to the pricinglady.
Speaker:com on the homepage, you will find the link to it there.
Speaker:We will also put it in the show notes.
Speaker:It would be my great pleasure to have you join me.
Speaker:If you have any questions about if that course is fit for you, please book a
Speaker:call with me and let's have a chat.
Speaker:I wish you a great day, and as always, enjoy pricing, my friend.