One of my distributors sent me this message: “My prospect sent me 4 different links to bottles that claim to purify like we do. He’s interested in joining the business but he’s concerned about the pricing being way more expansive than these products on the internet… Advice? -Jonathan”
Thank you for your question Jonathan. First, make sure the price objection is the real objection. Sometimes people will use the price objection because it’s an easy escape. But if it’s a sincere objection, you need to know how to handle it.
You need to follow the Question/Objection Remedy. If you don’t, your conversation will look more like a debate. Your task is to help this person get past their road blocks without entering into a fight.
Most people skip steps when handling a question or an objection and go right into providing an answer (step 4). This is the reason you don’t feel comfortable fighting with your prospects. You shouldn’t. If you follow the steps, your prospect will truly feel like you respect them and want the best for them.
Here’s the formula:
1) Let your prospects talk about their concern, don’t interrupt.
2) Clarify you understood the real question/objection
3) Make the question/objection valid
4) Handle or facilitate handling
5) Return back to where you left before you get the question/objection
So here’s how it should go:
First… (don’t interrupt) let your prospect explain his objection in detail.
Second… (clarify objection) encourage him to explain what are the elements he looked at when comparing the other products to yours.
Third… (make valid) tell him you understand his concern.
Fourth… (handle or facilitate handling) Sometimes products look alike on the surface and it’s only when you dig a little deeper that you truly find differenciators. Before we look at how those other products compare to yours, is there other criterias you or your potential customers would look for when buying a product like this, besides the price?… This question will open the conversation to other ways to evaluate a product and guide your prospect to look at them individually and compare both products. This should help you facilitate handling of this objection and both of you will agree on what makes this product unique.
Jonathan, the following information will help support your discussion. If you personally understand what is your company’s product strategy (i.e. price proposition or value proposition) and why they chose this strategy, you will be better equiped to handle a conversation around the subject. Keep in mind that you will first need to handle the price objection compared to other products he is comparing yours to. Once this is clear, you will need to validate why it’s best to market a superior quality product when you are in MLM. Your prospect is looking at your business and wants to know if he will be able to market those products. Here’s information to help you understand why our company chose to focus on value instead of price: