It’s not the right time. I need to check with my boss. I can’t afford it.
As a B2B sales rep, you know that these objections are an unavoidable part of the sales process. Yet, an objection doesn’t always have to mean ‘no’.
Today we teach you how to handle one of the most frustrating sales objections—“I can’t afford it.”
1. Communicate your value.
When a prospect says, “I can’t afford it,” they’re really saying, “You haven’t effectively demonstrated the value of your products or services.” Take a step back and revisit value. Explain—in detail—why your product is worth the money and provide concrete examples of success. Price becomes less of an obstacle when value is apparent.
2. Determine what the real concern is.
Prospects often say they can’t afford something as a way to distance themselves from the buying process. This gives them more control over the conversation and allows them to avoid making a decision.
If you’ve clearly communicated the value of your product and you’re still receiving objections, chances are, it’s not about the money at all. Ask the right questions to determine what the real objection is. Sample questions include:
- What’s your budget?
- What are you looking to achieve?
- What is the problem you’re trying to solve?
- Are you looking at any of our competitors?
- What features, tools, or add-ons would make our product worth the price?
The answers they provide will give you insight into their hesitation to buy. Maybe the value just isn’t worth the price. Maybe they want to see if you’ll negotiate. Maybe they have no intention of buying but feel uncomfortable telling you no.
3. Address the real concern.
Once you’ve established the root cause of a prospect’s uncertainty, do your best to address their concerns. Here’s a helpful chart about using the Feel-Felt-Found (FFF) technique to validate and reassure uncertain prospects (source):
In certain scenarios, the buyer truly can’t afford your product. In cases like this, there may be some room to negotiate. Work with your superiors to determine if you can offer a discount. If this isn’t feasible, see if there are any extra services or add-ons you can use to sweeten the deal.
While you shouldn’t offer reduced pricing to each customer, a minor discount could be the deciding factor for a prospect.
5. Don’t close the door.
If your first instinct is to jump ship after a single objection, you’re not alone. In fact, 44% of sales reps give up after just one ‘no’ (source). While it may be tempting to move on and focus your efforts elsewhere, it’s important to keep less interested prospects on your radar.
If you’ve followed the previous steps without success, don’t close the door completely. Schedule a call with the prospect in a few weeks, months, or even a year. You may find that it takes a little time and space for a prospect to realize your product’s worth.
When you focus on value, you eliminate “I can’t afford it.” Contact ZoomInfo to learn more ways to increase your sales productivity today!