In many cases, price objection is the easiest way to get rid of the salesperson; in other cases, price objections just mean, what you offer does not fit into the customer’s need, or your prospect would see that your product’s price is much higher than its value. Rather than trying to figure out how to handle price objections, work on learning how to prevent them from arising in the first place. So, the first thing you must do is discover and establish the real reason the prospect is asking about price.
To overcome these objections, you have to verify that you understand the customer’s problem. Then, show them how your product will solve their problem and quantify what that’s worth to them. Your customer has to see / understand the ROI. Show them how your product can improve their metrics and how much money they can stand to make. Then explain that they’re actually losing resources by using their current ineffective or nonexistent solution. Quantify how much they’re losing.
If you’re pitching a range of features, many of which the prospect doesn’t really care about, they’re going to object on price. They feel like they’re paying for a whole load of stuff they don’t particularly want in order to get the one thing they really do want. Before decreasing the price which devalues your product/company, tell your customer that for those with a smaller budget, you have an alternative product or version of your product for a lower price. Emphasize that it has fewer features or whatever it is that makes it cheaper and that it’s maybe a more affordable option.
Trying to win on price is never a winning strategy. Explain that although your product costs more than the competitor’s, it’s less expensive in the long-term because it’s higher quality and does more. Looking for a small way to increase the value of the product is better than reducing the price. When you reduce the price you kind of admit that it’s not worth what you were trying to sell it for. Find a way to add a bit more value to what you’re offering. Is there an add-on you can include in the deal?.