The Price Is Right is a TV game show made
famous by Bob Barker and his familiar call to the audience
"Come on down."
I was reading an article in the Sunday paper about how restaurants,
in an attempt to save money and increase profits, are downsizing
their dinners. They are also using creative pricing strategies
- which got me thinking about The Price Is Right.
Now you're probably wondering, what in the world does any
of this have to do with selling? In fact it has a lot to do
David Letterman could probably come up with a list of the
top 10 things that drive salespeople crazy. Based on my experience
and observations and talking to thousands of salespeople,
dealing with the price objection would be number one on this
Some salespeople are so fearful of hearing the sales prospect
bring up the price objection they start talking about pricing
even before the subject ever comes up. Now - that's not the
way it should work.
The only time the price is right is when you don't
have to lower it to get the business. If you must lower your
price always get something in return.
For example, if a sales prospect asks, "How much better
can you do with your pricing," you could respond with,
"I can wiggle with the pricing if you can wiggle with
the size up the order."
If you don't like this approach - change it. The point is
you shouldn't have an exasperated look on your face every
time you get the price objection. A little preparation and
a lot of practice can overcome anyone's fear of hearing the
dreaded price objection.
Whenever someone asks you, "How much does this cost"
try responding with "It depends." Of course your
sales prospect will then ask, "It depends on what?"
Then tell him, "It depends on the size of the order
or it depends on the quantity or it depends on what else can
be added to the order."
The article I was reading, focused on creative restaurant
strategies, mentioned two things you might be able to experiment
with in your business.
If you have any products that have pricing which ends in
95 cents raise it to 97 cents. This gives new meaning to the
old saying - every penny counts.
Another idea which you may be able to use is to spell out
the price instead of using numbers for example: three hundred
and fifty dollars instead of $350. Don't discount the idea
at least until you try it.
Here are a few more ideas and these did not come from the
article. Never offer a price that includes zero's. For example
$3500. Those zeroes are an invitation to negotiate. Change
this price to $3497. It's more specific and implies you've
already sharpened your pencil.
You should also know that numbers ending with the number
7 sell more than any other number. It's true!
For even more ideas on how to deal with the price objection
you can do a search on Google with the key words - price objections.
You'll find 569,000 results. There's no shortage of ideas
There's no need to fear the price objection. The more you
explain the value of your products and services the less you'll
have to defend your pricing.
I used to get the price objection often. About 19.5 years
ago I scripted a way to deal with it and have been using it
ever since. And by the way, as soon as I prepared my response
to the price objection I was getting - I didn't get it as
often. Truth be told - I don't get the price objection as
often because I'm very confident I can deal with it. Amazing
If you want your price to be right don't talk about it.
And remember this Meisenheimerism - when selling, the more
you talk about price the lower it gets!