The price point can often be the bone of contention on many sales calls. Sales training programs often advise you to dodge the price question until you have fully fleshed out the value of your products to your potential customer. However, this isn’t always the right approach.

Customers can grow wary and suspicious when the answer is being purposefully delayed. This can lead the conversation to come to an awkward and abrupt end. Here are some of our most effective ways to respond to the price question and also elicit detailed information that you can leverage to make a sale.

Price with Criteria Exploration

If your price is flexible, always offer a “preliminary price” to start with. So you could respond with: “The preliminary price for this product is $X, which includes (list benefits).” Follow this up with a question along the lines of: “Aside from price, what other criteria are you using to make your final choice?” Responding in this manner enables you to explore the thought processes the customer is using to narrow down his selections.

Price with Benefits Exploration

Another way to respond to the price question is to combine your preliminary price response with a benefits-focused sales conversation. For instance: “The preliminary price for this product is $X and one of the biggest benefits it provides is (mention key benefit). How important would this benefit be to you?” Phrasing your price response in this manner is another way to explore the reasoning behind the client’s purchase decisions.

Personalizing the Price Response

Another effective way to respond to questions about the price point is to personalize the product. We start once again with: “The preliminary price of this option is $X.” Then, follow up with “this could be the right package for you because (list reasons). Can I ask you some more questions to make sure we’re both on the same page?”

Creating a Sense of Urgency

Creating a sense of urgency is often used to push the customer into making a positive decision faster. This can be used with our price response in the following manner:

“The preliminary price of this package is $X and I’m giving this to you as a special offer, available for the next 48 hours, only because I know the price is important to you. How will this significant cost saving affect your decision?”

Checking in With the Customer’s Budget

When you respond with: “The preliminary price is $X, how does that fit in with your budget and your expectations of the price?”, you set the stage for an exploration of how close or how far off the mark you and your customer are in terms of price. You will also open the door to potential discussions on what the customer feels are optimum prices and where your product or service provides additional value.

Answering the price question effectively doesn’t have to be difficult. A projection of confidence with a mix of strategic responses, such as the ones listed above, will help you to close the deals that you want.

A coach can help you to fine-tune your sales strategies and your responses to customers to boost your sales.