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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
3. Ask a question.
Price objections are common in sales — primarily because most prospects have
learned pushing back on cost will get them a discount.
Step One: After the prospect has finished speaking, pause for three to five
seconds.
(Hit the “Mute” button if you need to.)
Step Two: Explore the pricing objection. According to sales trainer and
consultant Colleen Francis, you can ask up to three questions before
responding to the objection.
Prospect: “We really like the product, but it costs too much.”
Rep: *Silence.*
Prospect: “The other options we’re exploring are 10-15% cheaper. Is there any
way you can come down a bit?”
Rep: “I understand. In fact, I had two other customers just like you who were
uneasy about the price at first. But what they found was … ”
While you shouldn't abruptly change the topic right when the clock hits 40
minutes, you should structure the meeting so you can hit pricing when you're
around 20% and 65% of the way through.
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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
4. "I hear you. The best products are often more expensive."
According to sales expert Geoffrey James, "a price objection isn't 'real' until the
customer has brought it up twice." Using this response the first time you hear "it's
too expensive" can help you separate the prospects who truly don't have the
budget from those who are merely kicking the tires.
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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
You can also bill the buyer in stages. Let’s say your product would max out their
quarterly budget — and they need to save money for other purchases. Charge them
half now, and half next quarter.
Not only will the buyer appreciate your flexibility, but you’ll rescue the deal without
compromising on price.
11. "Is price the only thing that's keeping you from signing?"
This one can bring other important issues prospect has to light. If they have any
other objections the salesperson needs to address, this question will surface them.
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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
13. "Will price keep you from getting what you really want?"
You're not calling them cheap outright, but you are raising the question in their
minds. And no one likes to be cheap, especially when their business is on the line.
Alternatively, this will reveal if your product or service isn't the ideal solution for
their problem.
14. "Does this mean we will never have the chance to work
together?"
Francis argues that the word "never" is the kicker.
"When it comes to handling sales objections, 'never' is the most powerful word in
the English language," Francis writes. "Most people hate it. As a result, the vast
majority of prospects will respond by saying, 'well, no … not never!'"
The salesperson can then probe into the conditions required in order to strike a
deal and adapt terms or walk away accordingly.
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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
17. "It might seem expensive for one day, but let's break it
down by month/quarter."
A lump sum can seem scary to anyone, so parcel the number out a bit. Show them
a new way to conceive of your pricing. Have figures on how the cost distributes
over years, months, or days at the ready.
18. "Is what you're saying that our prices are high in
comparison to our competitors'?"
Like so many others on this list, you have to deliver this one without aggressiveness
or condescension. And if your price is indeed higher than the competition's, this
question opens the door for the salesperson to differentiate on value.
Thanks to your prospect’s inexperience, they might be placing your product in the
wrong category.
For instance, maybe your solution has both a data storage and an analytics
component. If they compare it to other data storage options, it’ll look significantly
more expensive. But if they benchmark it with analytics software, your price is right
in line with the competition.
Prospects can change how they feel as they hear recap their perspectives. Feeding
their line back to them forces the them to explain their position, and might make
them reconsider in the process.
23. "I understand. In fact, I had two other customers just like
you who were uneasy about the price at first. But what they
found was ... "
Empathize with the prospect, and then address their concerns with a strong case
study that proves value. Be able to demonstrate real results — having hard figures is
a big plus when doing this.
25. "Do you really need to say 'no' to our price right now?"
Seems a little harsh, right? Not so according to Tom Reilly, the sales expert behind
this approach.
"When the buyer says, 'I don’t know. The price is higher than I want to go,' try two
or three ways to deal with it. If nothing works, offer this response and watch the
expression on the buyer’s face," Reilly wrote in a blog post. "I guarantee they will
raise their eyebrows."
If the buyer replies that they don't have to say no right now, the salesperson can
then suggest the prospect take a few days to mull over the price — and realize that
by saying no the price, they're saying no to the product and its associated value.
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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
26. "[Silence]"
Sometimes the best response is no response. When a salesperson simply falls silent
after an objection, the prospect often begins to explain their rationale. The rep can
then address specific concerns from there —no prompting needed.
29. "Thanks for your honesty. How much were you thinking of
spending?"
The prospect's answer will reveal whether they're in the right ballpark or playing in
a completely different state. This response also turns the conversation back on
them, so they're forced to take a stand or admit they were bluffing.
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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
31. "I don't want to force you into something here — but I also
don't want you to miss out. Is this something that would be
less of an issue next quarter?"
You never want to rush a deal that's too discounted or too much of a stretch for
your prospect. Offering a steep price reduction just to close a deal will do your
business more harm than good over the long run. And pushing a close your
prospect really can't afford might lead to early termination or default on payment —
also not good for your business.
Instead, be open to waiting until more budget opens up. A matter of weeks might
mean the difference of thousands of dollars for your company and your
commission.
32. "How soon would you need to see ROI for this to work
with your budget?"
Telling your prospect they'll see 20% ROI isn't comforting when they have a strict
budget and aren't sure how long it will take to see those returns. Ask them how
soon they must see the benefits of your product/service and do the math with them
to determine whether they can achieve that goal, even with their current budget.
Once you've gotten a handle on the blocker, you can determine whether it's
surmountable or you need to walk away.
Want to learn more? Discover the five most common objections in prospecting and
how to overcome them.
Editor's note: This post was originally published in June 15, 2018 and has been
updated for comprehensiveness.
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12/11/2020 33 Responses to the Sales Objection, "Your Price Is Too High"
Originally published Mar 25, 2020 4:00:00 PM, updated June 24 2020
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