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Why Coaching Price Objections is Necessary

Sun,Apr 07,2013 @ 02:09 PM

Price objections can result in a very sticky situation for sales people. As a manager do you know what your salespeople are going to do when they get in that situation? As a salesperson do you know what your manager wants of you when you encounter a price objection? This is why managers need to coach.

According to Tom Reilly, who conducted a web cast on handling price objections. Some statistics that Reilly uncovered are that 18% of sales are closed without discounting the price. That leaves the other 78% of sales that are cut-back. Imagine if you coached your employees to deal with price objections. Maybe that 18% might be increased to 40%; that would increase sales considerably. A great way to coach your employees is to participate in a role-play, so when they encounter one of these situations they have practiced and they know exactly how to execute.

CSO Insights provides the selling industry's most valuable data in terms of trends.  Below is a graph showing how reps rate themselves in regard to selling value and avoiding discounting:price

 

50% admitted to needing improvement in this area.  If 50% of the sales staff is discounting versus selling value, imagine the impact on the bottom line if those reps were given the proper tools to succeed.

To learn more about overcoming price objections, attend our Webinar on April 26th: Closing the Sale in 5 Easy Steps

This Webinar will talk about. . .

  • Learn how questioning is the key to closing
  • Learn why you should never have to ask for the order
  • 3 CREATIVE relationship building strategies guaranteed to give you the winner's edge in any deal!
  • Learn how to handle and successfully address objections early in the process
  • Learn a great closing strategy and technique without coming off aggressive
  • Learn the #1 thing customers want to do today more than ever when it comes to doing business with an organization
  • And Much More
Watch This Webinar:  Always Stay Positive

Download our Whitepaper: How to Overcome Price Objections

Download White Paper:  How to Overcome  Price Objections
Tim Hagen

Written by Tim Hagen

Tim Hagen founded Progress Coaching, a Training Reinforcement Partner Company, in 1997. His entrepreneurial career began in college leading to positions in sales, sales management, and sales training for small and large corporations, and eventually ownership of several training companies. He possesses a unique combination of hands-on experience, academics, and innovative insight to solve the industry’s most common challenges. Tim holds a bachelor’s degree in Adult Education and Training from the University of Wisconsin, Milwaukee.

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