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HANDLING PRICE OBJECTIONS

As you build your brand and scale your company, you will be among the higher priced companies in your market. This is a good thing! You will receive a lot of push back from prospects. This guide will help you combat those price objections so you can fill your schedule with your ideal clients.

A few notes you NEED to understand with your mindset:

  1. Your prospect does not know what a high or low price is. They just want to be given great value for what they pay
  2. Think hiring a professional is expensive, try hiring an amateur. You have thousands of hours of expertise in doing your trade and running your business. This is worth a significant amount of money, and you should not undercut yourself
  3. “We’re getting other quotes” means that the prospect is collecting underbid prices for their project from contractors who do not know how to run a business. This is your opportunity to sell the value of your business
  4. Social proof is the ultimate currency! Talk about the neighbors you have done, your reviews, your credentials, your friendly staff, and how your business is involved in the community. Humans want to do business with humans!
  5. As you build your business, you are after clients for life. Clients who hire you multiple times per year and year after year. Know when your prospect is haggling and just taking your time. Know your worth, and know when to walk way
  6. Cheap prices may keep your clients happy in the short term, but it will bottleneck the growth of your business as you will not have enough margin to hire a team and make a healthy profit for yourself the business owner. When it comes to raising prices: Charge more. Do less jobs. Make more money.

Common Prospect Price Objections:

“You’re twice as much as my other quotes”

“Your price is too high”

“The quote is way more than I thought it would be”

1) Responses: Sell the Value (not the price)“Mrs. Smith, we don’t aim to be the cheapest, we aim to be the best!”

  1. “Mrs. Smith, we are not a good fit for everyone. If price is the most important factor to you, I am afraid we will not be a good fit.”
  2. “Mrs. Smith, have you had a chance to check out our Google reviews? We are among the top rated companies in the area. We compete on service (not price).
  3. “Mrs. Smith, I completely understand, and we want to be able to work with you on this. Did you have a budget in mind for this project?”