Business Development Obstacle: How the Price Objection Impacts a Business and what to do about it!

Develop brand value and Quality Assurance, Avoid premium pricing.  If objection is raised we must be capable of highlighting the quality and bestow  him with  a possible price reduction slightly lower than the market perception.  And again if confronted do not loose the customer with a little more offer saying this as special rate for him and is final. Do not hesitate to replace the defective product at the first instance itself.

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Price objections affects the sales volumes, profit, market share, continuity and many other business related issues which will negatively affect the business development

Price becomes a major obstacle to an extent that one becomes desperate to an extent of offering it free of cost. Such situation mostly arises when our other competing tools/skills other than Price is weak and one generally is unwillingly to accept the same and is effortless for self development.

As much as80% of objections that salespeople encounter are related to price and most often these objections are self-created. Although situations may vary, all price objections have the same cause: your prospect's perception of you and your product are low, or the salesperson's perception of themselves or what they are offering is low.

What do we do as Sales Professionals that negatively impacts our chances and our margins?

The way to handle a price objection is to propound a Value proposition.

it surely impacts the business as with the rise of the price the business development methods get complex and slow. 

Pricing no doubt is most important aspect/factor of buying/purchasing/selling.If any proposal/product/service is getting rejected/remaining unsold because of it's pricing only then that conveys it's pricing is an obstacle.Now the question arises who have created this obstacle? and How this obstacle can be removed? Answer to it lies in the research/study done/factors considered at the time of deciding/finalising the proposal/product/service.If the proposal/product/service is getting rejected/remaining unsold just because of pricing then that conveys their exists in market better/similar proposals/products/services at lesser price,that in turn conveys failure to take in to consideration that facts/ground realities while deciding the price.The resolution to price becoming an obstacle lies in..1st ensuring the proposal/product/service offers some/many benefits over others..No.2 convincing/training the employees & business associates about that edge/benefits over others..No.3 Training/Ensuring the employees & business associates are able to convey/convince the same to end users/consumers.

Price Objection has a very serious effect because it will be a "tough sale" if it's not adjusted or fixed through promotions, then go from there to the next step.

Price is most important factor in business development but with the price factor brand also come into existence as cheap price product consider low quality product and customer also suspect upon that  and if price is higher then company will face many obstacle as it has not brand equity so after making good brand it is advisable to make good price so company may get profit as well as brand equity.

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