What are the techniques for responding to price objections?

Very simple. Buying a Iphone or any chinese phone (which may do the same job or even more). What I personally feel, higher priced product sell create more chance of brand stability. Customer are forced to think that it may provide them long term stability, brand to show off, loyalty and trust. It all depend on the sale person how he create the need in the mind of the customer

Price objection is the number one problem faced in a sales career and many feel dissapointed in the first instance.  But it is important to ask important questions why they feel the price is a problem?

One has to be persistentent and follow his intuition to build his own business or career with skills and teckniques as these:

CRUSH PRICE OBJECTIONS

• “Your price is too high,” is the number one objection that salespeople encounter. ...
• Slow down the process. ...
• Clarify the price objection. ...
• Respond to the price objection. ...
• Ask thought-provoking questions. ...
• Reassure the buyer. ...
• Give it back to the buyer.

"A lot of the time, however, price is not the only issue and it's merely being used as a smoke screen."

Price often is not the heart of the issue but an indicator that something else is going on. Clients will use the price objection because it's a convenient excuse. five tips to follow:

1. Don't respond right away. Instead, get the prospect to talk more about the objection. Ask, "And what else is of concern?" This does a couple of things: first, it allows you to get all the objections out at once. By doing this you get a more complete picture of what's really going on and can respond accordingly. And second, it gives you some time to think about how you want to respond. It's our tendency to jump in right away, respond to the objection, and move on. But you need to take your time and get the prospect to talk more about it so you can get to the heart of the issue.
2. Don't introduce price too early in the conversation. Price objections often come when you give the price too soon. Before you can talk about price in the sales process, you have to get the prospect to see the value and get them to articulate the value of the solution. When you share the price too early in the conversation you lose control. You move into the negotiation phase where all conversations going forward are going to focus around price instead of value and outcomes.
3. Focus on selling the value. When you get a price objection, you haven't done a good enough job of selling the value. Go back to the prospect's needs and goals. Get them to articulate what the solution is worth to them. When you get the prospect to see the value of the solution and you put it in financial terms, you get much less resistance on the price.

4.      The word "no" can be a tough pill to swallow.

5.      In selling, when you're trying to meet a quota, squeeze in an extra deal before the end of the quarter, or get your bonus, the word "no" is too often interpreted as a sign to run for the hills when, in fact, it should be the exact opposite.

It will be win-win situation with good negotiations and self-control in the process.