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