Preventing and Overcoming Price Objections – Short #96
In this short podcast episode, Bryan explains how you can prevent and overcome price objections in your HVAC business.
You can prevent price objections by avoiding the “budget” reputation. If your company establishes itself as a “budget” or “cheap” company, you will attract coupon-clipper customers. Coupon-clippers can be difficult to work with because of how cost-conscious they are. Customers who aren't looking for a deal will be less likely to object to pricing. You also don't want to shy away from money conversations with friends or family members.
Once you get your business model and clientele established, you need to overcome pricing objections in yourself. “Expensive” isn't the issue; value is. If you set a price, then you need to be confident in it; pricing is a business decision, not a moral imperative, and you won't please everybody. If you're not comfortable with the prices, your discomfort can show in your body language and turn the customer away. Another tip is never to talk down your own value or make your work seem like it should be cheap; don't be afraid to explain labor or warranty costs if the customer asks.
You can also prevent price objections by avoiding dramatic language. Instead of saying, “This will be expensive,” or, “I've got bad news,” you can just give the facts and the quote. If the customer gets emotional, you can empathize with them and give them a positive outlook on the situation. It also helps if you can keep money conversations as comfortable, clear, and fact-based as possible. Make sure you get customer approval and allow your customer to decline new procedures every step of the way. Bundle in extra value if you can.
Oh, and remember to be empathetic and do a good job.
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