As a salesperson, hearing “We love the idea, but we can’t afford your service right now” from a potential customer can be frustrating. However, it’s important to remember that this response doesn’t necessarily mean the end of the road. In fact, it may be an opportunity to continue the conversation and potentially secure the sale in the future.
Below, 17 Forbes Business Council members share effective steps to increase the likelihood of closing a deal down the line after hearing this common objection.
1. Demonstrate Your Value
Rejection based on cost affordability happens when the customer doesn’t see value in your service or product. Find the weak spot in the customer’s business and mold your offerings and cost to fit. If they still say they cannot afford the service, remember that no only means no for that day. – Shawna Sutherlin, DIAGGO, INC
2. Offer Lower-Priced Options
Always be prepared to offer a “down-sell” or a lower-priced entry-level product or service package. Use this offering to build trust, demonstrate value and keep your company front of mind for when the customer is ready for your higher-tier products or services. – Ron Dougherty, Aspire
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3. Keep Selling
This is the moment when the sales process truly begins. Embrace the objection by showing understanding, then revisit the key points from your pitch, emphasizing why your product or service is the best option, how your company stands out from competitors and why you, as a trustworthy salesperson, can deliver the value they need. Finally, address the urgency of taking action now. – Tamas Ham-Szabo, GBD Software as a Service Ltd
4. Show Understanding And Remain Positive
The first step would be to show empathy toward the customer’s financial constraints and try to understand their point of view. It’s important to keep the conversation going even after the initial rejection. Essentially, it’s important to remain positive and persistent while respecting the customer’s decision and finding ways to continue the conversation. – Christoph Straube, W&L AG
5. Show Your Product’s Superiority
A good business person believes in their product and knows the competition. With these two elements, you should be able to convince the client that your product will bring them more value than what they’re spending. Drawing a clear, fact-based comparison showing your superiority over competitors will help them reconsider. Also, you should never discount your product as it lowers its perceived value. – Dov Stark, Prestige Homes Development
6. Know Your Numbers
It’s crucial to read budget information at the hearing stage. To justify your value, you must provide numeric contributions to success and profitability with cost-benefit ratios. You should explain how much profit you’ll bring, why and what percentage and demonstrate your company’s social trustworthiness. As a next step, you can seek sponsors or investors to support prospects’ businesses. – Homeiku Hkunio, Homeiku co
7. Provide Payment Options
Offering quality products or services is almost certain to come with a higher price tag. If the cost of your service or goods is halting a sale, being prepared to present the customer with follow-up options is paramount. If your operation allows for it, providing a payment plan so the customer can budget may increase your chances of converting. If not, be sure to retain contact info for follow-up! – Andrew Swierkos, The Mountain Shoppe
8. Come Prepared With A Plan
This is a usual obstacle and your next step should be part of the plan. Obstacles can be categorized as budget constraints, lack of value visibility, trust, non-decision maker or status quo. You will need to pre-plan for each of these based on your scenario. The toughest one is the status quo and timing plays a big role in overcoming this. Being a trusted advisor or guide is key. – Venkat Chitturi, Technoidentity
9. Learn The Details
Try to understand in greater detail what the constraints are. For example, is the issue the amount of investment in your product, or is it competing priorities within the business? Once you understand the specifics, you can consider altering the proposal or determining a better timeline. – Mathew Jacobson, Ducere Global Business School
10. Focus On Building Trust
Never look at the short-term gain; instead, look at building long-term trust. An rejection like this is sometimes about money and sometimes it’s just a lack of enthusiasm or trust. If it’s about money, we can only wait. If it’s the latter two, we can proactively wait, creating value for our potential customers while also building trust and enthusiasm for the collaboration. – Magor Csibi, Trendconsult
11. Educate, Don’t Sell
Your staff should never try to “sell” anyone anything to potential clients. In our organization, once we make the decision to publish or market a client’s book, we focus on educating the prospect on the value of the services being offered and let them make a decision based on how the value aligns with the outcome or result they are seeking. – Cris Cawley, Game Changer Publishing
12. Build Relationships With Prospects
Understand their situation, offer a budget-friendly solution, stay in touch for future opportunities and ask for referrals. Remember that a “no” doesn’t always mean “never.” You could also suggest a trial period or a pilot project to demonstrate the value of your service and build trust with the customer, which may lead to a longer-term engagement in the future. – Dario Markovic, Eric Javits
13. Seek Input
Before a service and product is already completed, consider having the customer try it first. The needs of customers are not always clear. Based on the customer’s trial experience, it is then important to improve the product and service together with the customer. To that end, the first important point is how to develop beta versions of products and services at low costs. – Karita Takahisa, UNIFY PLATFORM AG
14. Discuss The Price First
To win over potential clients and foster long-term relationships, it’s important to approach pricing strategically. Instead of waiting until the end to negotiate the price, set expectations upfront. This not only respects their time but allows you to create tailored solutions that fit their unique needs. Transparency builds trust and lays the foundation for a lasting partnership. – Doug Mayer, Archetype Consulting Group
15. Play The Long Game
Be positive and use this as a way to learn more about your pricing structure and why it isn’t working for the potential client. Be creative in your solution—share in the risk and show the benefit. Transparency works! Remember that this potential client is part of a network—and everyone talks. You want them to refer you even if you don’t get to work with them right away. – Jenny Massey, FairWinds Advisors
16. Stay In Consistent Contact
Unfortunately, this happens in social impact more than I’d like to admit. My best advice is to stay positive and connected by sharing relevant news or opportunities over time. We’ve had many prospects convert to clients months (or even years) after an initial pitch or proposal. Even if you don’t close a deal, you can still build a relationship. – Emily Kane Miller, Ethos Giving
17. Help Prospects See The Overall Value Proposition
It’s important to eradicate any possibility of customers overlooking the value proposition, as it drives cost effectiveness through an indirect mechanism. For example, lower inventory holding can drive down interest costs and speed to market can thereby enhance sales. Engaging with customers’ finance management and emphasizing the overall cost effectiveness could be a game-changer. – Rakesh Suri, EFL GLOBAL
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