Sales Coaching Tips for the Almighty Question: ‘How Much Does This Cost?’

This piece is part of our series on sales development, by sales development reps.

sales coaching tips how much does this costDear Modern Sales Leader,

I am issuing you a challenge right out of the gate. Before you read this blog, I want you to select a few sales reps on your team and ask how they would handle the following scenario:

After several attempts, you (the sales rep) have finally connected live with the primary contact and decision maker at XYZ Corporation. After introducing yourself and providing a (very) brief elevator pitch about your offering, the prospect cuts you off and says, “Great. How much does this cost?”

What do you say?

Evaluating the Exercise

How did your rep(s) do?  Did they immediately provide pricing? Maybe direct the prospect to your website to view rack rates?  

I know many sales reps that would choose this course of action. However, when your sales rep has sidestepped a key opportunity to show value in the product or service they represent, you find yourself as a product and a price — in other words, a “nice to have.”

4 Sales Coaching DOs & DON’Ts

Here are a few rules to teach your sales team, so they can establish value from the start:

  1. DO prepare a rebuttal statement.

A rebuttal I normally would use : “We have standard rates as a point of reference, however, I would like to have a better understanding of your organizational makeup, to scale our service(s) to your needs.”

Your goal should always be to establish yourself as a partner vs. vendor.  

  1. DON’T immediately rattle off features.

If you qualify your lead properly, you will have plenty of time to discuss features of your product or service after you establish value.     

  1. DO ask strategic questions and find the pain.

Asking questions with a purpose will be critical — especially when you draw out a business challenge they are facing that you’ve already overcome for another client.  

Once you have uncovered the pain point(s), speak to any related case studies.  – “ABC Corp. was facing a similar challenge…they purchased our solution and have seen a 20% reduction in downtime as a result”

  1. DO ask for a second meeting

The next meeting after your initial discovery will be your time to learn even more about the client and establish the specific ROI you could provide.

Cost will always be top of mind with all prospects. Your ability to focus on value will make all the difference!

Happy selling!

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