You have a great product and you thought that it would naturally sell itself.  However, reality sets in and the product sales do not perform according to expectations.  After thorough investigation, you find out that the primary objection to buying your product comes from price.  How then can you overcome this price objection?

The first thing to do is to examine the buyers’ buying criteria.  These buying criteria are simply the things which the buyer looks out for their purchase decisions.   By knowing the buying criteria of your target customer, you are now primed to influence it to tip according to your favor.  3 ways by which you can influence buying criteria are the following:

1. Discover and reinforce criteria which you can meet and exceed

2. Introduce new criteria

3. Reduce the importance of criteria which you do not meet or are at a competitive disadvantage to you

Let us examine each of these 3 below.

Discover and reinforce criteria

After discovering the criteria which your client uses to evaluate buying decisions, you can tweak the decision to your favor by emphasizing those criteria which you can meet.  Make these criteria seem relatively more important than the others in order for the client to be swayed to your side.

Introducing new criteria

After you have found out your client’s criteria, it may reveal to be lacking in some aspects.  Thus, as an excellent salesman, your goal would be to introduce new criteria in your clients’ mind that fit your product offering.  By doing so, you are making your product appear more valuable than it initially is because it now fits more criteria than before.  In order to know which criteria to place, use the Framing, Impact and Test or FIT method to discover new criteria.

Reducing the importance of criteria which you do not meet

Since the criteria already exist in the client’s mind, you cannot hope for total eradication.  In fact, the best that you can do is to lessen those criteria’s value in the clients mind.  You can do this through four techniques which are:

1. Re-framing: reframe the criteria that the client chooses by highlighting those you can meet and de-emphasizing those that you cannot.

2. Trade-offs: if you have introduced new criteria, help the client go for it rather than the criteria which you do not meet.

3. Adding Value: add extras to your offer to gain the client’s favor

4. Making Concessions: either give up one demand or give in to one of the client’s demand in order for the deal to push through.

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