Price is a major component of marketing, right alongside product, place and promotion. Sure, the notion's expanded a lot since most of us learned the Four Ps of Marketing, but the cost of your product is still one of the biggest marketing decisions around. Too low, and money's lost on every sale. Too high, and only a handful, if any, will buy it. So when facing an objection about price in the midst of telemarketing, it's good to know how to address it.
Sometimes, an objection to price doesn't necessarily mean your prices are too high. It could be a matter of the price being too high for the customer contacted via telemarketing or other channels, it could be a reflection of value—the product doesn't have enough clear features and benefits to make the current pricing reflect reality—or just a lack of knowledge about what this kind of thing costs if it's done right.
The actual cause doesn't matter so much, except only as a way to determine a response. If the issue is actually one of budget—that costs too much for us to afford—consider offering credit terms or a payment plan. If a client doesn't have $6,000 right now, but will have $1,000 a month for the next six months, the sale can still be effectively made.
Some might find the product overpriced compared to others in the field. If that's the case, then the objection can be addressed by analysis of the product. Sure, a Yugo is cheaper than a Porsche, but look at the differences in quality, in feature set, and other fields. Selling according to the differences will make all sales, even telemarketing sales, better for it.
Finally, there's the matter of the time value of money. Some may object to a new purchase not because it's too expensive, but because the combined cost of the product and the time to get it in place is too expensive. That's tough to deal with on a telemarketing call, but here, value can save the day again. Focus on the after-sales impact. See about being flexible with installations; maybe the system can be put in place after hours or on a long holiday weekend.
In the end, it all comes down to value. Value of product, value of features, value of time...these all factor into a buying decision whether made by telemarketing call or not. By proving a product's value is greater than the value of retained cash, you've made a sale. When a telemarketer can do that much, it's the most that can be asked for, and some methods to pull it off are better than others.
Edited by Alicia Young