How to Handle Price Objections

1 comment, 23/01/2013, by , in General

Price ObjectionThose of us who offer a series of products via our personal or business websites may find that not everyone is equally thrilled with the great deals being offered. It is virtually assured that you will receive a comment or email from at least one person who is adamant that the cost of your e-book, web design services or other product is simply too high and that you should consider revising it. After putting tons of work into offering a product or service, the last thing you want to hear is how bad of a deal it is from a potential customer. Fortunately, there are several workarounds that can end up bringing even more traffic and conversions to your website.

Showcase Success Stories

Unless the product or service you are offered is brand new, you are likely to have at least one happy customer who has already shared his or her pleasure – whether that be in a comment, on forums or in a blog post. If you can find a few customers who have been pinging links that are positive about your site and who are willing to share their story about your product or service, then you should have a section on your website that showcases it. Some webmasters try to create fake reviews in order to move a product; usually, this come across as fake as they are, so don’t do it. By sharing stories from other customers – while providing their website and other information regarding their success with your product – you can demonstrate true value upfront.

Provide a Sample

If you are providing an electronic product (such as software) or an e-book, you may want to consider offering a free trial or in the case of publications, the first few pages free. If you can demonstrate to a customer what exactly they will be receiving and can prove that the content or value of the product is worthwhile, then you stand to lose nothing – and might gain a whole armada of customers that otherwise would have never existed. In the case of a free trial, you can request that the user provide their credit card information and can cancel any subscription if they do not wish to use the product in the future. This has shown to generate in excess of 50% more conversions than offering no free trial.

Provide Payment Solutions

Particularly useful if your product or service is expensive, you may want to consider offering a prorated or monthly payment plan for certain deals. Research has shown that individuals pinging links that offer an installment plan can end up selling the same product for even more than they would be able to do in a lump sum. If you would like to earn anywhere from 30-50% more for each conversion and can handle not receiving the entire amount in one transaction, then offering a payment plan to your potential customers can generate a substantial amount more profit. If you are offering a digital product or service that can be easily deployed and given to a customer without additional effort, then what do you have to lose?






One comment

  1. January 23rd, 2013 16:36

    It’s certainly true that some form of “freebie” is really effective. Hence the popularity of the “fremium” model on the web. It might even be argued that if you are selling via the interwebs, without a taster, you likely won’t make it.

    Another strategy that is key in addition to what you mention here is offering two or three levels of service so that buyers can self select. If you offer Silver, Gold, and Platinum, studies show you will sell more and that Gold will typically be your best seller.

    Reply

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