Sales Mondays with Bill: External Sales Objections: Part Two “Is that your best price?” March 14, 2005 -- I will never forget this experience: It was 1983 (or was it 1984?) and I was in a sales training class in Chicago during my third year at UARCO Business Forms. There were 50 of us there from all over America. Larry Dilley, UARCO’s legendary master trainer, divided us up into two groups for an exercise. The group that went out into the hallway were the Sales Reps and my group that stayed behind were the Buyers. Larry told us that the Reps would return to present a price. Our job was to secure the order at the best price, using whatever means possible. However, each rep would be given the chance to answer one question and if it were answered the right way, we would award the job without further discussion. The question we were required to ask once the quote was presented was, “Is that your best price?” If the rep said, “Yes,” it’s game over and we are done. If, however, they waffle and answered anything but in the affirmative, we let the pit bulls loose. The Sales Reps returned from the hallway, having been told to present a price of $10,000 and the instructions to get the order. We paired up and the exercise began. - - - Bill's Bio (most of which is true) Bill's Website Bill's Super Sales Tips Bill's Book Reviews Ask Bill A Question Hear Bill in Person The reason I will always remember this exercise is that 80% of these professional sales people knuckled under and, when asked “Is this your best price?” came up with answers like “No. I can do better” or “Let me check with my boss” or “I am willing to discount this order in return for other business” and other nonsense. Eighty percent!!! Rule #1 in overcoming price objections (by far the most difficult objecting in the mix) is to stand your ground, kids. I have used the “Is that your best price?” question with pool sales people (and got $1000 off plus 900 sq. ft. of extra decking, a diving board, stairs, and an extra light) and car sales people (and got $50 per month chopped off as well as a ride in their new $134,000 sports car…way cool). Price is sometimes an objection you do not have to get around, especially if you stand up to it! Bill Farquharson Print Tec Network Next week: Killer Assumptions