One skillset that will transform your proposal close rate is learning to overcome price objections. In a must-listen episode of the Unstoppable Eventrepreneur Podcast, host May Yeo Silvers provides invaluable insights into understanding and navigating clients’ perspectives on pricing.
The crux of the issue, May reveals, is perception. She elaborates on the importance of showcasing the complexity and expertise required in event planning. When clients see the intricate details and the level of professional skill needed, they begin to understand the true value of the services offered. This shifts their focus from cost to value.
May also delves into the psychological aspect of pricing – the subconscious price tag clients put on their own time and effort. If clients believe they can save money by taking on the task themselves, your fee must convincingly reflect the savings they would enjoy in terms of time, effort, and stress by hiring a professional instead.
Throughout the episode, May lays out a three-tiered strategy to counter price objections effectively. First, demonstrate the complexity and expertise of your work. Second, make potential clients feel the burden and effort of managing such tasks themselves. And third, highlight the extraordinary benefits they gain by employing your services – a stress-free experience, valuable time saved, and overall cost-effectiveness.
This episode is packed with strategies to transform the way you communicate value to your clients, ultimately empowering you to elevate your work, articulate your worth, and boost your business’s revenue.
• “I don’t believe in price objection. It’s more about potential clients don’t see the value they will get versus the amount of money they’re going to invest in you.” (1:58 | May Silvers)
• “Does your work look like I can go to different stores and put it all together and make it look that way? If I can, I will be hesitant or your potential client will be hesitant to want to do it.” (10:10 | May Silvers)
• “You need to be able to communicate your price, why they should pay, and also elevate why they don’t want to do it themselves, right? You need to understand what exactly is the buying motivation. So if you are getting a price objection, it’s because they’re not valuing something. It’s not because they’re not valuing your work because they look like your work is a DIY work. They are not valuing what they would be missing if they were to do it themselves. So we have to go find out what are they valuing?” (12:12 | May Silvers)
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