It’s common for sellers to have to negotiate pricing. SalesFuel’s research shows one-​third of sellers say their price being “too high” is the top objection they hear from buyers.

Price objections have long been a challenge. But selling to today’s cost-​conscious buyers requires a more focused approach.

In today’s environment, sellers are more informed than they’ve been in the past. They have access to information and do their own research on vendors before even reaching out.

SalesFuel’s Voice of the B2B Buyer found that nearly 40% of buyers conducted online research on a B2B vendor/​supplier. By the time reps meet with a lead, the buyer has likely learned all about them and their competition. This includes pricing details, as well as offers and discounts.

Informed buyers are likely to bring their research to the negotiation table and demands for lower prices. 

Sellers can no longer just walk into a first meeting and pitch their solution. They need to demonstrate the personalized value they will offer for the price they’re asking.

2 Rules To Successfully Negotiate Pricing

This article from GrowthAspire emphasizes that sellers can’t win a negotiation if they don’t believe in their solution. 

“The key to negotiating is to first believe in your own product pricing,” Prashanth G. explains.

And his advice is backed by research. Roger Dooley, neuromarketing, shares the results of a study on persuasion. It found that belief actually does impact one’s ability to persuade.

Sellers who believe in their offerings are more effective at making others believe as well. And their confidence in the value they bring will be contagious. So it’s vital that sellers support their own costs in order to negotiate pricing.

Prashanth believes that in order to fully understand the value they are selling, reps need to:

• Know their solution’s features and how those features benefit specific buyers
• Understand competitors’ solutions and why their solution is superior at delivering what buyers need
• How their customer service outperforms other vendors

Additionally, take time to chat with current clients to understand why they value you and your solution. Listening to their testimonials can give you even more context into the ROI your clients experience. 

Your genuine enthusiasm and confidence in the value you offer will naturally come across to buyers. This will help you when they want to negotiate pricing. 

Emphasize Value When Negotiating 

When you meet with the buyer, they may already know how competitors price their offerings. They might also have insight into any promotions or discounts you or competitors offered in the past. 

Prashanth recommends that you keep the conversation focused on value. Non-​monetary benefits, such as excellent customer service, should be discussion points. 

The goal is to identify a very high value benefit to the customer.

Use your own research to demonstrate how your solution impacts their personal pain points. Highlight specific issues or challenges, and use storytelling to show how your solution will help overcome them. 

As Jeffrey Gitomer suggests, “Sell your unique strengths. Let the customer feel like [they are] getting a one-of-a-kind.”

Also, take a consultative approach. Show the buyer that you want to help them succeed. Communicate your confidence in your solution and use empathy statements to show you genuinely care about their goals. 

“More than ever, buyers are searching for trusted partners,” SalesFuel’s Tim Londergan points out. Showing you care about their business adds even more justification to your pricing.

Demonstrating buyer-​specific value, empathy and confidence in your own solution positions you to handle cost-​related objections. When a buyer inevitably wants to negotiate pricing, you’ll be prepared to justify your costs and get their buy-in.

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