The right follow up technique when a customer says "your price is too high"!

2024-06-21|48 views|Development skills

Whether it is a foreign trade inquiry or business negotiation, whenever the topic of product pricing comes up, customers always say, "Your price is much more expensive than other suppliers." For experienced foreign trade professionals, responding to this is second nature, but it can be quite challenging for newcomers. In this article, we will look at the correct customer follow-up process and techniques, hoping to provide some insights for those in foreign trade.
 


Determine if the Customer is a Target Customer
Yes, the first step is to screen customers. This is very important for salespeople. Because time and energy are limited, we should use our limited time and energy on quality customers. So, how do we screen customers?
 
First, you need to clarify the market positioning and customer positioning of your product. For example: Which market is your product mainly aimed at? Is the customer base wholesale, retail, or distribution? Are you focusing on profit, payment methods, or order quantity? Only by determining these points first can you know what type of customer matches you. Then, you can understand the customer through their official website, customs data, social media, and other platforms, and thereby select the customers that suit you.
 
If you don't even know these, what qualifies you to negotiate with customers?
 
Question the Customer
When a customer says, "Your price is too high," your first reaction should not be to hastily explain how good your product is or how excellent your service is. Because before cooperating, these words are empty to the customer. Many seasoned buyers are tired of hearing these lines. It's better to directly ask the customer, "How much higher?" and respond based on the customer's reply.
 
Three Strategies to Deal with High Price Complaints from Customers
1. Ask for Specifics/Details: For example, you can ask, "How high is my price, exactly?" "At what price would you be willing to order?" "If we can match that price for you, will you be happy to place your order with us today?" The more vague the customer’s answer, the more likely it is that they are just trying to haggle. For such customers, you can find some excuses and appropriately lower the price a bit. Even if the price does not reach the customer's desired level, if the product is suitable, the customer will still place an order.
 
2. Redirect to Other Topics: For example, ask, "Is there anything besides price holding you back?" "How about your payment terms?" Guide the customer to express their inner thoughts and then respond accordingly.
 
3. Provide Alternative Solutions: If you have already reduced the price to the lowest point and the customer still does not accept, you can lower the price by modifying materials, packaging, etc., or recommend other similar products and ask for the customer's opinion. If the customer keeps hesitating, it is likely not the price that is stopping them from placing an order, but other concerns that need to be addressed. Focus on their concerns, show understanding, and provide solutions.
 
Build Trust and Provide Value
Share a ready-to-use email template:
 
Many of our customers began their relationship with us by expressing concerns about our prices. While price is certainly an important factor, I believe you’ll agree that it’s not the only one we should consider.
 
In addition to competitive pricing, our offerings include customer-oriented service, strict quality control, and flexibility in cooperation. When you choose us, price may be a concern, but with others offering significantly lower prices, many other aspects could become problematic.
 
Investing a bit more with us means fewer worries and better peace of mind.
 
Please let me know if this makes sense to you. I look forward to discussing this further.
 
Best regards,  
[Your Name]  
[Your Position]  
[Your Contact Information]
 
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In foreign trade negotiations, price is an unavoidable topic. Don’t be intimidated by the customer’s words; maintain your principles, and avoid direct confrontation. Solve the customer’s problems and provide value at the right time to gain the customer's trust and retain them.


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