PRACTICE CORNER FROM THE
HOW TO RESPOND TO ‘YOU’RE JUST TOO EXPENSIVE’
When it comes to closing the sale, you’ll encounter many types of objections. One of the most common is “You’re too expensive.”This is a completely different objection than “I don’t have the money.” When a prospect raises the objection that you’re too expensive, they don’t want to be taken advantage of. This is an objection where a person doesn’t want to pay over what they think they should pay. They just want to feel that you’re going to be taking care of them by providing the value (relief) they are paying for. So, how do you answer this objection? Well, you first agree and affirm: “Yes, this is a substantial investment of money to resolve your matter.”You also state that their case is going to take 6–10 months or even much longer to resolve. Now, usually, people who bring this objection up have received lowball quotes from some of your competitors. Let’s say you come up with a fee appropriate for their situation, around $7,500 to permanently resolve their IRS case. They may have gotten a lowball quote from someone else for $2,500. And you know it’s going to take 6–10 months or longer to resolve their matter. What I would say to the prospect is “Do you honestly think they are going to put a CPA, an enrolled agent, or an attorney on your case for $250 a month to resolve your problem? They can’t, and they won’t.”
Never drop your price. Never discount your fee. Instead, build value. You build value by saying, “Hey, this is going to take a long time. We’re going to put a professional licensed CPA, enrolled agent, or attorney on your matter until we reach a resolution.” You tell them you’re going to implement a customized plan of resolution to settle their case for the lowest amount allowed by law in the most expeditious fashion possible. You never guarantee a certain dollar amount you’re going to settle the case for. You never guarantee a certain monthly payment amount you’re going to settle the case for. You can quote ranges, but only promise or guarantee things that are in your direct control. The stakes are high for your prospect. The are high because if they don’t resolve the problem, it’s only going to get worse. They’re never going to have a bank account or real property in their name if they don’t get this resolved. Additionally, IRS problems have a habit of ruining all aspects of your prospect’s life, including relationships with their spouse and kids. Your job is to put them at ease. Your job is to build value. Your job is to paint a picture of what life is going to be like with the IRS problem resolved. You are the “bridge” they need to cross to achieve resolution. That’s how you answer the objection of “You’re too expensive.”
–Michael Rozbruch
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