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Dealing with the Dreaded Price Objection

08/5/2019

This article assumes you’ve done your part in establishing value for the products and services you offer. If you fail to do this, then price inevitably becomes a factor as people will wonder if they can get what they need less expensively from another source. But let’s assume you’ve made a solid case for why someone should purchase a certain product or service, and they balk at the price.

Here’s my 3-step process for addressing the price objection:

  1. Listen without interrupting. You’ve clearly communicated the value of your recommendation, but the patient or consumer is focused on price. People who object to price are not right or wrong, they are just expressing their opinion. Just listen and nod your head to show you understand their feelings on the matter.
  1. Repeat their concerns. This demonstrates that you were listening. When someone objects to something, what they want in return is empathy and understanding. Showing resistance or defensiveness toward what someone else perceives will almost certainly prevent a positive outcome.
  1. Re-position your offer taking their objections into consideration. Instead of losing a sale altogether, this could provide an opportunity to mention your budget line. It’s also an opportunity to restate value one more time. For example, “Thank you for your feedback Ms. Smith. We do strive to provide the highest quality care and products, but I do understand price is a factor also. We do have options for all budgets. If you’ll allow our optician to show you a few, we would love the opportunity to earn your business. I’ll also mention that we can certainly go with the lower value options, but this won’t fully address the problems you were having on the computer. Are you ok with that?”

Two dominant buying motivators are desire for gain and fear of loss. Of the two, fear of loss is typically the stronger one. When someone objects on price, kindly remind them what they are giving up. They may reconsider.

 

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AUTHOR

IDOC Optometry - Color Bar
Steve Vargo

Steve Vargo

Steve Vargo, OD, MBA is a 1998 graduate of Illinois College of Optometry. After working in clinical optometric practice for several years, Dr. Vargo pursued his passion for practice management by earning his Masters of Business Administration (MBA) degree from the University of Phoenix in 2008. A published author and speaker with 15 years of clinical experience, he serves as IDOC’s Optometric Practice Management Consultant. Dr. Vargo advises optometric alliance members in all areas of practice management and optometric office operations.