Blog
Blog
 
 
 
 
 
 
 
 
 
 
 
Blog
IDOC actively shares industry-focused articles, blog posts, podcasts, videos and other thought leadership with our members and other optometric practitioners. Below, you will find links to our growing library of educational materials and multi-media assets written and created by IDOC's team of seasoned industry experts.
Steve Vargo | 8/5/2019
DEALING WITH THE DREADED PRICE OBJECTION

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.

 

For more content like this, head back to our blog

Discover IDOC's membership benefits

Steve Vargo
Practice Management Consultant
Steve Vargo, OD, MBA is a 1998 graduate of Illinois College of Optometry. After working in a clinical optometric practice for several years, Dr. Vargo pursued his passion for practice management by earning his Master 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 and advises members in all areas of practice management and optometric office operations. Steve and his wife Melanie have two sons, Lucas and Ryan. In his spare time, he enjoys running, cycling, sports and music. A native Chicagoan, he is an avid fan of the Cubs, live music and deep-dish pizza.
 LinkedIn
Trending Blogs
 
 

1/14/2021 | Author: Ximara Vega

Every year people tend to make goals for the upcoming new year. Somehow a new year inspires others to reinvent themselves in some way and like most initiatives, they lose their luster after a few weeks. I was supposed have rock hard abs like 3 years in a row. If ever... Read more


10/15/2020 | Author: Geronda Wollack

A friend of mine was out in the job market and applied for a job as a Dental Assistant. She called me for some advice around interviewing, and during our conversation, she mentioned a shocking reality. She said, "Geronda, there were a few companies that I was interested in, but the job... Read more


9/24/2020 | Author: Maddie Langston

By now, most of us are familiar with online reviews and understand their reach and influence, particularly on Google, Facebook, and Yelp. As a marketing consultant at IDOC, I work with optometry practice owners and managers to increase the number of new patients at the practice, retain... Read more


9/11/2020 | Author: Geronda Wollack

During a phone call with my favorite sister (now, let's not share this with anyone else), she shared the following sentiment with me, "I was just as excited for my kids to go back to school this year, until I realized that I have one kid staying home and doing virtual learning and the... Read more


8/13/2020 | Author: Maddie Langston

Let’s say one day after an exam and a visit in your optical, a patient reviews their experience on your Google business listing and Yelp.

The review includes many details which makes it clear to anyone reading that they visited the practice, had an exam, and worked with an optician.... Read more


8/7/2020 | Author: Ximara Vega

Take a step back and think about your business. Are you in tune with the performance of your optical? Are you achieving your desired results? If not from you, where are your patient’s purchasing their eyewear? Why? How do your offerings compare to your competition? Investigate, by... Read more


8/7/2020 | Author: Nathan Hayes

“I’m shockingly flush with cash. My checking account balance is fantastic.”

This isn’t what I expected to hear on the tail end of the most prolonged economic catastrophe of our lifetime. But many practices, after leaning out all their expenses during the... Read more


8/7/2020 | Author: Nathan Hayes

“I’m thinking of selling my practice.”

“Should I sell my practice now while prices are at all-time highs? How long does the private equity phenomenon last?”

Practice owners often focus on market trends in the pricing of practices when deciding when and whether to sell. Let me... Read more


7/17/2020 | Author: Patricia Basile

Careful frame and lens purchasing habits are needed in an unpredictable time.

Many optometric practices are experiencing a surge in eyewear purchases due to pent-up demand and the ability to... Read more


6/23/2020 | Author: Patricia Basile

Capture rate is a key performance indicator; possibly the most significant component in measuring and increasing revenue per patient. Capture rate can be influenced by several factors. The good news is that you can have an impact on all of them.

Multiple Pairs:... Read more

© 2020 IDOC. All Rights Reserved