t's the oldest objection in the book: the price objection. Whether the prospect says, "It's not in our budget," or "We can get it cheaper elsewhere," or "We don't really need it," it all comes down to money. You want it, and they don't want to give it to you.

The main thing to remember when dealing with a price objection is to do your best to avoid making price the main issue.

For instance, if a prospect wants to know the price up front, even before learning what your product does or what your service offers, you can be pretty sure that it will be all about price for him. Focus on the benefits your service offers, and move on to the price issue later.

There are times when you need to concede on the price to get the sale. However, you don't have to honor every request to lower your price, and you don't have to be the only one who offers a compromise. Following are some pointers to help you conquer the price objection and close the sale.

Be Different

When your prospect demands a lower price, show him how your company and product are different from and superior to your competitors'. Remember, you don't have to focus solely on your product when differentiating yourself from the competition.

Factors that could make your company superior include your reputation, the fact that you stand behind your products or the length of your service agreement.

When pointing out benefits, make sure that they are truly benefits to your customer. For example, a terminal with a small footprint may be of value to him. The fact that it comes in a variety of colors may not, so don't try to turn that into a reason why he should spend some extra money with you.

Remove Price

If the negotiation seems to keep circling back to price, remove it from the conversation. Instead, ask your prospect, "If price was not a concern, what would you want from this service?" Then he will identify for you what his wants and needs are, and you can determine the real objection, which might not be price at all.

Get as Well as Give

If you lower the price, ask the prospect to compromise as well. Ask for a higher monthly minimum, a maintenance agreement or extended length of service contract. You may get an add-on sale. If not, at least you'll know how important the price really is to the prospect. If he is not willing to compromise, he may not be a serious customer.

Be Friendly

It's difficult to hassle a friend over price, so get to know your prospects and clients on a personal level. Go to lunch, find things in common. When your client feels like your partner it will be more difficult for him to treat you as an adversary and push you to lower your prices.

Meet Face to Face

It's too easy for your prospect to say "no" over the phone or to hang up and end the meeting. If you negotiate in person you can read his body language. You get to "hear" what he is saying when he's not talking.

Find the Real Issue

Many times the objection is not about price at all. Sometimes a prospect will tell you he can get a similar product from a competitor for less money. If he can get it cheaper, and price is so important to him, why is he wasting time talking to you?

He may be bluffing, or maybe the issue isn't price. Perhaps he wants to look good for his boss or colleagues. Maybe he's competitive and needs to feel like he's won. When you know what the real issue is you have a better chance of eliminating it.

Stand Firm

You aren't required to agree to every price demand your client makes. If you do, your client won't take anything you say seriously and will end up believing that everything is negotiable, which makes your job infinitely more difficult. Additionally, if you agree to every price decrease he will believe your product doesn't have value. Don't be afraid to say no and move on if necessary.

The best thing about the price objection is that you can anticipate when it's coming. This advance warning means you can prepare for the objection. Before every meeting, find ways to differentiate your product, demonstrate its value and work toward a compromise.