Pricing objections are among the most common hurdles sales professionals face. It’s easy to get flustered when a prospect says, “It’s too expensive” or “We can’t afford that.” But objections like these often stem from a lack of perceived value, not the actual cost. Here’s how to handle them effectively and keep the conversation moving forward.
1. Understand the True Concern
When a prospect objects to pricing, dig deeper to uncover the real issue. Ask questions like, “Can you share more about your budget constraints?” or “What specific concerns do you have about the investment?” This not only clarifies their hesitation but shows you’re invested in solving their problem, not just making a sale.
2. Highlight the ROI
Shift the focus from cost to the return on investment. Help your prospect see how your product or service solves their pain points and generates measurable results. Use concrete examples, like case studies or testimonials, to demonstrate how others in similar situations have achieved success.
3. Reframe the Conversation
Sometimes, a simple mindset shift can help. Instead of focusing on the total price, break it down into smaller increments or show the cost relative to the benefits. For example, “This solution will cost you $X per day—less than what most companies spend on coffee—but it can save you [time/money] and drive [specific results].”
4. Build Confidence
Assure your prospect that their investment is low-risk. Whether it’s a money-back guarantee, a trial period, or flexible payment options, give them a reason to trust in your solution. Remember, pricing objections are opportunities to educate your prospect, not shut the door. By emphasizing the value you deliver and aligning your solution with their needs, you can turn hesitation into a “yes.”
A Sanitation company hired Premium Recovery experts, and we reviewed the workers’ compensation premiums paid by this company over the last 7 years. We uncovered errors in the Experience Modification Ratings (EMR) for 2018 and 2019. The EMR, which affects premium costs based on a company’s safety record and claims history, had been miscalculated, leading to overpayment.
We worked with the company’s previous insurance carrier to correct these errors, resulting in two refund checks totaling $39,868. This case emphasizes the importance of reviewing past workers’ compensation audits for errors, even when premiums seem correct. Small mistakes in EMR calculations can lead to significant overpayments.
We recommend businesses regularly audit their workers’ comp records to ensure premiums are accurate and identify opportunities for refunds.
Contact us today to find out if your money is sitting in a previous audit!
First impressions matter. In sales, the connections you make during that first call or meeting can determine whether you’re remembered—or forgotten.
The relationships you build with other professionals aren’t just about the here and now; they can open doors to future opportunities, referrals, and growth. But how do you make a connection that truly stands out?
Here are four powerful tips to help you build instant rapport when networking:
1. Listen Twice as Much as You Talk (The 15-Minute Rule)
Dedicate the first 15 minutes of your conversation to understanding the other person. Ask thoughtful questions to uncover their needs and goals. The more you listen, the more valuable your responses will be.
2. Understand Their Ideal Client or Center of Influence
Ask who they’re looking to meet—be specific. Learn about their ideal client’s industry, company size, location, and decision-making process. Additionally, find out who might serve as a valuable introduction to their goals.
3. Ask for a Success Story
There’s no better way to understand someone’s work than hearing about their wins. Ask them to share a recent success story that highlights how they’ve helped others. This gives you insight into their strengths and expertise.
4. Ask Unique, Thought-Provoking Questions
Stand out by asking questions that show you’re invested in their success:
By following these strategies, you’ll not only build trust and rapport but also position yourself as someone worth knowing.
Ready to take your networking skills to the next level?
Email: info@premiumrecoveryexperts.com
Phone: 800-532-4193
#PersonalBranding #Networking #ProfessionalGrowth
A New York City-area specialty contractor engaged us to review their premium calculations over the past seven years. We conducted a thorough analysis of their Experience Modification Ratings, focusing first on the losses incurred on their policy and the reporting of that loss data to the Rating Authority.
We then shifted our attention to the losses incurred under the various owner-controlled and contractor-controlled insurance programs (“wrap-ups”) they participated in during that time. This second focus—the “wrap-up” loss experience—is unique to the construction industry and prone to errors. Because the insured does not own these policies (they are owned by the construction project owner or general contractor), they have limited oversight and control over data reporting, leading to mistakes.
As a result of our review, we identified errors on their policy and several “wrap-up” policies. Our corrections led to revisions of five Experience Modification Ratings over the seven-year period and resulted in over $160,000 in refunds on older policies.
Experience Modification Rating calculations are highly complex, especially in the construction industry. A good Rating is crucial for subcontractors, as a poor one can disqualify them from bidding on certain jobs. Our service provides a valuable tool for construction industry clients seeking to maintain a strong bottom line.
Contact us today to find out if you’ve been overpaying and uncover potential savings!
Your LinkedIn profile is more than just a virtual resume—it’s your personal brand. It’s how potential clients and collaborators see you before they even meet you. Want to make a lasting impression? Follow these key steps:
1) Create a Captivating Headline
Your headline isn’t just your job title, it’s your hook. Highlight what makes you unique, what you do, or how you add value. Example: “Helping Small Businesses Save Time with Tech Solutions | Business Strategist | Speaker.”
2) Craft a Killer “About” Section
Think about your profile from your audience’s perspective: What would THEY want to know about you? How can YOU solve THEIR problems? Use it to tell your story—what drives you, and why people should connect with you. Break it into short, digestible paragraphs.
3) Use a Professional Photo & Banner
Use a clear, high-quality headshot (no selfies!). Add a custom banner that reflects your brand or industry (use tools like Canva).
4) Customize Your URL
Replace the random string of numbers in your LinkedIn URL with your name. (It’s great for branding and SEO!)
5) Showcase Results in Your Experience
Quantify your achievements: Instead of “Managed a team,” try “Led a team of 10 to achieve a 25% revenue increase.”
6) Build Social Proof with Recommendations
Ask colleagues, clients, or mentors for recommendations. They act as testimonials for your expertise.
7) Stay Active
Engage with posts, share your thoughts, and post valuable content. Consistency builds visibility and trust.
Want to use LinkedIn & Sales Navigator to get more warm leads? Let’s connect!
Email: info@premiumrecoveryexperts.com
Phone: 800-532-4193
#LinkedInTips #PersonalBranding #Networking #ProfessionalGrowth
A New Jersey-based chemical manufacturer partnered with Premium Recovery Experts to conduct a thorough analysis of their Workers’ Compensation audits from the past five years. During the review, our team identified that 10 employees had been incorrectly classified under the governing code for manufacturers, though their roles were clerical in nature. This misclassification resulted in higher Workers’ Comp premiums than necessary.
After completing the analysis, we provided the client with comprehensive documentation detailing the misclassifications for the past three years. The client then submitted this report to their insurance carrier for review. Upon review, the carrier approved the corrections, which led to the client receiving a substantial refund of $69,332.
In addition to the refund, the reclassification of these 10 employees will now result in lower Workers’ Compensation premiums for the client moving forward. They are expected to save approximately $20,682 annually on premiums. Over the next five years, these savings will accumulate to over $100,000.
This successful audit highlights the importance of accurate employee classification and how companies can benefit financially by ensuring their Workers’ Comp classifications align with the actual job roles of their staff, preventing overpayment and securing potential refunds.
If you think your company may be entitled to a refund, contact us today.
