Some people are professional bargain shoppers. They pride themselves on always being able to get the “best” deal or a “hook up”. Maybe you haven’t had anyone ask you to discount your prices in your business but like my grandmother used to say, “keep saying good morning.” In other words, keep living because if you’re lucky enough it’s going to happen (smiling).
When you’ve presented the benefits and results of working with you and/or purchasing your products, it can be a bit surprising when a potential client asks for a discount. Don’t freak out and don’t take it personal.
Be prepared and ready to handle this situation if and when it arises. Know that when a potential client asks for a discount, you’ve entered the negotiation phase of what may possibly become a highly profitable conversation and transaction.
Think of it this way, yes, they’re asking for a discount but is it possible for you to add more value, increase the price and still close the deal.
Your approach at this point in the conversation will determine the outcome. If you’re put off that the potential client asked for a discount, this will come across in the conversation and will likely end with a simple, “thank you, I’ll be in touch” versus, “how do I pay you”.
There are a few things you can do to turn a “discount” conversation into a big payday conversation.
- Change Your Language – Use words that uplevel the value of what you offer in the minds of your potential clients.
- Ask – Find out why the potential client is asking for a discount. This is an opportunity for you to understand more about what they’re looking for and educate them and/or present more options to move forward.
- All Money Ain’t Good Money – Look at the other services (or products) you offer and determine if you have a service (or product) that fits their budget. If not, don’t feel pressured to lower your prices. I’m sure you’ve heard the statement “all money ain’t good money” so in the end it might be better to refer the client to another service provider that may be a better fit budget wise. And if you have a referral agreement in place, you’ll still get paid!
Want to learn more pricing strategies to charge what you desire, attract paying clients and accelerate your revenue? Then don’t miss The Ultimate Pricing Masterclass! Get all the details and register for this FREE training here!