Some people are professional bargain shoppers. They pride themselves on always being able to get the “best” deal. Your business will likely be no exception, so be prepared. Maybe you haven’t had anyone ask for a discount yet but like my grandmother used to say, “keep saying good morning.” In other words, keep living because it’s bound to happen.
When you’ve presented the benefits and results of working with you or purchasing your products, it can be a bit surprising when a potential client asks for a discount. But, 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”.
But there are a few things you can do to prepare and turn a “discount” conversation into a big payday conversation.
- Change the language – The word discount in and of itself can diminish the value of what you offer. Use words that up level 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.
- Show me the money – You may not be comfortable offering a discount on a monthly retainer to avoid cash flow and payment issues in the future. But you could offer full pay options at a lower rate if a potential client is ready to show you the money!
Want to learn how to charge more, price for profit and accelerate your revenue? Then don’t miss this FREE online training class, happening Aug 16th. Get all the juicy details here.