We all met a buyer who have a real interest in your product/service, but who tell you that the price will be an issue, due to complicated financial situation, requiring you to put your price down.
How can you make the deal, without lower your price ?
Refused any request for a lower price and defend your price
The goal is to convince your prospect that your prices are well established with “fairness” and “consistency”. That your product/service is with the highest quality with a solid company. Also that the return on investment (remember, this isn’t an expense, but an investment, read the article about magic formula for attractive price) is high. Give all the advantages for your customer which will justify your price.
The biggest problem when you agree for a lower price, is that for your client, this is agreed forever ! It will be impossible for you to bring back a higher price in the futur.
If your argumentation isn’t enough, you can also propose a financing solution, like a leasing or credit (in accordance to the local laws) or just the possibility to pay in 3 times without fees. This last option helped me a lot to concluded sales when the client had a financial issue.
“Exceptional” commercial favors
This is small favors but they give the feeling to the client to be important because of the personalised proposition of favors. Most of the time it will be more appreciate than a financing solution, this can be :
- The “satisfied or refunded” guarantee
- A free trial period
- A free training or advises
- % of free product
Of course, if a financing solution or a commercial favour is agreed, you must conclude the sales immediately !
Ultimate solution : The customised quote
If none of the solutions above work with your client because your price is still above the financial capacity of your customer, then you can take back your quote and change it has “customised quote”. The idea is to change some details of your offer to reach the financial capacity of your client, for exemple :
When I sold radio advertising, one client wanted :
- Advertising with two voices (one male, one female)
- 30 seconds advertising
In order to reduce the price, I’ve proposed an advertising with only one voice, and a 15 seconds advertising. With this modifications with have reach the financial capacities of my client and still keep the possibility to have an effective advertising.
Whit an advertising pen , a client requested :
- printing the logo on the clip with 3 colours
- printing the message of the company in 2 colours on the body
- Chrome Tip
In this example, I’ve proposed my customer to print only 1 colour for the message on the body of the pen. it is impossible to change the number of colour of the logo who has to be print on the clip, so I changed the chrome tip into a standard one, to reduce to cost and the reach the financial capacity of my client.
The goal is to satisfied the initial needs of the client, but in order to do that, we must found where and what we can reduce.
An unusual story
My assistant had an appointment with one client, to give him the quote for advertising lighter. After the first meeting and the discovering of the needs of the client, she proposed him a unit price for 500pcs, in accordance to the customer request.
The client refused, because he expected a lower unit price than the one my assistant offered him.
Answer of my assistant : “The unit price you are asking is possible, but from 1000 pcs”
Answer of the client : “Then Ok for 1000 pcs”
Never lower your price without defending it. Alternative and argumentation are always possible, and never forget to get something in exchange of a commercial favor. (read article about how to prepare a negotiation)