When you hear these miserable words, what is your response likely be? For one, you are likely to fear that just by asking this question, the customer is implying if you don’t lower your price, you will lose the business. How do you know this, because you assumed this.
The fact is the customer never communicated that you were going to lose the business. All he asked was a simple question: Is this the best price you can give me? Yet, you went beyond the simple question by adding your own pre-conceived notions as to what the customer really meant. And by doing so, you have created a mindset that calls for you to immediately defend yourself and justify your value. When this happens, you are in trouble.
When you go out and purchase things, don’t you normally ask if the price being asked for is the best possible price? And if the answer was yes, do you automatically walk away? Not always. The fact is it is perfectly normal for people to ask for the best price. In fact, if a purchasing agent does not do this, then they are guilty of malpractice.
Here are five simple things to do when you hear the dreaded price question.
1. Leave out your interpretation of what the customer really meant
2. Say yes, for what you want this is what your investment will be and that’s a great value
3. If the customer still objects, steer the conversation to the outcomes of what the customer wants to achieve through your products and services, such as; increased sales, no interruption of service, ability to upgrade, etc.
4. If the customer still objects, ask what they are willing to give up (more than 50% of the time- they will buy at your asking price because people usually don’t want to give up anything—-they want it all! Sounds familiar?)
5. If the customer really needs a lower price, then remove a part of the offering and reduce the investment. NEVER GIVE SOMETHING FOR NOTHING IN RETURN- YOU ARE THE ONLY ONE WHO IS RESPONSIBLE FOR PROTECTING THE VALUE OF YOUR SOLUTION.