Few moments are as energizing in your business as sitting across from a potential client in a meeting that is going well. Your presentation came across smoothly, the client is engaged, they’re ready to buy…the only thing left is the price.
You quickly calculate a reasonable price in your head. You know that your competition couldn’t come close to your level of quality – and still you keep your prices in par with theirs.
You tell your prospect your price…and the conversation chills. They tell you that they were expecting to pay half of that. What should you do?
Discuss your competition
If what you are offering is genuinely better than the competition, don’t be afraid to highlight your competitors’ weaknesses. If your competitor has a string of bad reviews online, let your prospect know. If your competitors are using outdated tactics, explain that your unique strategies mean you spend their money twice as efficiently. Refer back to your case studies – and point to people or businesses that are testament to your level of skill.
Explain your scarcity
Don’t act too eager to work with a potential client. Tell them that to keep your level of quality high you only work with a limited number of people a month; spots are quickly filling and they have the opportunity to grab one. Demonstrating scarcity is critical to charging your desired rate – everyone wants gold, no one cares much for aluminum.
Be ready to walk away
Be willing to walk away if after a few days your prospect is still hesitant to about the price. The worst clients are the ones who start out worrying about the cost. They will likely never be satisfied with your work, demand instant results, and weasel away at your profit margin every chance they have.
Walking away might seem foolish. Why should you throw away an opportunity to grow your business? Walk away because there are bigger and better fish to fry; one’s that will contribute to the long-term growth of your company and not unbalance your resource allocation to a single small paying customer.
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About The Guest Author: Johann Beishline is the founder & CEO of Lezal Marketing. Follow him on Twitter @LeadersWin.