Think Before You Speak
Below is a MRR and PLR article in category Business -> subcategory Sales.
Think Before You Speak
When you're discussing your product, service, or solution with a customer, the question, "What discount can I get?" or "What can you do about the price?" might arise. It's essential to pause and think before responding, as this seemingly innocent question can impact your profits significantly.
Why Not Offer a Discount Immediately?
Firstly, not everyone who asks for a discount expects to receive one. Some customers ask because they've been instructed to, even if they're uncomfortable doing so. However, seasoned buyers understand that many sellers reduce prices at the first hint of resistance. Experienced negotiators might even lose respect for those who quickly offer discounts, viewing it as a weakness. Standing firm can demonstrate strength?"something executives respect.
Moreover, if you reduce your price too readily, you might inadvertently train your customers to expect this behavior in future dealings. Early in my consultancy career, I offered a client a discount on a package deal. Subsequently, he demanded the same discount, placing me in a tough position. Should I comply or risk losing the sale? A business executive once informed me she knows which suppliers she can push for better prices, exploiting this perceived vulnerability.
How to Respond to Discount Requests
Professional negotiators often suggest using a technique called "flinching." This involves visibly reacting to a discount request, and saying something like, "You want a discount!? Even with our four-year relationship and understanding the value of our services, you still seek a discount?" While effective, many find this approach uncomfortable to execute consistently.
A more approachable strategy is to ask, "What did you have in mind?" or "What were you looking for?" By doing this, you let the customer express the discount they desire, which might be less than you anticipated, benefiting both the sale size and your profits. Be cautious, as skilled negotiators might respond vaguely, prompting you to ask again.
Handling Discount Requests via Email
Email negotiations pose unique challenges, as standard verbal techniques don’t apply. Before immediately offering a better price, take the time to craft a thoughtful response. You might say, "We might be able to do something for you. What did you have in mind?" This response suggests flexibility without committing to an offer you might later regret.
Practice Makes Perfect
This approach seems simple but requires practice. It's crucial to train yourself to listen intently and to be ready with a measured response. I've occasionally fallen into the trap of granting discounts because I wasn’t prepared for the question. With an existing client, instead of asking what they had in mind, I prematurely offered a discount?"a decision I later regretted.
Listening carefully and thinking before you speak is essential. Practicing your response questions until they become second nature will ensure you can react appropriately when a customer asks for a discount.
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© 2008 Kelley Robertson, All rights reserved.
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