Thoughtful Thursdays – Do you negotiate price needlessly?
From last week on how to be better listener: When You Listen, Do You Hear Everything?
Today’s thought is about deciding whether or not negotiating price is necessary to close the sale.
You have correctly analyzed and confirmed the situation, identified needs, the decision makers – all the necessary ingredients to making the sale. Possible solutions have been presented and recommendations been made. The close is inevitable and the prospect asks if you can do any better.
The way you address the situation it may make the difference between maintaining your market pricing and having it erode.
If you are familiar with my previous posts you will know that I do not like dropping price. For me, it is the last resort and even at that, I may rather walk away from the business.
Your interpretation of the question “Can you do better?” is key. What insights can you draw from the question? Are they really objecting or just testing the waters? Is the objection price driven? These are the questions to ask yourself before responding. Getting the answers involves more conversation with your prospect and you want to be prepared to have that conversation. Be mindful that “doing better” does not mean by default, lower your price.
What you do not want to do is roll the dice for the answers. Make your decision based on the best information you can obtain.
You may happily find that in many cases, price negotiation is not necessary. Have confidence in yourself and the products and/or services you offer, don’t negotiate price needlessly.
Good selling,
Richard
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