Three Key Strategies For Handling Price Negotiations For Your Consulting Services
So what do you say when someone asks for a discount?
When someone asks for a discount, just reflect back and ask, “Why do you want a discount?” Listen very carefully to the response they give you. That will help you understand what is behind their request as you need to know whether money really is the issue or not before you can respond.
When you respond, take the focus away from discounting to changing the value. Have a value discussion by using one of the following three strategies.
This strategy is to be used when money really is the issue. Instead of giving a discount, you lower your price by taking out something of high perceived value. This is a win/win choice. They get the lower price and you still maintain your price for a certain value bundle.
“If price is an issue for you, then I suggest that we take out this particular aspect of my consulting services.”
“If price is an issue for you, then I suggest that we take something out. What do you suggest?”
You really want to train your prospects and clients that, in order to get a discount, they have to give up something of value. They need to understand that there’s a price for reducing the price.
With this strategy you maintain your price. You effectively say “If you agree to my price, then I will add in.............” The product or service that you add in needs to have a high perceived value by them and be a low cost item for you. Then it is a win/win.
“If you agree to my price of $20,000 for my consulting services, then I will also include a report I wrote on ………….”
What are some high perceived value (low cost to you) products/services you could include in your offers?