In a competitive market, price is often determined by supply and demand. It's common to hear a deal fell through because "we were too expensive." However, in a level playing field, one salesperson negotiates a higher price than another. And a buyer doesn't always choose the lowest price. Why is that? And how can you make the price subordinate to the added value?
Statements like "You're too expensive!" or "How much discount can I get?" often make salespeople nervous. However, these are significant buying signals. The customer wants your product or service but at a lower price. It's time to start negotiations. Many salespeople think they need to negotiate the price and make significant concessions. Wrong! Ensure you don't use up all your arguments before the price is discussed. This allows you to revisit the conversation and make the price subordinate to the added value. This approach may secure the deal because you've created more understanding of the price. If it gets really tough, continue until the very last argument.
If your negotiator insists it's too expensive, ask where they base that on or what they compare it to. Then, inquire if, at an identical price from a competitor, they would choose you. If that's the case, you have two certainties. You have the preference, and you don't have to settle for the same price. After all, added value increases willingness to pay more. Know the added value specifically? Translate it into a financial advantage. This way, you can quickly secure a contract! If your counterpart still demands a lower price, negotiate only after it's certain they're giving you the contract today.
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