How Much Is that Doggy in the Window? Embracing Customer Cost Inquiries to Win New Clients
How much is it?
Can you tell me what it costs?
What are your rates?
How much do you charge
If you're in business, you have probably been asked these questions at some point in your career. Perhaps you have even asked them yourself.
As an experienced businessperson, do you think these are good questions? Are they effective?
Some people automatically suspect that when a person inquires about price they are simply not interested and/or are predisposed to not make the purchase.
Again, as a savvy businessperson, ask yourself: aren't questions about pricing a necessary part of the sales process? I think it's fair to say that no one will purchase a product or service without first knowing the price.
Embracing Customer Cost Inquiries
Don’t dread these honest cost inquiries; welcome them!
For instance: [starlist]
- When a buyer is asking about prices, you should already have persuasively presented your value proposition and the benefits derived from buying your product or service. The buyer must know what they are getting for their money!
- When a buyer asks for the price, and you recognize they are comparing you against their other options, you must be prepared to explain "what makes us different" and communicate why you are worth the price differential.
- When it appears a buyer is seeking a price reduction, don't back down. Questions about price are a critical moment in the sales conversation, and if you try to avoid them, you might not have another opportunity to restate your value proposition.
- When a buyer is unsure about your price quote or pitch, sound confident to relieve any misgivings. A tremulous voice leads to feelings of concern about the value of your product or service.
- When you reach a stalemate with a buyer, be honest. Trying to talk around your prices makes people feel that you are untrustworthy. [/starlist]
If you think there is room to negotiate on price and are willing to do so, be the first to state your offer and know that a mutually beneficial negotiation means both parties are prepared to give on something. It can't be one way.
It is natural to ask about price and that it doesn't mean that the potential buyer is disinterested or questioning the value of what you are providing. It simply means that the buyer is asking him or herself:
- Can I afford this?
- Is there enough value?
- Will I derive benefits?
If they can answer these questions, positively you should be prepared to welcome a new client.