4 Steps You Should Take When A Customer Asks You To Lower Your Price
Every transaction between a seller and a buyer is a relationship and, like all successful relationships, this needs to be approached in a specific way to ensure that a beneficial outcome is received by all parties involved. However, when a customer asks you to lower your prices, it can be all too easy for this relationship to descend into a battle, ultimately leaving both parties frustrated.
As such, our experts at JDR Group have created this easy guide to help you out in these situations, offering you a framework to follow that will leave everyone happy at the end of the transaction. It is important to have a documented and consistent way of dealing with these situations, allowing you to treat every customer fairly, while also ensuring that your company continues making a profit.
Our 4 Step Guide
1. Explain Why The Product Is That Price
Often customers will ask for a lower price just because it worked for them in the past, and asking again won’t hurt. In these situations, if you calmly explain to the customer why that price has been set, along with discussing all of the features and benefits of the products, the customer is likely to accept this without asking again.
2. Give Them Details Of A Client In A Similar Position To Them
If a customer says that the price is too much for them, then a great way of retaining the business communication is by offering to put in touch with an older client of yours in a similar situation, who benefited from your products. Not only will your previously happy customer be able to share their impressions and experiences with the new client, but it also allows you to keep the negotiations open while still respecting the client’s position.
3. Offer Integrated Products At A Reduced Rate
If your customer suggests that your competitors have offered lower prices for the same products, then it is well worth offering them complimentary products or services at a discounted rate. This will ensure that they take the original product at the price you initially offered, and end up receiving more money from the client too, while also allowing the customer to think that they got a good deal through their additional purchases.
4. Accept That You Can’t Sell To Everyone
If a customer says that they must leave the deal and walk away, then you must ensure that you hold your ground. It might be that they are bluffing, but even if they do walk away, it is important to realise that a lower price will not help your company. However, it is vital to maintain relationships with all potential clients, so suggest giving them a call in the near future to discuss their new budgets and any prices changes or new products that your company will be able to provide them.