Irrespective of how fair or attractive you think your prices are, you are bound to run into some consumers who want a better offer. It might be tempting to walk away. In most cases having to negotiate your prices can be seen as a snag. But a successful negotiation can land you a loyal customer. So how do you negotiate with clients?
Engage With The Client
Always invest time to communicate with the client. Ask questions and listen. Try to get to the root of the issue, try to satisfy the needs of the client before giving a bottom line. Perhaps they’re contrasting the offer to another one that’s not as expensive.
Customers that are edger to negotiate have either been jaded or simply want to exercise control over the process. Figure out their true goals, so you can see if you can produce what they truly want.
Discuss And Educate
Sometimes clients aren’t certain about what they want or they simply aren’t experienced on the subject. Thus, take the time to educate your clients. When negotiating with your clients it is imperative that you explain your services to the fullest. Aim to understand and compromise with your clients. Understand the agenda of your customers and how you can add value beyond price.
Sweeten The Deal
Who doesn’t like free stuff? Consider giving it a little by providing high value to your consumers, but at low marginal costs for your company. Maybe there’s a service or product you can provide free of charge. This will make the customer feel they ‘re getting a long-term commitment and more value.
Perhaps there is something that can be changed in the payment plan. Whatever the financial compromise may be, make it your mission to find it and accommodate it if it is reasonable.
Voice Your Needs
When both sides are open, conversations are more productive. Stand firm with an explanation that highlights your needs as much as theirs. Explain what the cost is, and why it’s what it is. Make sure they realize that you want to please them and keep them satisfied. Also explain company’s position and re-illiterate why your prices are set at that point. If your prices are different from that of a competitor, explain to your customer what they are getting for that price difference.
Don’t Quit The Negotiation Process
Stay accessible during the negotiation in case it proceeds for a period of time. Instead of closing the discussion, have more offers in your pocket, and have an attitude that shows you want to find a way to satisfy the customer. The client will know that you respect the partnership and genuinely seek to find a compromise. Thus showing them that you do value their business.
Form And Keep A Relationship
Display a degree of patience that reaches beyond the immediate agreement. Reflect how you can fulfill their expectations in the long term and create a degree of confidence that will help influence any discussions with them in the future.
Understand that negotiations don’t have to be a power struggle. It’s a opportunity to learn and be understood, to demonstrate and win appreciation and to build a good partnership with the clients. Never allow the negotiation to be the last time client hears from you. Aim to maintain relationships, because good relationships keep opportunities open for the future.
One of the best articles I’ve ever read about how to create and maintain a good relation with a customer! No matter what the business is, negotiation is maybe the most important skill a business person has to acquire! And you’re right: giving products for free is the best starting point and it applies to all kind of businesses. Thank you for sharing!
Quite an insightful piece about successfully negotiating in business! I often thought that negotiation was all about getting the best deal out of every transaction. From this post, I have come to see that it goes beyond economic, as far as relationship building.
While this may seem new to me, I will put some of the tips mentioned here to practice, so I can reap the long-term results rather than focusing on making gains out of the client.
Hello there, thanks a lot for sharing this wonderful piece of information here with us. I must say i really did enjoyed going through your article as it contains detailed information’s one needs to be aware of as an online marketer and an entrepreneur. Thanks for sharing this here with us
Hello there, This is an amazing article that you have got here. The whole process of negotiation was all that you stated here. However, I have come in contact with people who will fight to define negotiation as a power struggle. They think it is by being harsh or real that communicates their seriousness in business.
Thanks for sharing this with me.