Be Honest & Proud of Your Pricing!
A few months ago I was asked to speak at an exhibition and the organiser also wanted me to provide some sponsorship for an element of it too. I wasn’t sure about it and then something happened which made me lose all confidence in the event.
When I asked how much they wanted there was a pause and a price was nervously mentioned. The amount was a lot lower than I was expecting. Then before I could say anything I was offered a reduction of 40%…40% reduction for no reason at all!
A discount offered without a word being uttered.
There are so many concerns here: what is the actual price? Can I ask for a further discount? How much further can I then negotiate down? What kind of businesses is this exhibition attracting? Do they not have confidence in what they offer?
More importantly I’m now scared off: I’m worried it won’t be successful, it will be a waste of time, I don’t want to be associated with it.
These feelings are the ones that run through buyer’s minds when the offering doesn’t represent good value, quality, service, terms and any other criteria that are important to us.
If the exhibition representative had asked me about my objectives from the talk and provided an indication of how the sponsorship element would help my business and then presented the price, I would have been far more confident and would have considered booking.
The crazy thing is even the initial price was lower than I first expected! Before they felt they should discount!
Unfortunately providing the price swiftly followed by a hefty discount is desperate and one of the following 2 outcomes will happen: The Prospect loses confidence and walks away or the Prospect sees an opportunity to strike a deal and tries to see how far they can take negotiations or even holds out for a last minute deal.
The final piece was when I received an e mail from them saying that another Sales Training provider was considering the opportunity and that they would like to give me first refusal…
We must come to terms with our pricing and make it visible or it looks like we’re trying to size up the opportunity or hide something. Spend time understanding how your offering will help the Prospect’s unique situation and believe that it is the best value they can get and you will do more business!
Price is often a concern for salespeople – how do you approach it?