Strategies to negotiate with your prospects
In business a brand aims at earning maximum profit and customers are looking forward to getting maximum discounts. A brand that makes the pricing part a win-win process, wins.
HubSpot’s Michaels Pici has shared seven ways you can respond to your prospects when they ask for discount.
Pici says, “Promising your prospect a discount before the actual negotiation can have three negative consequences:
- The buyer subconsciously attributes less value to you and your product. After all, if its ROI is what you claim, why are you so willing to sell it for less?
- The focus shifts from value to price. Instead of talking and thinking about your product’s potential impact on their business, the prospect is thinking about how much it costs.
- You lose some of your bargaining power. Successful negotiations require give-and-take.
If you offer a discount in the beginning stages of the sales process, you’ll miss the opportunity to ask for something in return because you don’t yet know what your prospect wants. That sets a dangerous precedent of one-way concessions.
When the time comes to put together the actual agreement, the buyer will be accustomed to getting what they ask for without giving anything up”.
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