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How-To Tuesday: How to Work Around the Dreaded “Give me a Better Price”:

Published Lynne on Monday, July 25, 2022 12:00 AM

How-To Tuesday: How to Work Around the Dreaded “Give me a Better Price”:

Are you tired of hearing "Can you give me a better price?" This is always an awkward conversation to have, most sellers cave in, in order not to lose a sale, but is price reduction a necessary solution? Does your final price really cover the cost of the product or service, as well as, the work you are putting into it? These situations happen often when it comes to business to business sales, and the international education sector is no stranger to this. 

Read below to find out how to negotiate the best price that both parties are happy with.

Deal with Key People in Purchasing

If you are going to negotiate a price, it is always best to reach out to the key decision makers. If you deal with someone who has very little or no influence on the end decision, it is likely to be a waste of time; in fact the key decision makers will be the ones pushing for a lower price, so might as well deal with them directly.

Confidence is Key

Buyers smell fear and sense weakness….well not really, but anyone can see lack of confidence when they are buying a product or service. Being confident shows that you believe in what you’re selling; you have to be confident enough so that you are not taken advantage of. Be careful though, too much confidence may be off putting.

Meet halfway with a discount

Offer them a single discount if you can. This shows them that you are willing to sacrifice some in order to get them on board. Stick to a single rate that still allows you to make profit. Know when to stop accepting offers, set your limit and make it clear to your buyer.

Focus on your Value

Make your buyers see how your product or service will help them; let them know the value of what they are buying and how the price you are pushing reflects that. Highlight how spending money on what you offer can help them save money in other aspects of their business.

Allow the prospective buyers to make the first bid

This will allow you to understand them better, to see what their limits are and what challenges they are facing. It will give you the upper hand when negotiating. In some cases you might be able to determine their budget even before you name your price and that gives you a clearer picture of whether they can afford what you offer or whether discussions will get you nowhere.

Always remember that when it comes to these conversations, caving in is not the solution, instead go for trading. By doing so, you are showing your buyer that you are willing to negotiate but also shows them that you are confident that what you are selling them is what they need, and in the end will offer better returns even when spending a little extra, now.

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