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Ep. 2: The Hot Potato: Price Negotiations for Sales Professionals
This Selling Essentials Minute highlights an idea from the Quick Take training program, “Price Objections: Four Secrets Prospects Will Never Tell You”
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Voiceover: The Selling Essentials Minute. One good idea in about sixty seconds.
In a negotiation, it’s only natural for your customer to try and get the lowest price. And how do they do that? Well, one way is to make THEIR problem YOUR problem:
They’ll say, “it’s more than I budgeted.” or “my boss will blow a gasket.”
It’s kind of like a game of hot potato. The buyer wants YOU to solve HIS problem – his budget, his boss – by lowering YOUR price.
That’s passing that hot potato to you, making the price your problem. except you don’t have a problem with your price, your buyer does.
So, you’ve got a choice. Cave on price…or toss that hot potato back. How?
By asking the kind of questions that maintain YOUR price while solving HIS problem. Questions like: “”Can we help YOU with payment terms?” Or, “How do we help YOUR boss see the value?”
These types of questions signal that you’re not willing to own the buyer’s problem, but that you ARE willing to help them solve it.
They’ll still throw that potato back at you. But you’ll keep finding new ways to say, “How can I help solve your problem?”. And everyone will cool down.
So, make buyers own their hot potato, and you’re be more likely to get your price. If you don’t, you could be left holding the bag.