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By WolfPack Media, June 1, 2017

How to respond when a client says you’re too expensive

Being told that you’re too expensive is not an odd thing and is far too common. As frightening as it may sound, it is generally not something to be afraid of. You may genuinely be expensive or the potential client may just say it for whatever reason. Here are some tips on how to deal with such a situation. Do not panic As stated above, being told that you’re too expensive is not uncommon. You will definitely spoil your chances if you panic and make rash decisions such as begging or pleading, getting angry and shooing them away. An unsealed deal is not a closed deal in the long run and there may be potential to deal with the party later on. Good reputation always helps. Know the client Before you pitch to the potential client, get to know him or her. You may learn that the potential client is very low on budget and genuinely feels that you’re too expensive. Knowing their budget or prior spending and negotiation habits helps and you may decide not to bid for this particular party at all saving your valuable time and effort. The more you have done your homework on the client, the more you will be able to predict their moves. You would be able to call out their bluff if they use it as a negotiation tactic based on your study. Therefore, when the client says you’re too expensive, use your prior research and experience to identify the genuineness or otherwise of this claim of theirs. Flex or firm? What to do if the potential client remains unmoved and genuinely insists that you are too expensive? You should use the strategy that best suits your situation and depending on that, you may choose some flexibility and lower your rates or stay firm and let the offer go, if need be. Choosing to stand firm Finally you’re in the position where you have decided that prices cannot be reduced, how do you proceed? This is the time to stand out from the rest; show the client how your product or service is superior to others and how it is value for money. Having knowledge of the competition also works wonders. If you’re bidding for something where your price is similar to your competitors’ but they offer a quicker turnaround time, there is no need to fret. If handled well, this situation can flip in your favour. Convey to the potential client how the task within your stated time is the only one that provides quality and no rework whereas any time lower than your stated one not only results in poor quality but rework and possible later cost escalations. While doing this, it is important to remain ethical and not indulge into mudslinging; persons and businesses should not be directly attacked, instead the idea needs to be dissected and potential steps discussed. Clarify Potential customers may not always be pros; if you’re dealing with a newbie, you may need to explain the market a bit along with the benefits of your product or service so that they make better informed decisions. Even if they still think you’re too expensive, see if you can go for a one-off deal and convince them that the benefits they obtain will continue for some time and that the service does not need to be consumed on a regular basis. Some clients do not mind one-off high payments. Keep these ideas in mind when you deal with such a potential client and you are sure to increase your chances of turning the situation in your favour.

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