During this episode I answer questions that are often brought up by sellers in regards how to handle the situation when your customer is trying to bring up pricing too soon. I feel that one of the important things to establish with the prospect is that you are not going to enter a price war or bidding match. If they are out kicking the tires or actively looking for a product or service you need to know. If they are just trying to get a price to have you compete with other vendors, it will be a waste of your time because no matter what you do or say they are just going to go with the lowest bidder. These types of opportunities are neither worth my time nor yours. Telling them up front that you may not be a fit if they are just looking to get a low price is the way to go. In my experience those who are just about trying to get the lowest price end up costing you more time than those who have money and are more of a fit.
If the prospect is honestly looking to see if the price fits in their budget, I don’t mind, offering them a ballpark figure of what others have paid. I have seen that a ball park such as $1,000-$5,000 a month tends to be more of a meaningful way to offer a realistic idea. I then follow up with the idea that in order to offer a more accurate pricing, it will require that I understand more of what they are looking for/need. I can also share insights into how others are leveraging what we do specific to their industry. By so doing I can then offer them a finer tune realistic price. It also helps me to sell based on value and not be seen as a commodity item. This approach has helped me to close many business deals. Some organizations are secretive about pricing. However, I don’t feel that it’s needed. But I do want to be up front with buyers and have them be up front with me.
Check out the episode and feel free to share with me if you have your own strategies that have worked for you. As always, remember to “DO BIG THINGS”!