The Dos and Don’ts of Price
The presentation has gone well. The prospect has asked many good questions, seems satisfied with your responses, and agrees there is a need for your product or service. Now it’s time to talk price. What do you do?
If the buyer mentions price first and you’re not yet ready to talk about it, you can improve your odds by saying, “Before we even discuss price, I want to be sure that you have all the information you need and that you’re completely satisfied with the product and the options you’d like.”
When finally talking about price, here are some don’ts:
- Don’t use an apologetic tone. It suggests that you’re not confident, and that could give the buyer the edge.
- Don’t distract yourself by thinking of the margin between cost and selling price or how much you’re going to make on the sale.
- Don’t preface the price with words like “asking,” “suggested retail,” “list,” or “manufacturer’s recommended.” They may imply that the price is not solid and that you can be persuaded to lower it.
If you’re ready to discuss the price, here are some dos:
- Meet your buyer’s gaze directly and confidently.
- Speak up and say simply, “The price is ____.”
- If applicable, mention quantity discounts. List the options that your price includes and remind the buyer of specific benefits.
Then go ahead and make the sale!