Photo by RDNE Stock project
by Kevin Elliott
Sales can be intimidating, especially for creative people like you who often find themselves compromising on prices.
We’ve all been there—when clients ask if that’s your best price or if you can lower your rates. But here’s the thing: you don’t have to settle for less. There’s a better way, and today, I’m going to share some mental jiu-jitsu with you that will empower you to never lower your price again.
The Pitfalls of Lowering Your Price
When a potential client asks you to reduce your price, it’s crucial not to give in right away. Let’s discuss why lowering your price isn’t the solution and what it implies about you as a person. It’s an unhealthy way to initiate a business relationship, as it indicates that you initially inflated your price. By lowering it immediately, you unintentionally admit that you were trying to pad your price in the first place. This not only damages the client’s perception of you but also undermines your credibility.
Offer an Alternative Vendor
Rather than lowering your price or walking away from the opportunity, try this technique. When a potential customer asks if you can reduce your price, respond with confidence. Say, “I’ve already given you my best price. I’m unable to go lower than that for the work you’ve requested.” Now, here’s the crucial part—offer them an alternative solution. Mention that you know other artists or creatives in your field who may be able to offer a lower cost for the job. Assure them that you’d be happy to introduce them to one of these professionals.
The Power of Introducing an Alternative
In every industry, we’re aware of other players who operate at different price points. As a painter, you’re familiar with fellow painters, and as a videographer, you know other videography companies in town. By offering to make the introduction, you demonstrate your willingness to be helpful and supportive. This approach sets you apart from being a mere jerk who dismisses clients for not meeting your price. Let the offer to introduce an alternative linger in the conversation and observe their response.
The Surprising Outcome
I’ve used this strategy for over two decades, and I can count on one hand the number of times someone has taken me up on the alternative offer. More often than not, clients respond with, “No, that’s alright. Let’s go ahead with your original quote.” You see, when someone asks for a quote, it’s because they’ve already decided they want you for the job. Now, it’s simply a matter of negotiating the price. This realization gives you the power, even if you think you don’t have it. By providing the initial quote, you’ve assumed the lead position in the sales negotiation.
Embrace Your Worth and Thrive
So, when clients ask you to lower your price, confidently respond by saying that you cannot accommodate their request but offer to assist them in finding an alternative. By being a helpful human being, you demonstrate your value while giving them another option. However, as mentioned, they rarely accept the alternative because they genuinely want you to do the work. You hold more power than you think. Don’t be afraid to take a stand on your worth. By sticking to your desired price, you’ll be surprised at how many jobs you’ll secure without compromising.
Give this technique a try and, remember, you don’t have to lower your prices. Embrace the power of standing your ground and watch your creative business thrive. I believe in you! Let me know how it goes. Keep pushing forward, and you’ll achieve the success you deserve.