Have you ever been in a situation, talking with your client about a project where everything has been going well so far. You know what you think is enough about both the client and the project. You've grasped their problem, the pain points and maybe even the deadlines. But just as you moved on to the topic of pricing, you name your price and you see visible objection from the client.
Maybe you're in a situation where you had a design project that you normally charge $2k, but in this case the client mentions that he/she can only afford $500. You don't know how to continue, maybe you're reluctant to either say no or just accept the project despite the major lowball offer. Maybe you wished you could be in a situation where you name the price, and the client simply agrees and say "sounds good to me, let's do this". Wouldn't that sound wonderful? Well, in this piece today, I'll be sharing my 4 steps to convincing your clients why they should pay your price and make them feel like they found the best person for the job.
Questions allow you to dive into the client’s problem and guide the conversation forward. You want to ask more than you tell to really understand what the client needs and how you can help. Ask as much as you can, about the client, about the project and everything in between. Don't leave room for guesswork. Make sure that before you start moving forward with the project, you have ALL the information you need. If you don’t know what the client needs, you’ll walk out of the conversation without knowing how you can best help.
Let's say you are talking with the client about a web design project that costs $2k, but they only want to pay you $500. Try to compare your price to the client's everyday expenses, personal or business. Enlighten them about how much they usually spend, whether or not the price tag falls on the high end or low end of things. What kind of value did those purchases bring to the business, if any?
With this comparison, you simply put your price in perspective. In a way, opening your clients eyes, drawing a spectrum proving that your work isn't underpriced nor is it overpriced. It's worth the price tag and it brings value to the business.
When you’re negotiating, it helps to have an extra trick or two up your sleeve. Clients may not always go with your initial price or offer. They may be firm on their budget and not budge whatsoever.
If that’s the case, be prepared to make a counter offer. Instead of a fixed-price project, try to pitch something else entirely: working for free. Instead of collecting a payment upfront, what you can offer is to do the video for free, but on the condition that you get a certain percentage of the revenue the video creates. Now, with this counter offer, the client will be thinking, which of the two will be the best choice for the client.
Now just because the client is hesitant to go above their $500 budget does not mean you can’t negotiate to get your rate. Everything is a negotiation. Do not settle, and do not think the client has more power over the conversation. They came to you to provide a service, and it’s your job to make sure you’re paid what you’re worth.
Now, hopefully with these steps I've shared, you're on your way to dominating your next client meeting! Make sure to subscribe to my mailing list to get notifications for the newest articles and feel free to check below for articles just like this!