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The next time a client asks you for a better price, try these 7 tactics to avoid discounting your product or service. For more video and info go to http://www.VictorAntonio.com
I disagree with a lot of this. I think it sounds very conceeded to tell a customer "well I know you can't afford this" and somewhat insulting, and could easily destroy rapport. at my workplace, we create repeat business by giving a customer a good deal on their first purchase, so that they will come to our store, and not best buy or other electronic stores. The more times they come back to us the more money we can make in the long run. People will also spread information like , "oh I went to this store and they gave me a great deal, you should go here!" That kind of word of mouth is great for market share. It creates a memorable experience when you can give a customer and aggressive price, because it gives returning customers/potential customers a reason to shop with YOU and YOUR store rather than best buy. One I can definitely agree with is offering financing. It sounds a lot better than "well why won't we look at something else since you can't afford this." I'd love to hear your thoughts on this.
HI Victor sir, i am from one of your youngest followers. I have been following your videos for a couple of months. I run a small scale business (PVC pipe manufacturing plant) and the main problem is how to convince distributor who is dealing with big brands to buys from a young company like OUR'S. If we talk about quality(pipe quality) our product is better or at least equivalent to the branded ones. Please share your views whatever you feel.
I'm in Online D.S.
I LOVVVEEE ALL THESE! THANK YOU,
I was wondering is there ANY WAY you could apply these rules and podcasts to D.S.?
I am 4 months into a business which i'm my best customer. I really believe A lot of your casts will help, however some i can't really switch to apply to D.S. can you please give me some helpful tips?
Please post the pointers one after another. Also please let me know what to do in case any guest wants to take same packages for the same experiences but at an incredibly low price. The guest states that there are better prices elsewhere.
All the ideas you shared are really brilliant! But I need to have a suggestion from you Victor that currently I have been working with an organization of Spain and their product range is too high for the salon because their product is only directed for the salons and nobody buys that easily. I mean everytime I have to face this kind statement that No, it's too expensive come up with low prices!! U know the salons owner are not easily convinced.. And that makes me feel somehow very disappointed.
Mr customer....if this was your company, and you wanted to make profit in order to grow your business....would you like giving people discount? Exactly sir....sign here and stop wa$ting both our time... : ))
Since you mention he asks for a discount after all the negotiations/before closing deal it seems like it is almost a sure deal. Why not include some responses where you do not give him anything (free training, free gift etc still cost you something)? So what could be the response or responses where you give him nothing?
I think the first strategy fits best for your scenario. You may be overthinking.
You could say "Mr Customer, at our company we stand behind the of our products, if you are hesitant on the total price, perhaps we can remove some of the items that are less so a priority at the moment."
Sure, but I am talking about those situations (in my experience, usually, if they ask for price reduction only before closing they are prepared to pay full price, they just ask for the sake of getting lucky with the discount) where I know they can afford it. So in those cases I am not interested in even mentioning my cheaper product (unless I do not care which one of products to sell as margins are the same. But for this argument assume that I am more interested in selling my best and not the cheaper).
Or do you mean that this line is not really offering cheaper product, but just stating "no discount, get cheaper if you want" :)
What I used to do is say something "can't do discount, my price is fair/best/etc". Or something like that. You do not recommend something along those lines of "my price is already very good" etc etc? :)
If you're able to offer a cheaper and suitable subsitute you already made a mistake. The customer will think: Why didn't he offer me this cheaper solution in the first place? No way he will come back to you in the future.
If it's exactly the same, then it's a manufacturing, management or purchasing issue (i.e., they can't the price down), not a sales problem. That said, you have two choices: Create value added services around the product to differentiate it OR go work for THAT OTHER company :-) VA
8:44 "For every concession you make, you ask for something in return."
Right on, an eye for an eye ... *NOTHING IS FREE!* Ha! Even if we are "desperate" for the deal.
*We train how people, customers included, treat us.*
What you can do when a customer asks for a discount is:
Mr. Customer, I understand that the solution (x product) doesn't meet your budget requirements. Based on my experience, every time I've asked my management for a discount they always ask back for some sort of commitment. With that being said, if I get you that extra 5%, would you be able to place an order with me by the end of this month?
If he says "Yes", you've go the psychological lock on the prospect. Then you come back to him after 2-3 days and you say this:
Mr. Customer, I haven managed to get you that extra 5% only by the end of this month (that he actually committed for).
This way you do not lose your credibility and you demonstrate how passionate you are in order to meet the end user's prerequisites. This has worked for me many times. I hope it does work for you too.
However, I do like this video. Victor is a sales God! :)
amazing tips as usual... but what if I have been handed over an account and the previous salesman had already given in to the discount conversation.. "your predecessor always used to grant us a discount" is a sentence I keep hearing
Oooh...tough one and a good one. I had a salesperson who use to do that and when I took over as VP I ended up firing him because he couldn't sell the value now that discounts were NOT acceptable. The problem was like yours, the clients still expected them. When I hired the new salesperson we discussed the 'no discount' policy. We also discussed which clients were too valuable to lose. Our STRATEGY? On the clients we valued we FROZE the discounts. On the ones that didn't we let them know that the discounts ended at the end of the year. We obviously didn't lose any of the big ones BUT they also DIDN'T ask for further discounts. This was good. And yes, the less valued accounts, we lost about half,..but those clients weren't really buying much so the impact was minimized. Sidenote: When new clients came onboard and told us that ABC company got a better discount, we setup a system where if they bought X level of products a year (a threshold I set very high) we would give them the same discount..until then, the price was set. Hope that helps Magdy! VA
Often, I compete on price. K-Mart is getting crushed by the dollar store due to price. However, if people pay more... they get superior service. Sadly, in the real world, my customers will go with the company... that gives them the best price.
If the customer absolutely needs the discount on the purchase for a service not a product, how do you ask for something in return? Example: XYZ Pest Control sends a sales rep to sell preventative termite coverages. The total cost for the preventative treatment is $1,300.00, customer says, "I need a discount, then I can buy." Since this is selling a service, how do you ask for something in return?
Extend the contract comes to mind. Mr. Client, I am allowed to give a 20% for clients who are willing to extend our contract for 2 years instead of one. So, would you like to do a 1 year at X or 2 years at Y? Does that help? VA
Several ways to avoid price "debating" is after you have found the Pain of the customer and their Need to buy, is ask them them a few questions which are related to budget and it will help you get an idea of how to price them.
1. (for B2B Products) If you had to hire staff to take care of this problem, how many would you have to hire to solve the problem? Them telling you how many staff/employees they need to hire tells you how much their budget is. For they have to pay their employee at least minimum wage, so figure the wage they will pay out over the course of the month/year. It also shows them the value of the product/service. (I do B2B services so this works for me)
2. How much is this "pain" costing you? (Whatever the pain may be) if you know how much the problem is costing them, then you know how much budget they are spending/willing to spend.
3. How much are you willing to spend to make the "pain" go away? With this also they letting you know what their budget is, which in turn you also know how to price them or whether they are qualified or disqualified for your product.
4. What is the price you are paying now? They basically tell you what they pay and also their budget.
Also, when presenting prices, present 3 options and start with the highest price option first, then work your way down to the lowest price option
Following these steps you won't be going back and forth over pricing. But First thing first, you have to find their pain points and also a need for your product/service
I once faced a one year service contract with monthly payments discount request by saying to the customer he would get a discount only if he wrote a check for the full year right on the spot, and he agreed!
I'm going to be going door to door selling my painting services, I know you said not to offer a discount but what if I gave the customer a choice, in the beginning of the sale like I offer a standard 10 percent discount on every contract of the estimate OR you get the option to choose ONE of any room of your liking to be painted for free. So it would give the customer something to think about while I'm making the sale in return. What do you think?
In the contracting world word of mouth is very important, but if your trying to land more jobs through door to door...if I were you I would bring legit portfolio filled with amazing work you have done and some testimonials of very happy clients. If you have a way to show the high quality work you do it lends to you landing more jobs were you can come in with higher bids and still land it. Also from your paint supplier try to get as much selling tools(sell sheets, color tools...) use them! Keep customers away from making you buy crappy paint as well, as that effects your cost and job outcome not favorable.
I work with paint contractors as their servicing rep so I’ve seen guys go from barley working to being slammed with work.
Good luck to you sir !
Victor, I have you be honest. You are flat out the best sales training guy I've ever seen when it comes to technical sales. PERIOD! End of story! I'm big consumer of technical sales training materials (at least 2 books a month), and been a long time Zig Ziglar fan. I have to give it to you and say that I've never seen anyone in this space with the volume high quality technical material that you have. I wish you nothing but the best and continued success good sir!
Oscar, first, thank you. Second, I have thought about it. Maybe I'm auto-critical of myself but they always seem to sound better in English :-) Maybe I should reconsider?! Thank you again for your continued support. VA
This one always worked for me. I would say Nr. Customer I can't lower thr price because i went as low as the system allows me. Ill have to call my Manager to get an approval. If irs even possible at all. Then i would call customer service and pretend to ask. I would usually say there's not even room. Ect..
Love this video. You're absolutely right when you condition your customer by giving discounts. This video also reminded me of family and friends seem to want discounts because you know them. I have to remind them that is a business not charity. That sounds cold, but to your first point, it conditions your customer. Nice vid VA.
I am selling Photo copiers(MFDs)......My brand is not familiar in market......so i need more efforts to get customer attention.....I can tell you one thing....if I sell Canon or xerox I can push it(Customer will trust the brand than me)....But If I sell my brand I pull it(Customer has to trust me than brand)
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