Pricing discussions can make or break a deal. The best way to get good at them is to practice. The more often you have pricing discussions, the easier it is to stay engaged in a constructive way.
Don’t be afraid of them.
Do take steps to handle them with more tact and grace.
Watch this video to find out more about how being unprepared for pricing discussions makes pricing harder.
Are You Afraid?
Sometimes clients admit to me that they are afraid of clients saying no. Which is why they avoid having pricing discussions and go out of their way to not have them. In many businesses pricing discussions are a critical and important source of information . Avoiding them is a double whammy…it’s harder to sell and you’re missing out on useful details.
If you’re afraid then chances are there are some core beliefs that get in your way. Here’s the thing about core beliefs – they’re subconscious. Which means that we don’t necessarily know they are there and holding us back. We uncover them by listening to our inner voices and noticing our behavior.
Are you silently confessing right now? Do you avoid pricing discussions?
Ask yourself “Why? What am I afraid of?”
Keep asking yourself those two questions until you are clear about where the fear is coming from. Then you can start working on the core belief and free yourself from it’s stronghold.
Why is that important?
In the video I talk about mindset getting in the way. Here’s the thing even when we’re confident in what we charge and prepared our mindset may still be in the way. How’s that you ask? When mindset is in the way it’s because the body’s natural defense system has kicked in.
Think about it. A customer wants to have a discussion about an offer you made. You know you’re going to have to discuss price and you feel nervous energy set it. That nervous energy is your body preparing to fight, flight or freeze. Sounds crazy right. We all know it’s not a life threatening situation, yet we can seem to control the bodies reaction. When the body escalates like that it sends all it’s energy into surviving. It sort of “shuts down” the thinking part of the brain. Yes, that’s why we struggle to form thoughts.
When we can re-pattern a core belief so that the next time we’re faced with that fear the body doesn’t go into overdrive. Pretty cool, right? First you have to figure out what they are then you can start to deal with them. That’s why it’s one important thing you need to do in order to prepare yourself.
Prepare, Prepare, Prepare
At the same time mindset alone won’t get you where you need to go. You’ve also got to have the pricing knowledge, strategy and skills. The more you understand your prices and are clear with yourself about the boundaries around your pricing, the more confident you’ll feel in what you charge. If you’re confident the price is right, you’ll be ready to handle pricing discussions.
Mindset, preparation and a little planning help you do the best for you and your customers. I call it responsible pricing. It allows you to be intentional with what you do and make better business decisions.
Wrapping It Up
Watch the short video and read the script to get more background and insight on reason number 8.
Do you want more information about handling pricing discussions?
Check out the complimentary video series (plus a bonus) on what to do when you’re customer says, “That’s too expensive.”
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Until next time…enjoy pricing!
