Does fear surround your money conversations?
Many entrepreneurs concern themselves with the question of “Is my price too high / too low / fair?”
The same people suffer from the fear of asking for more money or saying “No” to a project that is monetarily unfair. Those new to business are so happy to be asked to join more senior entrepreneurs on projects that they shy away from asking to be paid for their contribution. They tell themselves “being seen” will magically bring in the much-needed cash to pay bills and implement projects.
My suggestion is to think about both sides of the sales equation.
One side is purchasing while the other is the selling. We are all very comfortable purchasing and many quite enjoy it! So let’s capture that which brings the joy in purchasing.
Do you make purchases on need, want or celebration?
Have you consistently purchased from the same company every time you had a need for their service or product?
Are there certain types of salespeople you avoid?
In these three questions, you will find the answers of how you need to sell your services to your prospects and clients.
They have the same needs, wants and deep down desires, and at times will spend more when they are in a celebration mode or close to getting exactly what they want.
The requirement to get to this point is to learn the other party’s situation upfront as to why they are even considering you and your business. What caught their attention that brought them to you? Only then will you be able to define their needs and speak to them in terms of benefits of your service, talent and working with you.
We have all experienced over-exuberant and/or unethical salespeople. But have you compiled a profile of the type of salespeople you enjoy buying from? This would be the model to adapt to your personality. The analysis will provide insight and you will enjoy a much easier time selling.
Now create a profile of the companies you continue to frequent for goods or services. They too have competitors so why do you continue with the same? Why are you giving them repeat business and very possibly testimonials and referrals? Once you recognize the reasons, you will be able to implement a workable plan of your own.
Now that your mindset is focused on delivering the best customer service possible and building relationships with your clientele, it is time for you to create packages to meet their needs, desires and wish list. Create three packages ranging from inexpensive to very expensive. As long as the least expensive is within the client’s stated budget, they recognize you listened well. Trust develops and sometimes you are surprised with their selection of the most expensive package.
The best practice exercise for speaking on the topic of money is negotiation. Wherever appropriate, and outside of your own business, negotiate. Should you be the seller, ask for more than you believe will be agreed upon in order to leave from for a negotiated deal. Should you be the one purchasing, ask to purchase for less than you believe will be accepted. As skill develops, you will be pleasantly surprised by accommodations you are able to negotiate. Confidence builds allowing you to expect fair treatment from potential partners, and selling at fair prices to clients versus the expectation that you will give everything away.
Your communication is a subliminal marketing message that you are a leader in your field and are worth the money. Even more importantly, your business development depends upon it.
Once you have the “it isn’t the money but the value delivered” philosophy mastered, you will be headed for a very lucrative and Smooth Sale!