No one wants to be the bearer of bad news. So how do you tell your customers that prices are going up?
Even the most sales savvy among us have had to fight back the nerves that arise when we're about to tell a customer about a price increase. It never makes for an easy conversation. When relaying a price increase in a business-to-business environment, remember that your customers have probably had the same discussion with their own customers. A company exists only as long as it earns a profit and it can only do that if it delivers a quality product or service at the right price. The key to any conversation about raising prices is emphasizing that the increase will ensure product quality.
To prepare your strategy for announcing a price increase, ask yourself the following questions:
1. Does the customer take your product/service and add a standard percentage increase in price when selling to their customers?
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Wow, they must be serious -- they want to see a proposal. You'll think differently after you check out this advice.
Here are four words you really don't want to hear: "Send me a proposal."
If you have made a good presentation and the prospect has a problem you can solve, then you want the prospect to write you a check. That would be a better outcome than going back to your desk and writing a proposal, wouldn't it?
Too many salespeople stop selling as soon as a prospect says, "Send me a proposal." They take it is a buying signal and believe they have had a "great call." Whenever a salesperson tells me, it was a "great call," I know instantly that he didn't get an order.
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The average business loses 15% of their clients on an annual basis. It’s safe to assume that some clients move away or sadly, pass away. If you sell to businesses, some of them may close. But, many simply stop using your services or shopping with you. That’s because you haven’t established sound relationships with them. The clients feel no loyalty…no obligation to return.
With the cost of gaining new business five times that of keeping current clients, it’s wise to do all you can to keep those people coming back for more. In order to thrive in business, it’s important to make each client feel important. If they have a negative feeling or are even indifferent to your business, they won’t feel obligated to continue to do business with you.
You start by being grateful for their business. Make good eye contact with clients and say the words, "Thank you for your business," at least once during every contact.
Variations might include...
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