Offering discounts train your client to expect more price concessions in the future. Instead smart suppliers use their negotiating power to shift the conversation. Some tips:
- Focus on value: If the client understands the full value of the offering and its importance to their business, they are less likely to try to rattle you by threatening to switch suppliers.
- Avoid early involvement of senior executives: Customers know only too well that you and your executives are in a position to offer deeper discounts. Instead, they can prepare the account managers and sales teams to build value and defend pricing in such discussions.
- Frame the discussion as GIVE-GET: Develop your understanding of client's business and develop granular offerings to give them "choices with fences" to protect value.
- Silence can be a negotiating tactic: Be confident in the value you provide and carefully analyze switching costs by putting yourself in your client's shoes. Expect delays if you are holding firm on the price.
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