“Omo, this your price ehn…”
“This is too expensive na…”
“I have someone that sells for cheaper…”
Every entrepreneur has at some point or the other had a client question their prices. Some of these customers might feel they are not getting the value for the money. Some of them might just not see the essence in the service or product you are offering, hence the question.
Such questions can question the credibility of your products and can be sometimes embarrassing or even annoying. Knowing the best response to such questions is key.
Some customers are sincerely oblivious as to why your product or service is valued at that price while some have knowledge of why it is like that but would still like to probe and argue.
Whichever customer you meet, the same rules apply.
If you know the value you are offering and how you regard yourself and your business, you will know the appropriate answers to give. Under no circumstances should you cut your price because of pressure from a customer, you might end up regretting it.
There are exceptions though and when this time comes you will need to use your discretion. If you cut prices for every Tom, Dick and Harry, it is only a matter of time before you begin to run at a loss.
Let’s get it straight, every customer is allowed to haggle and bargain, but when they begin to question your credibility you should know how to respond.
So let us get down to it–
- Don’t try to ‘defend’ yourself- Remember it is your business and YOUR PRICES. You can stand by those prices. Don’t panic- a client saying you are expensive doesn’t mean they will not patronise you, don’t panic and lower your prices, a customer will think you were overcharging initially and you will lose your credibility.
- Don’t take it personally- Please o, when someone says you are expensive, they are just expressing how they feel and with proper explanation and analysis, their position might change. Even though such statements can be offensive, you should not allow them to get to you or evoke negative reactions from you.
- Explain the value they are getting- Let your customers know in clear detail the benefits of patronising you. For example, let a customer know the content of a package they are receiving, the quality of materials you are offering and general characteristics.
- Be confident in your product or service- Explain to your customer that the product will not let them down, and will meet whatever need they have. Reassure them of your credibility without imposing too much on them.
- Work with their budget- There are situations where this customer might not be your ideal customer or they may not be able to afford your product. In this case, ask them for their budget and try to tailor your product to meet their budget. You can either offer a smaller quantity by their budget or suggest alternative options and let them choose.
In general, pricing is very subjective and what is expensive to person A might be cheap to person B. Whenever you come in contact with someone that cannot afford you (whether you are offering a product or service), follow the steps above in dealing with them.
But even after doing this, it does not mean they will still be able to afford your product. Just be firm and nice and keep in touch with them. Who knows?– they might eventually change their mind.
Overall, stick to your trusted prices and ensure people are getting equal value for the money they are paying. Good luck in your business.
