The #1 Question You Can Ask When You Are About To Lose An Opportunity Over Price
During my agency years, I had several prospects who were about to go with another vendor, based solely on pricing.
The situation was usually the same. The potential client would say they liked our work or approach but had decided to go in a different direction. I would ask the deciding factor and they often responded with “pricing” or “budget.” I had done my research and decided they were worth pursuing or having as a client, so I was a little confused.
I wasn’t willing to lower my price or even price match. I decided to take a different approach.
I said, “I know that price is important, but I would like to have a conversation about the value our business provides to your customers.”
I changed the conversation from price to what they would get by going with us.
The purpose of this was to clearly separate our business from everyone else. I wanted the client to see the difference in value of service, to further educate them on the benefits of choosing our services.
The #1 question I would ask…
“What is your plan or benchmark to make sure you select the right company?” and then “How are you evaluating them?”. This turns the conversation to the client’s desired results.
Many times, the client hadn’t outlined in detail exactly what they wanted. You need to reenforce the benefits of choosing your agency. Remind them why you are different and position yourself as the better solution.
Another comment I would make is…
“If you don’t get the results you want, I would love to help you out.” The key is to remind the prospect of your commitment to service and to keep the lines of communication open even if you don’t win the project. I guarantee that will keep you in the back of their mind down the line.
So what do you do with this? I would love to hear your comment below.