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Embarrassed To Discuss Your Prices? Seven Common Reasons We Cant Talk About Them
Last week, a wonderfully-skilled electrician installed a new light fixture for us. He was competent, courteous and efficient. He answered all our questions simply, with skill and eloquence. I was amazed, as you might imagine, when I asked him, "How much do we owe you?" and his embarrassed reply was, "Gee, is $50 okay?" With the quality of work he'd done and the amount of time he put into it, I would have expected to pay double that amount. His resistance to naming his price reminded me of my small business clients who have the same problem. All entrepreneurs feel fear at some point, including attorneys, consultants, coaches, and writers. It's a natural part of starting or growing your business. It can be uncomfortable to take risks, to name your price and tell a prospective customer that you want to work with them. Roberto Goizueta, the late chairman of Coca-Cola, said, "If you take risks, you may still fail; but if you do not take risks, you will surely fail. The greatest risk of all is to do nothing." Put this mantra into your head: Risk equals reward. So, what's the problem? I've discovered seven common reasons why we're afraid to discuss our fees: 1. Do you feel your fees are too high? 2. Do you think you are not qualified or experienced enough to charge that rate? 3. Are you afraid of rejection? (Or, possibly, afraid of acceptance, which will mean you'll have to perform?) 4. Are you afraid the prospect will raise an objection to the fee, and you won't know how to reply? 5. Are you shy and uncomfortable talking with strangers? 6. Are you afraid to take risks? 7. Are you generally uncomfortable talking about money? Where does this come from? Is it part of your personality or is this a behavior you learned from your past experience or culture? In many families and cultures, it's taboo to talk about money or to ask to be paid. While it might be personally beneficial to look inside yourself for the reasons why you act this way, it's also important to get unstuck by using techniques which help you move forward, such as: ? Have a good pricing strategy. Research the average fees for your type of business so that you know your prices are in line with expectation. If you can't get competitor pricing information, try Brenner Books (http://www.brennerbooks.com). If your experience warrants it, increase your pricing to reflect your higher skills, knowledge and experience. If you are not sure how to create a pricing strategy, research it online or talk with a small business consultant or mentor. ? Establish that the prospective customer needs your services before discussing price. You'll feel more comfortable discussing your fees if you know the prospective customer really want to hire you. Ask a lot of questions to see if their problem and your solution are a good match. ? Put your fees on your website and brochure. In this way, prospects will know your fees before the sales conversation begins. ? Be honest. Tell the prospect what the options are for your services or products, any quantity discounts you offer, and how payment is delivered. Practice saying this over and over again until the words and phrases slip comfortably from your mouth. ? Act confidently when delivering your fees. Don't downplay your fees. State your fees, then shut up. Don't make excuses for your fees, or ramble on about them. Look directly at the prospect while delivering your fees. ? Don't automatically offer discounts. This tells the prospect that your fees are soft and that they're negotiable. Instead, state your fees and options and ask them to tell you which package is right for them. ? Act "as if." How would an experienced person in your industry act, when discussing her fees? Act as if you are that person and you'll find your confidence increasing with each conversation. Practice, practice, practice. ? Get training. If you are uncomfortable with the whole sales process, get sales training. By attending a class, you'll learn different ways of saying the same thing, and you are bound to find a way that's right for you. ? Refer out. If the prospect really can't afford your fees and you can't afford to offer a discount, refer that prospect to someplace where they can find an alternative. Say, "If you can't afford my fees, you can try these online referral services where you might find someone in your price range." Talking about your prices can be uncomfortable. But with practice and persistence, and a willingness to overcome your fears, you can begin to have comfortable conversations with your prospective customers. Karyn Greenstreet is a self-employment expert and small business coach. She shares tips, techniques and strategies with self-employed people to maintain motivation, stay focused, prioritize tasks, and increase revenue and profits. Visit her website at http://www.PassionForBusiness.com
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a href="http://www.elearn-university.com/Careers/coaching/index.php" class="nav">Coaching How to Negotiate Effectively You may be thinking, "Gary, I am a mom, housewife, or stay-at-home dad, so why do I need to know how to negotiate effectively?" Negotiate to Your Advantage The hardest and most important part of any negotiation is knowing when to walk away. Negotiating Skills Will Get You Ahead Negotiating skills can help you manage lots of different kinds of life situations, both at work and in your personal relationships. Here are a few examples of where these skills can help you build an even better life for yourself: The Ultimate Truth in Persuasion OK, so you want to improve your persuasion power right? Making the Deal: Women as Negotiators Negotiating is no game. It is not for the weak or the fragile. It takes assertiveness and someone who feels comfortable in the mano-a-mano world of business. Can women negotiate the deal as well as their male counterparts? Absolutely! In some cases, they may even do a better job. Women have a definite edge at the negotiating table because of their instincts and natural power of persuasion. Four Ways To Work Out Business Disputes Business owners have four options to resolve disputes with partners, vendors or customers. Each option is based on different assumptions, and entails a different cost. Therefore, it pays to understand them better. Power Pricing - Getting the Right Price for Your Products and Services There's an old joke about the New York City blackout. Power was out everywhere, and the electric company could not figure out what was wrong or how to fix it. Finally, they decided that the only one who could solve the problem was a long-retired worker who knew the system inside and out. He came out to the power plant, looked around, picked up a hammer and tapped one of the generators. Just Ask! Ask and you shall receive & knock and it shall be opened &send an email and see what happens. Guidelines for Ambassador Appointments Ambassadors to other countries are a vital part of international relations. It is not uncommon for an ambassador to be the face or image of one country to another. Ambassadors act as a window into the importance of education, security, financial situations, business, and other societal issues. An ambassador has the power and authority to create opportunities through negotiation. Just like a negotiator, an ambassador must be equipped with specific qualities to ensure success. The distinction between the two should be that in the same. Negotiations: The Art, Science, & Sport of Online Deals Negotiations can seem as complex as physics, and in fact, people go to college to study the science of negotiating just as they would the laws of nature. At the same time, negotiation is like an ancient art form, some sort of Zen mental jujitsu. When neither the Zen nor the science works, though, no one wins. Dont Be Afraid Of Silence In any conversation with two or more people, there is a tendency to want to talk all the time to fill any awkward silences or gaps that appear in a conversation. Business: Keys To Negotiating Well Whether it's buying a car, asking for a pay rise, saying 'no' to a friend or renting an apartment - at some stage in our lives we all are going to need to know how to negotiate. Yet, so few of us know the basic skills before embarking on life changing purchases or decisions! These 8 keys will assist you negotiate well. Managing the Sales Negotiation Process How many times have you heard: How Barter Can Help Your Business Online or Offline How Barter Can Help Your Business Better Internal Proposals A colleague of mine has a problem. We belong to the same association and he's been trying for quite some time, without success, to get support for one of his proposals. Barter and Its Benefits What is Barter? Barter involves 2 parties. Each party wants to trade with each other and instead of exchanging cash for products or services, the exchange is carried out with products or services that each possesses. That is, there is a trade of a product or service that someone has, in return for another product or service the other party has. Negotiating Skills: Ask For More Than You Expect To Get It creates some negotiating room, and you might just get what you are asking for. Negotiation: A Compromising Position Negotiating is a hot topic these days for a good reason. It is difficult to imagine a more vital managerial skill than the skill of negotiating. Effective managers must be superior negotiators. Without solid negotiating abilities, managers will inevitably make serious mistakes in dealing with people at all levels, both inside and outside their organizations. As negotiators, managers must concern themselves with substantive issues and their continuing relationships with people. If they push too much, they may create hard feelings and a desire to exact revenge. If they are overly concerned about getting along with others, they may lose in many substantive areas, thereby negatively impacting upon their department and their organization. What Are The Four Types Of Negotiating Outcomes? Negotiating outcomes are the types of results that can happen at the end of a negotiation. All negotiations end up with one out of four possible outcomes: one party wins and the other loses, both parties lose, they get stuck in a stalemate, or both end up winning. Obviously, the goal in a cooperative negotiation is for both parties to walk away with their needs being satisfied. Familiarize yourself with the four different negotiating outcomes and make it your goal to aim for a mutually-beneficial outcome. Lets Make a Deal Smart buyers will always ask for a better price. Unfortunately, too many sales people and business owners automatically think that reducing their price is the most effective way to respond to this request.
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