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Ten Tips for Convincing the Buyer to Pay More

By Ed Brodow

Every salesperson eventually must confront the following situation:

So what do you do? You lower your price rather than negotiate. Many salespeople are afraid to stand by their price structure because of a single mistaken assumption: "If I refuse to negotiate my price, I'll lose all my customers." The reality is just the opposite. If you aren't prepared to defend your price, your customers will lose respect for you.

Here are ten tips that will help you to negotiate the price you deserve:

Tip Number One: You are entitled to reasonable compensation.
Just as your doctor, your accountant, and your plumber are entitled to a reasonable compensation for their services, you are entitled to a reasonable compensation for your product or service. What is reasonable? Whatever you can convince your buyer that your product or service is worth. The operative principle here is value. No buyer will begrudge you a price that is reasonable relative to the perceived value of the product or service.

  Tip Number Two: Don't sell yourself short!
Do you believe that what you are selling is worth the price? If the answer is yes, and I certainly hope it is, then you should expect to receive a worthy price. If you lack confidence about your product or service, buyers will become aware of your doubts. Have you noticed the range of prices for similar products and services? It fascinates me when some salespeople are able to bring in the order at a premium price while others can't seem to get by without discounting. What accounts for this? One salesperson gets up in the morning and says, "My product is great and my customers are happy to pay my price!" Another salesperson gets up and says, "My product is great, but the buyer will never pay me such-and-such!" Don't sell yourself short.

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November 2005