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What’s your price?

Written by Aaron Prickel Monday, 20 July 2009 17:17

What do you do when someone calls and asks for your price, rates, or fees? Do you answer? Do you attempt to avoid or deflect the question? What should you do?

Before revealing your price, you need to determine why the prospect is interested in your product/service and why he called you. Following are some questions you should ask:

What has occurred that leads you to believe you need my product?

Is price your only consideration or are there other factors we should discuss at some point? (And, what might they be?)

For products/services the prospect has previously bought or is currently buying from another supplier/provider—Why haven’t you gone back to that supplier?

If the prospect is willing to answer these questions and engage in a conversation, it opens the door for an appointment to further qualify the opportunity. If you discover a reason to do business, then you can discuss your price in relation to the prospect’s budget.

If the prospect is unwilling to engage in a conversation, but merely wants your price, he is most likely just shopping for the lowest price, perhaps only to keep his current supplier “honest.”

Discussing price prior to establishing reasons why the prospect would buy from you is unwise. If you quote a price before establishing the scope of the work, you can easily lock yourself into a price that may not be realistic—but one the prospect will try to hold you to nonetheless.