Here’s a Tactic to Use if Someone Asks for a Price Reduction
The following post was originally published by Printing Impressions. To read more of their content, subscribe to their newsletter, Today on PIWorld.
Have you heard of WIIFM? It’s a phrase I use if anyone tries to negotiate with me. It stands for “What’s In It For Me?” If someone wants me to reduce my price or give them something extra, I always ask how I benefit.
It can lead to some interesting conversations!
Many people don’t know how to answer WIIFM. That’s why you need to have some answers ready for them.
Here’s an example. Let’s say they ask you to reduce your price. You reply WIIFM. The buyer may look confused. So you can add: “Here are some things that could make a price reduction worthwhile for me."
You could suggest:
- Regular work
- A longer schedule
- A different specification
- Your name being added to the product
Each of these things may make a big difference to you. Best of all, they often don’t cost the buyer much, so it is easy for them to say yes.
Do you want more practical negotiation tactics like this?
You learn my complete seven stage negotiation system in The Print Industry Negotiation Handbook. Many people save many times the price of this book in their first negotiation.
PS Find out more ideas on how to engage with today’s buyers: download my free e-book “Ten Common Print Selling Errors and What To Do About Them” right now at http://profitableprintrelationships.com/e-book/ You’ll also receive my regular “Views from the print buyer” bulletin, full of ideas on how to sell print effectively.
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- Marketing and Sales
Many printing companies are frustrated how hard it is to engage buyers in today’s world. That’s where Matthew Parker can help. He is a gamekeeper turned poacher. Parker has bought print for more than 20 years and received over 1,400 print sales pitches. He now uses his buyer’s point of view to give practical advice to printers. He helps them engage with prospects and customers to create profitable relationships.
Download his free e-book, "Ten Common Print Selling Errors And What To Do About Them" and check out his recently launched book, "How To Succeed At Print Sales: Setting targets, planning the right activities and making sure goals are met."
