Why You Should Avoid Discounting
Niraj Kapur
Overcome sales objections, ghosting, prospecting challenges and generate more sales. Personalised 1:1 Sales & LinkedIn coaching. Group Training also available. 30 years international selling experience.
Sales is more than closing a deal. It’s mindset, emotional intelligence, giving massive value, ?business acumen, marketing, understanding people and serving your customers.
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Then you win the deal.
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Then you have to keep adding value and over-delivering to ensure you get testimonials and build a long-term relationship.
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Every week, I sit with customers to observe demos or listen to calls. This helps you gain more confidence, improve your skills, build your pipeline and win more in business.
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So much can go wrong when someone asks for a discount.
? If you defend yourself by saying, " We’re the best in our industry or that we offer amazing customer service, “you will lose the deal.
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? If you speak faster or your body language becomes awkward, it’s a sign of nervousness.
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? If you give the discount too quickly, it’s a sign of desperation.
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So many times you lose the deal at this stage.
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? It’s time to ask better questions and uncover what the client hasn’t told you. The more value you add, the less you have to discount.
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?? If they say you’re too expensive, ask compared to whom.?
?? When a client asks for a discount, ask if they understand all the benefits they’ll be getting and mention those benefits again clearly.?
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?? An important question I rarely see anyone after this is, “Is there anything I might have missed?”
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I’m not a fan of closed questions. It works well at this stage.
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·???????Always pay for quality, even if it costs more
·???????Maybe there’s something you didn’t uncover in the sales process
·???????Always have a deadline, otherwise, delays and indecision occur – that can be the death of a sale.
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Discounting rarely has a happy ending?–?and you get in life what you pay for.
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?The first step is always the most difficult. Like when you mention the cost of your services or product, you need to pause for 3-5 seconds. This gives the other person time to think. The first time it’s the weirdest feeling. After 20-30 times, it feels natural.
DM me if you want to generate more sales, improve your mindset or get better results on LinkedIn.
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To continue learning about sales, personal development and sales, subscribe to my YouTube channel for new weekly videos https://www.youtube.com/channel/UCnWgs1PsIF4C3XyCPhLn1uQ
To watch my TED Talk, How Vulnerability Changes My Life https://www.youtube.com/watch?v=sRCOUvSnk88&t=47s
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Chief Revenue Officer (CRO) | Drives Hypergrowth in SaaS & Tech Companies | Start-up to Fortune 100 | Direct & Channel, Market Expansion | MBA, MSc, Grad IT
7 个月Such an insightful article, Niraj. It's easy to discount and hard to differentiate so I totally agree: "The more value you add, the less you have to discount." Thank you for sharing!
??? Website designer for small businesses. ?? Founder of Simply Sites websites for start-ups & solopreneurs. ?? Let’s get your business seen online.
8 个月Great advice Niraj Kapur I like the ‘is there anything I’ve missed?’ Prompt. I don’t get asked for discounts thankfully but I know now, what to do if people start asking.
Empowering Women to Rewire Self-Belief & Conquer Imposter Syndrome | Backed by Neuroscience & Research | ‘Thank you; it’s true.’
8 个月Thanks for sharing this valuable tip, Niraj! I know that many sales professionals struggle with the temptation to discount their products or services in order to close a deal. However, as you point out, this can often backfire and lead to a loss of profit in the long run. I'm curious, what are some other common mistakes that sales professionals make when it comes to discounting? And how can they avoid these mistakes? ?? #SalesTips
Coaching consultants to sell big deals | Over $13B in sales generated for clients | $3B of personal wins | Deal creation to close
8 个月If you’re still talking price you haven’t sold the value. If you’re too expensive, ask ‘for what?’ If they want a reduction ask ‘what should we descope?’