What To Say When Your Potential Client Says You Are Too Expensive
If you’ve been running a business for a while, you must have heard phrases like:
“I like your services and everything but, I can’t possibly afford that right now”
“I am really interested in what you’re offering but, you are too expensive”
“I would love to associate with your firm but, could you lower your charges?” etc
These are the sentences that can lead to decreased confidence, stress, and self-doubt.
So what can you do when a potential client says you are too expensive?
You’ve got a few options here on how you can respond, and possibly convince your potential client to pay the original amount.
But, before moving on the “How To” part let’s discuss a few things first that you shouldn’t do.
Don’t lower your price immediately – If you’ll panic and lower your price instantly, they’ll assume that you were really overcharging for your services.
Don’t argue – Be confident about your prices and services, don’t start justifying your rates and yourself by arguing and being aggressive with your potential clients.
Do not freak out – One person’s opinion on how much you’re charging does not mean your prices are too high so, don’t freak out.
Don’t be unprofessional – Your clients have the right to object your prices, negotiations are part of business, accept that.
Now, let’s move on to what you can do when a client says you are too expensive:
1. Try to establish a connection with them
Often, when your potential clients mention your pricing, it is a signal that they are genuinely interested in purchasing something. So, try to establish a connection with them by initiating a conversation because most of the time they just need some convincing reasons to overcome their hesitations.
Here’s how you can do that:
“I genuinely appreciate your valuable feedback on my proposal, thank you so much for your interest. Ordinarily, I would suggest reducing the value of the package. But, the results that you’re looking for requires dedication, time, and expertise. So in this case, if we reduce the value and the cost, I’m not sure that I can deliver the results that you and your brand deserve. Moreover, it’s important for me as well to provide you an outstanding service. I’d be happy to answer all your questions. Can we jump on a call or meet somewhere and see how we can make this happen together?”
2. Await their reply
From here you’re likely to get two replies:
1. Yes let’s catch up and discuss further – In this case, you’re sure that clients are not using price as an excuse. So, go ahead and communicate the real value of your work to them. Explain how your work is different and what returns they’ll get from their investment. Also, share testimonials from previous clients if you have them.
2. Sorry, I can’t commit to those prices – If the answer is still NO, then accept and move forward. Lowering your prices will just make you feel undervalued and you won’t be able to provide the best results.
3. Stay connected with them
Understand NO is not the end. Try to build a relationship with them, check-in after a couple of months to see how they’re doing. You can also help them out by offering one of your services for free or at least at lower rates, only if you genuinely believe that they have a good idea but are not able to afford everything.
4. Remove some value
If you believe that you can still get some good results for your client if you remove some value from your package then, explain this to them.
Here’s how you can do it:
“Thank you for your response, I understand that you feel the rates are a bit higher so, I’d like to make a suggestion: instead of the proposed package, I can offer you a similar but smaller package. The results that we’re aiming for may take a little longer to achieve but, I’m confident that it’s not impossible. How does that sound to you?”
5. Assess – If that’s your ideal client or not
It is recommended to work with a dream client rather than working with someone you just want to make money from. If that’s your ideal client then and only then do all these things for them. Otherwise, just let them know you might not be the best fit for them, and recommend someone else.
I hope that you got valuable information from this article. If yes, then do let me know if a client has ever said you’re too expensive and what you did about it. I would love to read and discuss!