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Why You Should Openly Discuss Fees to Move the Conversation Forward

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Why You Should Openly Discuss Fees to Move the Conversation Forward

Most professionals discuss fees at the very end of the sales cycle. Salespeople and entrepreneurs are timid about money conversations, and hide the amount until they are ready to ask for the business. You know what happens next; the prospective client announces, “Your fees are too high!”

Successful sales depend upon credibility, trust, and the value understood.

My Story

One or two experiences as described above, led me to recognize the enormous amount of time wasted. I’m one who always takes the direct route. I also tend to do the opposite of everyone else, and so I gave doing so one more opportunity.

The formal portion of each business conversation began with a disclaimer stating the company I represented wasn’t the cheapest. I quickly acknowledged the many players in the field. The conversation then turned to the impeccable service to be delivered. Relief came to the soon-to-be clientele.

A favorite story is that of one manager who declared I was selling incorrectly and demanded I sell like everyone else. I quietly asked, “If I’m doing everything wrong, then why am I always at the top of the sales scoreboard?” Our conversation ended there.

Differentiate

My honesty as a salesperson encouraged an open dialogue on many levels. Concerns, problems, hopes, and desires were all discussed. Listen to a recent interview with Paul Watts, Host of Sales Reinvented Podcast for examples of shared stories.

Fast forward to today, and for those who wish to build business further, the same applies. Provide short stories about how you strive to help your clients achieve more. Explain how you stand out from everyone else with examples of your unique talent and service at work.

Conclude the money portion of the conversation with the question, “Do I sound like the type of with whom you would like to work?” Most often you have a green light to move forward at the stated rate.

Job interviews are a little different. A hiring manager may ask you upfront your salary requirements. The better response is you need to know more about the duties of the job and how your talent applies. Once you have the knowledge, you will be able to provide improved input. Asking for insight allows you to get to the next portion of the conversation. By building credibility and trust, your value remains solid and client relationships grow.

Your Story

Think about the sales that recently stalled or fell through due to the money objection. To clarify an improved process, capture the following:

  • Did you discuss money only seconds ahead of asking for the business?
  • How did you attempt to overcome the objection?
  • Why do you believe your reasoning was not accepted?
     

Plan of Action

Learning from errors provides the best lessons. Usually, minor revision is all it takes for a far improved future result. Given your experience and the insights above, list your ideas to approach future sales.

  • What might you do differently?
  • Prioritize the new ideas and revamp processes.
  • Use this exercise for all mishaps to ramp up future advancements.
     

Sales Tips:
 

  1. Believe in your ability.
  2. Learn something new every day.
  3. Apply what you learn to your career.
  4. Be fearless when speaking of value you bring and associated fees.
  5. Continue to refine communication per delivery of services.
  6. Learn the type of people prospective clients prefer.
  7. Seek out the best matches to enjoy solid working relationships.
  8. Ask for feedback from clientele. Implement the better ideas.
  9. Thank everyone for their time and consideration.
  10. Celebrate success!
     

Following these guidelines will lead you to the Smooth Sale!

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