If the client says that he can get the work done cheaper, remember that you're getting paid for the expertise, experience, and value you're bringing to the table.
Quality always comes with a higher price tag. So don't sell yourself short while trying to crack more freelance deals.
I have been in these situations multiple times in my nine years of the digital journey.Where I have always been offered business carrots like,
Clients will always have several reasons to put on the table to decrease the pitched price.
And there's nothing wrong with that till you are entirely aware that you are not holding on to the short end of the stick.
I am well aware of the things that go in your head at that moment, because I have been on the same chair.
You've invested a lot of time to earn the client's trust, built the relationship and goodwill. You've done a fantastic job to sell your service; you've been persuasive, a good explainer, and cracked those occasional jokes to lighten the mood.
But the moment you mention the commercials, clients go ahh, hmm, and demands a better deal using different arguments or business carrots.
The client's goal is to get a proper profit margin for the company or brand.
In the end, you're left with a terrible choice, do the business without any profit, or don't do the business at all.
I have been dealing with this kind of dilemma for years. But, remember, you don't need to sacrifice or hold the short end of the stick to crack the deal. Deals fall through every minute, and backing out from an unfavorable situation can save you from any future troubles.
It would be best if you always had a deal-cracking price, and once you get into these kinds of situations, never try to go lower than that price margin because you're here to provide value, not to do a job.
Compromising is never a good idea in these kinds of situations. And directly quitting the deal is an even worse idea; no matter how much you want to do it, stick to that chair till the end.
You've to act smart here and make the client feel like he is taking advantage of you and winning the deal, but in actual you are the one who is controlling the whole deal and lead the client.
How do you do that?
There are six ways that you can choose to make sure that you don't end up with the short end of the stick.
The more variables you have for your service or product, the higher your chances are to crack the deal by attaining good profitability.
Variables mean more options for your pitched service or product.
By having different options for your service or product, you can avoid the phase of take it or leave it. You should never be the one to close the door of a deal; your focus should always be to crack it with the best profit margin you can get.
In the nine years of working as a consultant, I have observed that you can collect more deal cracking information by listing to client's suggestions, arguments, deals tweaks attentively.
The collected information can help you create a dynamic deal instantly, which favors the client's needs and keeps a good profit margin.
Once a client decides something, it's challenging for you to move them or change their perspective without a good reason or alternative offer.
And by listening to the client attentively, you can craft the offer quickly.
Almost 80% of my deals were made on the spot to favor the clients without losing much profitability.
When you are listening to the client's problem, you should always note down the pain points. You don't need to be descriptive here. Just note them down in a way so you can understand them and form your counter-arguments to crack the deal.
Clients get frustrated when you lack attention and fail to understand what they want after their initial explanation. And in most of my meetings, clients bring out more problems and issues they are dealing with amid the discussion.
Penning down all those issues will help you create a fantastic offer for the client that will be hard to ignore.
Remember, you are there because you have quality work and are confident about delivering the promised result.
Clients are hardly looking for a quick deal; they are more concerned with their problem being solved most efficiently and at the lowest cost to the company.
Your job here is to bring the client's attention to your past work and case studies smartly where you have delivered more than promised outcomes.
And then form your argument so that the client feels the need to hire you because of the value and assurance you bring to the table.
Let your work do the talking for you.
What happens most of the time is that to crack the deal, we sometimes end up promising to the client more than the expected package.
You might attain a small monetary profit in that scenario, but your workforce needs to work more to mark the project complete.
Your gains get drastically reduced if you make any commitment to the client without thinking twice.
You've to figure out a win-win situation for both parties before you commit to anything.
This strategy is my favorite, but it only works if you have done your research on the client before sitting on that discussion chair.
Why? Because you need to understand your client's financial capabilities and backgrounds before deciding on the highest margin for your product or service.
When you get to your negotiation point, play this card smartly because it has its gain and loss.
To implement this strategy, you should be the one leading the argument or the deal, assuring quality, deliverability and make it seem like the client is not losing anything in terms of the service and its quality.
Most of the time, clients use different tactics to strike your emotions to get a better deal out of the negotiation.
A client can do so many things to strike a chord to invoke different emotions that might affect the overall deal.
A bright and creative salesman is aware of what's happening and why its happening to prepare his counter-argument to crack a better deal.
And in the end, you can't crack every single deal. So your aim should be to crack the highest numbers of them on your grounds.
You should always be aware of the value you bring to the table, quality you offer so that you can make better calls about who to work with and with whom not.
There would be different situations where the temptation to work on lower pricing would feel or seem like a better option, but remember, once you downgrade your service value in the client's eye, it's tough for you to raise it later.
You'll be labeled as someone who works at affordable pricing. But, of course, you don't want that, right!
Then you need to understand that all of this gets decided at the discussion table. So, prepare enough cards to play in the discussion that you don't end up holding the short end of the stick ever.