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I use to cringe when I heard a potential client said, “I can’t afford you”. I felt embarrassed and insulted at the same time. For many entrepreneurs, they will use their gut instinct to solve the problem. Usually, their gut instinct is to lower the price, which is a HUGE no-no.
Guess what? The phrase, “I can’t afford you” is a lie. A big fat lie. Think about the moments that you’ve lied about what you can afford. If you really wanted it, you’d find a way to move money around to get what you needed. Here are three things to consider when you are faced with this dilemma:
1. Build Trust
Don't lower your price. Clarify the value, build trust and offer reassurance.
First, you need to set yourself up for success so you hear this objection less and less. Make sure that you clarify the value of your work through your brand and your testimonials.
Clearly outline the benefits of working with you and demonstrate the results you help clients achieve. This will inherently justify the cost of your services.
2. Just Listen
Acknowledge the potential client’s concern with genuine empathy. The more you seek to understand stand their situation, the more flexible they make become. Remember, don’t sound like a salesperson. Even though your job is to stand behind your prices, stick with proving your value, not becoming the chief financial officer of your potential client’s wallet.
3. Evaluate The Timeframe
Based on the scope of work, you may be able to extend the timeframe for the customer to make the financial commitment.
When a potential client says you're too expensive, you may feel tempted to:
Reduce your price.
Justify your price.
Convince the client of your value
Don't do it. Your price is your price. Every potential client may not be called to you. Walking away from a project isn't the worse case scenario, sometimes it's the BEST option for your business goals.
Dr. Dee Evans
CEO, Koinonia Training and Consulting
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