Today on WedBizTips we have yet another great topic up for discussion as we weigh in on the subject of clients that negotiate and how you deal with them. This has always been a bit of a bone of contention as many believe that discounting your prices in any way is a bad thing, but we believe discounting and negotiating are two different things. The key to negotiating is to assign a value within your business to any reduction you offer.
So what do you say when potential clients ask you to negotiate rates? Do you give a discount or negotiate? Is it a Saturday in the full swing of wedding season? Is it a Saturday in off-peak or is it a week day? There are many questions you need to ask yourself. You have some decisions to make, as a business owner. What dates are you comfortable negotiating for? What are you willing to negotiate? Where is your comfort level? Will you reduce your rates by a percentage, add in extra product or hours, or none of the above? Whatever you do, make sure that you know your costs inside and out so you don’t end up out of pocket.
There is no right or wrong answer to go about this as it really depends on your business model and market. There are reasons why you might not want to negotiate such as if you are fully booked, or have more work than you can handle. Below we have given you our top tips for negotiating with your clients if that’s the way you want to go:
- Negotiation Tip 1 – Build room to move into your pricing so you have scope to discount if required.
- Negotiation Tip 2 – Pre-qualify your clients. This saves everyone a lot of wasted time and effort.
- Negotiation Tip 3 – Create some interchangeable products. Often clients wish to negotiate changes rather than an actual price reduction.
- Negotiation Tip 4 – Never offer to negotiate as part of your sales pitch. Let them know you are open to personalising a package & then leave it.
- Negotiation Tip 5 – Offer an unconsidered option. Offer an alternative that works for you & your client.
- Negotiation Tip 6 – Maintain your professionalism. When working with a client who is being unreasonable, stay professional at all times.
Next week we will discussing the ways you can find yourself a wedding business mentor so remember to tune into our Instagram video and then jump over here for the full lowdown on the blog.