A longtime, good customer you cannot afford to lose suddenly asks, “Can you get me a better price?”
Now what do you do. In our experience, price discussions are really about value. This customer doesn’t perceive the value equals the price you are asking, has forgotten the value he’s already getting or has read the latest book about negation.
Source: Harvard Business Review, June 10, 2016.
But you can shift the conversation away from ruinous discounts and back to firmer footing by introducing a new word to your lexicon: “preferred.” You are the “preferred vendor” for your strategic accounts, and though they may put you through a gauntlet, they need you, too — they’ve chosen you because they believe you are the best solution for their needs.
INSIGHTS: Just because your customer goes silent doesn’t mean you shouldn’t keep the normal lines of communication open. Just do not refer back to the price negotiation after you have established that the customer is unwilling to give up any of the current benefits of your product and/or service.