This may be an old classic topic to us all, but as the words say, classics are the classics for a reason.
There are 2 things we need to be very clear before moving into a negotiation:
1. Rejection is a good sign
2. Clients buy our value not costs
Rejection is a good sign
It is hard to face any form of rejection, both mentally and physically.
One can't remember how many times I have got rejected in a negotiation, in the beginning, I was really upset and puzzled by rejection, it lowered my self-esteem, lost confidence. However, what changed my mind was one day I suddenly realized that hearing No from clients is actually a good sign, it means that we haven't sold ourselves short!
On top of this, it also meant that the client gave our pricing some thoughts and decided to rule it out, what we really need to do is to go the extra mile and explore another option where we can give a little bit more from our end so that the clients feel even-out.
Clients buy our value not cost
Most of the time, when we buy new things, we don't spend the time and energy to measure the products' cost, what matters to us is how much we have to give out to get the benefit from the service/product.
It is the same in a compensation negotiation. We need to overcome and change our mindset from cost to value.
It doesn't really matter how much our cost is, our cost is just a piece of evidence that may support the reason why we asked for a specific price, however, if we put ourselves in the client's shoes, what truly matters to us is the price we have to payout and the benefits that we can earn from making this deal.
Therefore, in times of client hesitation, the critical question to ask is: is it about the price? or is it about the service? often you will find out that the client's true concern is more on the below points rather than what is your cost.Can I afford this price?
Is there a substitute?
Is there a compromised option?
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