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Dear Quota Team
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I'm still new to sales. I've been very focused on learning and investing in myself to get better as a salesperson. I feel like I've come a long way in the last few years, but I'm aware I still have a lot to learn and there are definitely certain things I need to get better at. One thing I've always struggled with is discounting. I didn't have to deal with a lot of pricing conversation when I was in my entry-level role, but now, almost every prospect is asking me about discounts. I usually just tell them what the price is and never bring up a discount unless they specifically ask for it. Usually when this happens I just default to, "We don't usually offer any discounts, but let me talk to my manager."
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My manager looks at it on a case by case basis and sometimes lets me give them a discount, but recently he's been telling me to push back and try to close these deals without giving anything away. Do you have any tips on how I can better navigate discounting with prospects? I know it's something I need to get better at and have in my toolkit if I want to be a top performer some day.
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Learning in New England
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Dear Learning,
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Discounting is tough, especially when budgets are tight. There are a few different tactics you can try when customers request discounts. First, we'll assume that your product pricing matches the value it provides. Your job as a salesperson is to make sure prospects understand the value they're getting. It's helpful to provide a personalized value proposition. This requires understanding your customer’s needs and how your solution fits. Questions like "what additional value can we provide to make our solution worth the cost" are a good place to start. Instead of giving a discount, can you give them additional add-ons like priority support?
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Sometimes pricing might actually be the deciding factor (oftentimes it is), but you won't know this unless you specifically ask your prospect. Asking questions like "Is price a huge barrier to your final decision?" can help you understand where they're coming from and uncover potential solutions. Would giving them a monthly payment plan instead of upfront payment help? Would giving them an opt-out option in the contract help them feel more at ease? Offering these types of options can help get your prospect to a 'yes' without compromising on price.
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One last piece of advice: you need to be confident in the value your solutions bring. You're solving a real problem that your customer has, and there is value in that. They wouldn't be talking to you if they didn't need your help. Be confident in your product and its value. Your customers will sense this. You showing confidence that they will be happy with the results and that you can solve their problem goes a long way. Good luck!