Many businesses use emails to negotiate price for their products or services. The negotiation process is not limited to emails only. I have traveled to many countries and I have worked with many people. My personal observation is that face to face business meetings to negotiate price is important. However, people are too busy and caught up in their daily routines.
The problem is that those business meetings for negotiation take too much time, especially if you have to travel across the pond. Only the most important deals, get the chance to experience face to face negotiation.
Emails are the perfect formal tool to negotiate prices and conduct business. However, in some countries, instant messaging apps, such as Whatsapp, Line, Wechat, Telegram are the main tools used to negotiate a deal.
This article will mainly teach you, how to negotiate a higher price for your product/services. I know there are many other people that might agree or disagree with me. You can do so by leaving your comments below.
It’s Like Selling Your Old Bicycle
If a customer has approached you for business purposes, then it means that they are paying customer ready to conduct business under your conditions. I often get asked, the price for my services. Since, I am in the publishing and advertising business and everything vary, I do not have clear set price list for my services.
I negotiate all of my business deals over emails. Since my all my clients are based abroad the best solution is email. It would be hard to negotiate over the phone. I would say the phone calls might screw most of your deals due to the stress and pressure.
Once the clients ask me what is my price for the services. I do not directly go and give them a straight answer.
I ask details about the specific project. The more you know about the project the better position it gives you to negotiate over the scale of the project.
Of course, when rising the price your “demands” should be always referenced with appropriate examples.
For instance, if a publisher requires me to publish an article on my portals, I would say:
“Considering the scale of your project and the given landing page. I would require higher amount due to the high traffic on my landing page. You will start noticing a huge traffic after, you publish, hence why the price would be higher than the suggested originally.”
I am always asking for their budget before anything else. This would give you another idea of how much they are willing to pay for your services.
It’s like selling your old bike. Your friends would want it and they will be willing to pay more for it only because they want to own it.
Do not be afraid to set your price higher, however be mindful with, how much you are willing to negotiate. The problem is that some customers are risky and they would turn their back on you as soon as you show a sing of negotiation. However, the key is to communication.
Negotiate Price and Close the Deal Giving Confidence
I have been a witness of many abandoned deals in my career. People are missing the confidence at the end of every deal. This is not like, you go to the grocery store and purchase some cookies.
Your clients can change their minds about the deal before you even see the payment. This moment is very unpleasant; I do not wish it to anybody. However, in the world of business, this happens daily.
One of the reasons for uncompleted and abandoned deals is the lack of confidence in the product or service. The other reason, which is in coloration to what, I have already mentioned above is about pushing the price too high and leaving the impression for no further negotiation.
To successfully negotiate the price over email, you should give a lot of confidence to your client. You should mention:
- Time Frame
- Payment Methods
- A Bonus
Your client will be aware for some of the mentioned points above. However, your job is to make sure that everything is clear.
I have successfully managed to close many deals using my two simple tactics to negotiate the price over email. The key is to communicate and giving the right answers at the right time.