Two clients on the same day called with the same question, “We’ve increased our rates significantly and my sales team is uncomfortable asking for the higher rate. Of course, our ’loyal’ customers are balking (which makes the sellers crazy, scared and frustrated!). Can you help?”
When I lived paycheck to paycheck, I bought the cheapest stuff I could. When that is the choice, food is more fattening and less nutritious. Clothing and cars fall apart more quickly. An evening out is not that much different from an evening in so no great memories and not much bang for the (small) bucks spent.
Selling higher rate takes two things:
Changing mindset AND changing messaging.
Holding to last year’s rates would mean this years’ experience would not be the same. It would disappoint because clients would have to give up something for the lower rate. Are they willing to settle for less extraordinary service, less memorable food, an experience that is lovely but not quite spectacular (and less than expected)?
Can a competitor offer them the same experience for a cheaper price? No. No they can’t. Your client will be giving up something and disappointed by the results.
Maybe all they can afford is what they paid last year. Be clear in the concessions they’ll make.
But if they still want to create indelible memories, motivate their teams, excite their participants, have the perfect backdrop for learning and inspiration, what they need is you at your rate.
You get what you pay for.
You also get what you expect.
“We have these general beliefs about the world—for example, that cheaper products are of lower quality—and they translate into specific expectations about specific products, “Then, once these expectations are activated, they translate into self-fulfilling prophecies that actually impact our behavior.” Baba Shiv
Not having budget doesn’t mean buying cheap. It means budgeting to buy one awesome outfit instead of five schlocky ones. It means leaving creative open space in the event for networking and providing the best possible atmosphere in which to network.
Buying cheap and giving up stuff is the wrong mindset.
Be bold and proud of your rate! Be proud you offer what you do!
Anyway, what if their meeting fails?Before you go…
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