FAQs: How do you re-educate potential clients who have Champagne tastes on a Pepsi budget?
January 4, 2011
He asked how we can re-educate potential clients with “Champagne” tastes on a “Pepsi” budget (love this example Mark).
Before I answer this question, I’d like to state a few very obvious points:
- Entertaining is a luxury. If you really think about it, no one truly needs to give a party. In fact, most folks in the world hardly ever entertain.
- I am extremely grateful for those many folks who actually want to entertain. Based on my experience and our times, that number keeps increasing every year.
- If those clients have a great deal of money, I can safely say they became rich by being very savvy and careful about how they spend it.
- Most people (including myself) always like a good “sale.”
- Most clients truly do not know what things cost.
Once we take all that in, here are four suggestions on how to educate a potential new client:
- The best way to do this is by giving them choices. The trick is to always make ALL the choices exciting.
- Most clients (including myself) would pay a bit more for something they truly love and feel like they must have.
- Always discuss cost in person. Always (and I mean always) have a very clear explanation of what you are charging and why. For example, break down materials, labor, etc. I find that if a client understands your pricing system, most of them are fair enough to pay.
- Selling is an art. We need to be truthful in a very gentle way about telling our clients they cannot afford certain things. However, always offer them a different choice or alternative that can be equally exciting as their first choice.
It is human nature to want the very best of everything, so it’s up to us to manage our clients’ expectations
Just remember: You are not going to get every client you interview. However, if you get 5 out of 10, you are probably doing a great job as a sales person–you just need to keep fine tuning your process.
Would you pay more for something you love, even if you could hardly afford it? How do you deal with “cheap” potential clients? If you were the client, do you think you’d also expect “more” for “less”?