No one likes having to negotiate a lower price. When showcasing the value of your services or products, you are often put in a situation where it’s up to you to make a compelling argument about why your fees are set at their current rate – and not cut down. Understanding why customers may push for discounts is essential to counter any objections successfully. In this post, Here are five common challenges that tend to arise when speaking with potential clients and fee objections.
1. We can’t afford you.
Often heard. If they want you, they’ll push for a discount. If you really want to work with them, you may offer one. You may want to work with them if they’re a big player in your target market if decision-makers will be in the audience if there is an opportunity for spin-off business, they will meet other criteria such as promoting you – giving personal referrals, testimonials, etc.
I have a chapter in “Book More Business: MAKE MONEY SPEAKING” on this. You must ask yourself what value offering a discount would bring to your business.
On the other hand, what’s the downside of not offering one? You don’t want to work with a client who doesn’t value your expertise.
The answer is not always easy or clear-cut. But if you don’t have a great reason to offer a discount, stick to your guns and don’t give in.
2. We’re a nonprofit.
If you’re a professional speaker, it’s important to know nonprofits are not exempt from paying speaking fees. Just because an organization is a nonprofit does not mean that they don’t have the budget to pay for professional speakers. Many nonprofits are very well funded and can pay speaking fees like any other organization. If you’re asked to speak at a nonprofit, negotiate your speaking fee just like you would with any other type of organization. Don’t give in to the pressure to discount your fee because the organization is a nonprofit. Remember, speaking is a business; you should always treat it as such.
3. Multiple program discounts.
When speaking with a prospect or client interested in multiple programs, you must know that many of your colleagues offer discounts for signing up for more than one program. Discounts of 10-40% are pretty common, so you must decide what you are willing to offer in this scenario. Remember that the client’s needs should be your top priority, and be prepared to negotiate if necessary. With a bit of preparation, you can confidently provide the best possible service to your clients.
4. Promotional opportunities.
While most people think of speaking engagements as a way to boost their visibility and credibility, they can also be a great way to promote your products or services. If you’re willing to cut your fee, you can often make an offer from the platform. This could be a discount on your products or services or a free trial. You can also offer attendees something unique, such as a free e-book or white paper. In addition, speaking engagements provide an excellent opportunity to collect email addresses from potential customers. You can generate leads and create awareness for your business by leveraging these opportunities.
5. Aftercare
As a speaker, you may want to offer “aftercare” to your clients – services that reinforce your ideas, content, strategies, and tactics long after the speech is over. .I coined this term several years ago for any business you do after an event to implement content. Aftercare can take many forms, from additional training and Zoom presentations to consulting and coaching. The key is finding an aftercare solution that fits your speaking business and your clients’ needs. By offering aftercare, you can build deeper relationships with your clients and help them achieve their goals. Aftercare is a great way to add to your bottom line. For more on Aftercare, see the last chapter in “Book More Business: Make Money Speaking”.
Conclusion.
When it comes to speaking, negotiation is a key part of the process. If you want to be successful, it’s important to be confident in your ability to leverage your speaking skills. By thinking ahead and being prepared, you can put yourself in a solid position to get the most out of every situation. With practice, you can become an expert negotiator and make a real difference in your speaking career. So don’t be afraid to put yourself out there and start making the most of every opportunity. Good luck!
Copyright 2024, Lois Creamer, Book More Business. Lois works with professional speakers who want to book more business, make more money, and fully monetize their intellectual property.
Reach me in the following ways:
Lois@BookMoreBusiness.com
314-374-4007
For more information on my business, check out https://www.bookmorebusiness.com.
Check out my book – Book More Business: MAKE MONEY SPEAKING as well as The Speaker Author: Sell More Books and Book More Speeches available on Amazon – https://a.co/d/i2x8DtA. Note: A new edition is coming in October!
