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4 Compromises to Offer When Clients Ask For a Discount

4 Compromises to Offer When Clients Ask For a Discount

It’s something all salespeople dread. Working hard on an offer, sending it to a potential client, and hearing those five terrible words: “Can I get a discount?” At this point, many salespeople decide to simply accommodate the request to secure the sale. However, this is a mistake; offering a discount on your very first contract with a customer is problematic.

First, it dilutes the value of any future sales, as those buyers know that all they need to do to get a discount is ask. This is a key reason why loyal customers spend 67% more than brand-new customers throughout repeat purchases. It also impacts your customer’s perception of your brand and your product or service.

A high-quality offering is always well worth its original price. Accommodating discount requests also creates additional work for your sales team; if a customer demands a discount each time, they’ll contact their sales rep directly to complete returning purchases instead of placing their order through self-service platforms.

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Given these points, it’s no surprise that discounts do not always have a strong positive impact on businesses. Fortunately, there are plenty of ways you can move the conversation away from discounts by focusing on the real problem or offering something else. Here are four compromises you can suggest in lieu of offering your customers a discount:

1. Revisit the deliverables timeline

When a customer asks for a discount, they’re looking for one of two things: a bit more value than you offered or a way to fit your proposal into the budget. A discount isn’t required to satisfy either of these requirements. In fact, all you need to do is take a look at the delivery timeline.

If your customer is looking for more value, you can consider finding a way to deliver the finished product quicker. If it’s a simple order, expedited shipping could do the trick. If it’s a project or custom order, you could try moving it up a bit.

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On the other hand, if your customer is truly just stressed about the cost of the engagement, ask for their flexibility on the deliverables timeline before you adjust pricing. If they’re willing to wait, you could work on their project when it’s convenient, making it easier for your team to fulfill your end of the contract.

2. Change your proposal’s scope

Not every client has the same needs. If they’re looking for a discount, it could simply mean you’re offering too much for them. Take a look at the scope of your proposal and see if there’s anything on your quote that isn’t a necessity for the client. By removing extraneous options and tightening the scope, you can lower the price and keep the client happy.

3. Offer friendly payment terms

Some customers will ask for a discount simply because they’re going to have trouble paying for everything upfront. For large sales, you can’t let this be an issue. Almost 40% of all invoices in the U.S. are paid late anyway, so you might as well try to find a deposit method that works for both companies. Offer to let them pay in monthly increments over a year or two, or as services are rendered. They’ll have less crunch on their cashflow and you’ll receive fair market price, making everybody happy.

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4. Provide additional, low-margin services

If a customer presses hard for a discount, you need to try and offer them something extra instead. If they’re looking for a $200 discount, for example, try to find something that’s worth $200 you can offer them instead.

This could be a personalized training session, expanded support, or an extended service contract. Doing something like this shows that you’re willing to go above and beyond, and that your company has plenty to offer. Your relationship will be much stronger than if you simply agree to shave $200 off the quote.

Saying ‘no’ to a customer asking for a discount is frightening, but if you have another suggestion lined up, you’ll be able to close the deal more often than not. Make sure to focus on what the customer truly needs and the real problem at hand, and you’ll have no problem training your customers to forget all about discounts.

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Featured photo credit: http://getrefe.tumblr.com/ via 66.media.tumblr.com

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Last Updated on November 5, 2019

How to Use Visual Learning to Work More Effectively

How to Use Visual Learning to Work More Effectively

Knowledge is essential to become successful in life, your career and your business. Without learning new concepts and becoming proficient in our craft, we cannot excel in our chosen careers or archive knowledge to pass down to the next generation.

But content comes in various forms, and because how we learn influences how much we know, we need to talk about learning styles. This article will focus on how to utilize visual learning to boost your career or business.

The Importance of Knowing Your Learning Style

Knowing your learning style enables you to process new information to the best of your ability. Not only does it reduce your learning curve, you’re able to communicate these same concepts to others effectively.

But it all starts when you’re able to first identify the best way you learn.

As a college student, I soon figured out that taking online courses without visual aids or having an instructor in front of me led to poor retention of concepts.

Sure, I got good grades and performed excellently in my online exams. However. I discovered that I couldn’t maintain this performance level because I forgot 80 percent of the course content by the end of the semester.

There are several types of learning styles known to mankind. To give an idea of how visual learning stacks up against other learning styles, here’s a brief mention of some of the different types of learning styles we have.

The four most popular types of learning styles are:

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  • Visual learning style (what this article talks about).
  • Aural or auditory learning style (learning by listening to information presented).
  • Verbal or linguistic learning style (learning that involves speech and writing).
  • Tactile learning style (learning by touching and doing)

But for the purposes of this article, we will be focusing on using visual learning to boost your career or business.

How to Know If You’re a Visual Learner?

When it comes to boosting your career, business (or education), a visual learner is one who would most definitely choose shapes, images, symbols, or reading over auditory messages.

I’m talking about preferring to read an actual map when navigating to a new place over listening to verbal directions. I’m talking about discovering that you actually have trouble remembering what your manager said at the meeting because there were no graphs or illustrations to support the points raised.

Most people who struggle with learning probably aren’t leveraging their best learning styles. The earlier you identify how your learning style can boost your success, the less struggle you will encounter with processing new information throughout your career.

However, visual learning in particular CAN 10x your career or business whether it is your preferred learning style or not. And here’s why:

Several studies have arrived at the conclusion that the brain retains more information with the help of visual aids. In other words, images are directly processed by our long-term memory which helps us store information for longer periods of time.[1]

While some lessons can be performed orally, several concepts can only make sense if you have an image with an explanation of sequences (i.e learning about the human DNA).

Visual learning does use a different part of the brain and visual cues are processed by the part of the brain known as the occipital lobe.

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By engaging more parts of the brain during learning, you’re able to have a fuller understanding of concepts and facilitate better interaction with your immediate environment.

How to Use Visual Learning for Success

Here’re 4 ways to use visual learning to boost your career or business:

1. Bring back the to-do list. Then add shapes and colors to boost productivity.

We live in an age where computers have taken over virtually every aspect of productivity and most human functions. But written lists are making a comeback, and with an endless number of important tasks to complete, having a to-do list of tasks in order of importance can improve your productivity.

While coming up with a list is initially challenging, adding colors and shapes to written lists that you personally write and manage gives you an extra layer of assurance and boosts aids recall so that you actually get stuff done.

I have tried this technique in my work as a registered nurse and discovered that adding shapes and colors to to-do lists helps me delegate tasks, recognize where more work is needed, and makes it easy to cross off completed tasks at the end of the day.

2. Add graphs, charts and symbols to your reports.

Yes, it seems like more work cut out for you. However, graphs enable you monitor the heartbeat of your business.

Graphs and charts help you trend your finances, budget, and pretty much any data overtime. With the help of free and premium software available on the market, it has become easier to take plain data and in a matter of seconds, have relevant information displayed in different shapes and images.

As an entrepreneur, you can make predictions and allocate funds wisely when you’re able to see whether your efforts are rewarded. You can use colors and charts to delegate actions to members of your team and track performance at the same time.

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And when broken down into monthly, quarterly, bi-annual or annual goals, graphs and charts communicate what ordinary text cannot.

3. Effectively brainstorm with mind-mapping.

Mind-mapping is not new but I don’t think it’s been talked about as often as we do to-do lists.

With mind mapping, you’re organizing information accurately and drawing relationships between concepts and pieces from a whole.

Think of a mind map as a tree with several branches. For example, the tree can symbolize healthcare while each branch stands for nursing, medicine, laboratory science, and so on. When you look at nursing, you can further branch out into types of nursing; pediatric, women’s health, critical care, and so on.

It’s an interesting relationship; the more ideas you’re able to come up with for your chosen subject, the deeper you get and the stronger the association.

Mind maps really show you relationships between subjects and topics, and simplifies processes that might seem complicated at first glance. In a way, it is like a graphical representation of facts presented in a simple, visual format.

Mind mapping isn’t only limited to career professionals; business owners can benefit from mind mapping by organizing their online learning activities and breaking down complex tasks into simple actions so that you can accurately measure productivity.

4. Add video streaming to meetings.

What if you could double the productivity of your team members by video streaming your meetings or adding flash animation to your presentation at the same time?

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When you offer video as an alternative method of processing information to colleagues, there is a greater chance of retaining information because we recreate these stories into images in our minds.

For organizations that hold virtual meetings, it can also be an effective way to enhance performance during if people can see their colleagues in addition to flash animation or whatever form of video is provided during the meeting.

Is Visual Learning Better Than Other Learning Styles?

No, that is not the point. The goal here is to supplement your existing dominant learning style with visual learning so that you can experience a significant boost in how you process and use everyday information.

You might discover that understanding scientific concepts are much easier after incorporating visual learning or that you’re able to understand your organization’s value when projected on a visual screen with charts and graphs.

The overall goal is to always be learning and to continue to leverage visual learning style in your career and business.

More About Learning Styles

Featured photo credit: Unsplash via unsplash.com

Reference

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