The truth is, even if your product were cheap, or your service inexpensive, clients can still walk away.
So do not compromise.
Step 4: Overcome your fear.
- Something too cheap can very likely be fake or worthless in the future. Many HNWIs looks for exclusivity, quality, and proof of higher future value. Lower than average price can be a warning sign.
- You will meet resistance from various directions regardless. You might as well just focus on defending your current price by demonstrating the value, meaning to your client.
The safest bet is to focus on the value and meaning that you offer to the client.
Step 5: If they can’t afford it, they are not your clients.
You’ve nothing to lose:
- Rarely are any high-end service or products daily necessities. It’s very common if the clients take a step back and go for a cheaper option. Do not take it personally on your offering.
- When clients walk away because of the price, it only means that they can’t justify a high-ticket price with what they need. It does not say anything negative for your offering.
- When clients walk away, they free up your time, so you can focus on your target audience. The last thing you want is for somebody to waste your time because they couldn’t say no.
Step 6: Remember, you will get used to doing this.
Just months after joining Harry Winston, my husband noticed that I started talking like everything is dirt cheap because I looked at million-dollar diamonds every day.
I started talking like a spoilt brat: “Oh, this is only $20,000, it’s not expensive at all!”
It’s amazing how quickly your brain can get used to any numbers you speak every day.
Step 7: Practise
1. Mindset Practise:
- Tell yourself: I will get used to doing this and so will my client, they will get used to hearing this if they are truly in the market.
- Tell yourself: if that client can’t afford it, then the client is not my target customer.
- Tell yourself: even if I had lowered my price, my client could walk away worrying nothing good can be too cheap.
2. Negotiation practice:
- Remember the types of needs by HNWIs. Pick a product or service you sell and identify which need does it fulfill.
- Now ask yourself which of these needs and meanings deserve to be discounted and be cheaper?
- Look at the camera and practice saying the high-ticket price confidently and comfortably. Notice your voice and expression, until you feel completely confident and comfortable with it.
Yes, you will!
Feel invited to join the conversation on What’s the #1 biggest challenge you have negotiating with High Net Worth Clients? Hope to hear your thoughts in the comments below!
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Hi! I’m the founder of HNW Academy, I created it to help business professionals who work with High Net Worth clients and entrepreneurs who need to convince investors. I was Global Head of Business Development at Harry Winston Diamonds and was involved in launching HSBC Premier in China.