Will you agree to reduce your fee?
I know you make plenty of money, and I don’t want to pay full price.
It’s not that I can’t pay your fee . . . I just don’t want to.
Surely, you can make an exception for me just this ONE time?
How ’bout you give me your “friends and family” discount?
If you do discount your fee, I’ll tell all my friends how great you are . . . I’ll refer you to everyone I know.
In fact, I’ve got a HUGE project in the works right now . . . If you’ll discount your fee on this deal, I promise to let you handle that HUGE project when it comes on-line.
Often as I’m checking out at Target, i ask for the “Owen family Discount” . . . I always get a nod and smile from the cashier as she rings the full price.
If I were to have a minor heart attack, do you think the Cardiologist would discount his fee if I promise to come to him when the BIG heart attack happens?
Whatever you think about all that is written above, the real truth of if is that you will “get what you pay for.”
Indubitably the professional who agrees to discount fees will ultimately provide less service even subconsciously.
How do I know this to be true?
Because of the economic principle of “Opportunity Cost”
All of us subconscious prioritize everything we do. Some do this more consciously than others.
When deciding what to do, we consider what other things we could (or should) be doing instead of THIS.
So . . . If we compromise our compensation standard for one client and have other clients who are gladly paying our full rate, we see the discounted client as being a “High Opportunity Cost” to our business.
this leads to (even an unintentional) lower rate of service and serves no one well.
So . . . When someone asks you to reduce your fees, ask yourself this question:
“Am I willing to compromise my service standards and risk my reputation by agreeing to reduce my fee for this customer?”
Would this be fair to my other clients who are gladly paying my full fee?
I’m not implying that no one should offer discounted fees . . . I’m saying that in order for those who do offer them to be authentic, they should market themselves appropriately as a “Low Cost Alternative”
I can’t imagine any professional being able to do both – that’s schizophrenia.
What’s your choice?
Stand strong and true to your standard regardless of the demands of the discount seekers . . . Your loyal Clients will more than make up the difference and minimize your Opportunity cost.
Because YOU are WORTH it!