When the words “Can we have a discount” shoots out of your customer’s mouth to pierce your ears it causes quite the sting. Does that mean your only option now is to cave in and cut profits? Nope.

Change your perspective. When the words “Can we have a discount” shoots out of your customer’s mouth grab it with both hands because boy is this a brilliant opportunity for mutual gain.

Presented to you now will be 5 strategies you can use to turn discount negotiations into a golden opportunity for a win-win deal.

Trade for Terms

A pair of tiny scales

They want to pay less, and you want to be paid fast. Why not strike a deal? If your customer wants to pay less, consider offering faster payment terms in exchange.

This way, you’re beefing up your cash flow so everyone gets a win.

Trade for Referrals

A referral is worth its weight in gold. So why not offer a discount in exchange for a referral? This way, you’re not only getting new business, but you’re also making sure that the new business is of high quality.

Price-down to Up-sell

This strategy comes into play when a customer wants a discount on one specific product. In this case tell them you are unable to offer them a discount on that one current product, and then offer them a bundle that combines some aspects from the product they want, and aspects from other products. Slap a 5% discount on that and now your customer will still be offering around the same amount they initially wanted to, but they get to see aspects of your other products.

Now you get some more high profit value from the customer, and they still get a valuable bundle with that discount they so badly wanted. Another win-win that shouldn’t really work, yet it does.

Increase to Decrease

This strategy might seem counterintuitive, but it can work wonders. If procurement departments are insisting on discounts, consider increasing your prices. This way, you can still offer a discount, but it won’t come out of your margins. And, who knows, your customer might even be willing to pay more for the quality of your product or service.

Oprah Winfrey Shouting "you get a discount"

Discount by Deduction

Occasionally, the above strategies just don’t make sense. If a customer asks for a discount, consider removing certain elements from the package. This way, you’re not sacrificing your profits, and you’re still giving your customer the value they’re looking for.

A Cautionary Aside

Sometimes, people simply can’t afford you yet. And that’s okay. Don’t lower your prices just to win the business. If you do that, you’ll set a precedent that will be difficult to break. Additionally, make sure that all discounts are written into contracts, clearly stating the actual price. This way, there are no misunderstandings later on.

An Atomic Suggestion

To sum this up negotiating discounts doesn’t have to be a frustrating experience. By using these five strategies, you can turn a potentially difficult situation into an opportunity for mutual gain. So the next time someone asks you for a discount, embrace the challenge and make the most of it!

Plus, we’ve got you covered with our expert-backed presentations on Never Split the Difference and Getting to Yes. These short, power-packed masterclasses come complete with slides, a training video, and the ultimate perk- they’re completely free. So what are you waiting for? Elevate your skills and become a negotiation pro.

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Click out How To Get Win-Win Deals When Customers Want Discounts for a more in depth look.

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