Has your business ever encountered a situation where you had to decide whether or not to back yourself, or bow down to a clients demands? One of our favourite businesses had this challenge a while back. Here's a great story about Backing yourself in business.
They had been working with a prospective client for quite some time, presenting proposals, making adjustments, scoping and getting excited to start working together. Then at the last stage the client said no to their ongoing support fee – a key part of the ongoing support that makes their whole service complete. “We will go ahead if you drop that fee”.
The business’ initial response was that they should accept based on the fact that they had put so much time and effort into the client this far.
But – what they realised was that the client had also put an enormous amount of time and effort in and had already began to see the end product in their minds.
So the business stuck to its guns and said that the ongoing support was part of it and that if they want to use this company that was the deal.
Business sweated for a while. Client said yes.
Lesson is that the client also invests time in the proposal phase and can be equally reluctant to walk away at the end over something small.
Note: There is an old negotiation ploy (sometimes called ‘left at the altar’) where you do exactly this – e.g try on all the suits and shoes and agree, take everything to the counter and as they are putting through the sale ask for a tie to be through in whilst indicating that you will walk without it. The result is that the sales person who thought the sale was complete throws in the tie due to the investment already made.
This is a tactic you should use it but try not to fall for it.