Big Mistake on Pricing

We Made a Big Mistake on Pricing… Help!

Written By:

Lynn Whitbeck

My company made a big mistake on the pricing of an order for a new client. Now I must go back and renegotiate the pricing. What is the best approach so I don’t lose the order and client? – Eleanor in Plymouth Meeting, Pennsylvania

Answer:

Eleanor, you need to get out in front of this immediately. If at all possible, do this in person today. Or use a video call. Making eye contact will help so you can read their physical response during the conversation. My advice is the same whether in person or over the phone: Be honest, be genuine, and have options ready. Talk to your manager to determine what options are viable. Perhaps an extended delivery option will reduce the price correction required, or a substitute material could positively impact the increase.

When speaking with your client, be direct. Sincerely apologize for the error and move on to solutions. Present the options and ask for their input. If necessary, be prepared to help the client find an alternate resource for the order. Managing difficult situations like this can strengthen your relationship. The key in your approach is to be proactive, be honest, and perform the heavy lifting to overcome the obstacle. Good luck!

Resources

“Recovering From a Misstep” – Podcast

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