In business there are a few different ways you can do things. For one thing, when making a deal with somebody you can do whatever you can to take advantage of the other person and make as much money as you can from that person. The other option is to maybe make a little less money on the deal, but leave both yourself and the other person feeling good about the deal that was struck.
Personally, I believe that the very best business deal is the one where both parties feel that they got the best deal. Maybe the buyer thought that he got much more than he expected for the money spent, that he got a bargain from the seller. The seller would feel that he got the best of the deal and the money paid to him was more than what was necessary. Both parties feel that they got the best of the deal. There is no deal better than that, when each side feels that they won!
The downside of doing a business deal where one of the sides feels like a loser is that you won’t get any repeat business. The person will never buy from you again, unless they have no other choice. Also, you can bet that the person will spread bad word of mouth about you to others who are potential customers for your business.
If you do the deal in a way where the customer feels like a winner, though, he will be back for repeat business time and time again! He will also tell other people who are in need of the product or service that you provide. He will tell those people about what a great deal he got from you. He will tell the others that you are the guy to go to, because you treated him well, and he got a great deal from you. Frankly, when he spreads word like this, you really can’t lose! If he did not feel that he got a good deal and starts spreading bad word about you, frankly, it will be difficult not to lose!
So, in my view, it is always best to treat the customer right. Offer a good deal. Give more of what you are selling than what is expected. Maybe charge a little less than what is expected. It is just good business to do so, and in the end you will make more money than if you had been the big winner in your first deal with this customer!
In English we have a saying that a deal can be a “win-win” deal, meaning that both sides won. That is the ideal goal for any business deal that you are out to get. Don’t forget that.
In almost any type of business, you are not alone, there are competitors. If you don’t treat your customer right, you can be sure that your competitor will be one of the winners. Not a good thing for you. If it happens that way too much, you might not be in business much longer!
Tomorrow I will tell you about a real win-win deal that I struck with a person some years ago. She started out as a business person that I was dealing with, but we both felt so strongly that we got the best of the deal that we became best friends. She is like family to me now, and we are still involved in this business deal, some 10 years or so later!