The DriveSales™ | Top negotiation skills that every salesperson needs to win more deals!
Negotiation is an inevitable process that every salesperson has to go through whether they like it or not to close the deal. The prospect may be completely convinced to buy your product or service, but the deal would still land up to negotiation.
Although it does not seem to be important, trust us, it is the most delicate and crucial part of the deal as it can either make it or break it. Your prospect could just be a sign away from closing the deal, but you would still lose it for messing up the negotiation.
So, here we have some top negotiation skills listed below that you would help you crack the best sales deals of your life.
1) Make preparations — The first step towards a successful negotiation is being prepared in advance. Always make sure that you construct your plan before entering into the process because how well you are prepared, more or less decides the outcome of the negotiation.
2) Decide your lowest margin — It is necessary to know your lowest limit so that you don’t commit to fulfilling any demand of the prospect which you can’t meet later on after signing the deal. You could agree to give a huge concession in the heat of the moment but regret it later.
3) Listen first, speak last — You must listen to your prospect first and then speak. It is always wise to know what is in your prospect’s mind before making any statements.
4) A big NO to Split the difference — “Na apka, na mera” scheme won’t prove useful because the prospect may also agree if you just slightly lower your price. It would be foolish to lower your margin any further.
5) Negotiate with the verdict maker — Negotiating with the verdict maker prevents repeating the process of negotiation all over again. Negotiating again with the verdict maker would mean your prospect would bargain again on the discounted price which is not good news.
6) Give and take — Always ask for some advantage in exchange for the discount offered. For example, a large order, additional services, or recurring revenue benefits.
7) Alternative solutions — You can offer your prospects some alternative benefits instead of discounts which interest them. Better the options, better is the outcome.
8) Walk off when required — If your prospect’s demands are unreasonable and unprofitable then do not be afraid to walk off. Continuing such deals would only create problems in the long run because such prospects would soon be dissatisfied again and leave.
Now, as an effective SALESPERSON! We can do three things from here.
1) Ignoring the opportunity and blaming the situation for revenue loss.
2) Taking important notes and going back to revisit your sales strategy with the growth mindset.
3) Reaching out to us if you need any specialized help for sales.
To conclude, what you choose to think also provides some idea of your growth mindset. It is something like a Stevie Wonder’s quote, “If you don’t ask, you don’t get.”