Not all sales negotiations are the same. Because you must keep your prospect happy while bringing in revenue, you need different techniques to stay on top during negotiations. Being prepared to compromise can provide prospects with a great deal while you make a profit for your company.
Use any of the following techniques to maximize control during a sales negotiation.
1. Determine Benchmarks and Deadlines
Set up short-term objectives and a realistic but firm deadline. Diligently work to attain what you set out to accomplish and when. If you do not meet a benchmark or deadline, determine whether you need to adjust your schedule and how you can improve going forward.
2. Implement Priming
Prompt your prospect from the beginning to think a certain way. Use your first conversation to influence their decision process. This involves changing their mindset from attempting to be sold something to finding a solution to get them to where they need to go. Build trust to help your prospect become comfortable sharing information about their biggest problems and pain points. Use the information to show how your product can provide solutions.
3. Establish Common Ground
Open your negotiation by restating the information your prospect previously shared with you. This reasserts the relationship and shows you understand what the prospect is looking for. It also sets the stage for you to position the offer. Being the first to suggest a solution to your prospect’s issue puts the odds of receiving a positive response in your favor.
4. Use Labeling
Labeling helps diffuse a tense situation by directly addressing an unspoken issue. You may start the discussion with “It sounds like…” or “It seems like…”, then describe the underlying conflict. Your prospect is likely to react calmly and provide their reasoning behind the situation. Use the information to further the discussion and find a resolution that benefits both of you.
5. Include a Non-Monetary Offer
Suggest a valuable item you can offer your prospect to encourage them to agree to a contract. This may include more of the product for the same price, a better service level agreement, longer contract duration, or a free trial of another product you sell. Make sure you understand the problem your prospect is trying to solve, so you offer something to help obtain this objective. This can serve as a compromise to help close the sale.
6. Seek Commitment
Begin closing by summarizing what your prospect gains from the deal. Then, check that the terms match their understanding. Reinforcing the perception of value helps you maintain momentum to complete the deal.
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