Learn how to sell profitably so that you use that power to your advantage
Ever left a meeting wondering how your prospect got such a good deal out of you? Minutes after leaving the sales arena you look at your notes and wonder why you ended up conceding in so many areas. Yep it happens, but don’t panic. You can learn how to sell profitably by better understanding your prospect.
All that happened was that your prospect or buyer had the power over you. They took control of the situation and maximised it to their advantage. However, it doesn’t have to be that way. If you can understand the power that your prospect has, then you are better placed to mitigate the effects that power has over you.
This knowledge will make you a stronger at negotiating and deliver more profitable deals for your business.
Who holds the power?
It is tempting for any seller to think that todays savvy buyer holds all the power during a sales negotiation. Any experienced buy knows that this is not always the case.
It is equally true that no professional buyer will ever admit that the seller has all the power on their side.
Buyers prepare by assessing the relative strength and weaknesses of both parties. Their negotiating strategy will always be based on how they have assed the strength of each side.
How to sell profitably to today’s savvy buyer
The traditional image of the buyer is that they will use every trick in the book to get the lowest price possible because price is the only thing in which they are interested.
Whilst the first part of this statement may be true, the second isn’t. Today’s buyers are better informed about what they need and have many other considerations besides price.Sometimes these factors are as important as price, sometimes they are more important.
The fact that a savvy buyer may talk a lot about price during the negotiation phase, does not mean that other factors are any less important to them.
'In business as in life, you don't get what you deserve you get what you negotiate' - Chester L KarrassClick To TweetThe savvy buyers 10 Commandments
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The key to moving the power to yourself is to step into the shoes of your prospect. Study these ten commandments before you meet your next important prospect and look at the negotiation from their perspective.
- Assess the relative strengths of both sides
- Remember that price is not the only thing that you negotiate
- Encourage competition amongst suppliers
- Proceed step by step
- Get the seller to reveal their costs
- Play at home
- Silence is a virtue
- Answer questions factually
- Read the body language
- Time is money
To the detriment of many sellers they buyer is often perceived as being all powerful. Thorough preparation and knowledge of what is important to both parties will help the buyer to achieve a good deal for them and their business.
Knowing this will help you to negotiate a good deal for your business too.
Aim for a Win/Win
You both should be aiming for a Win/Win result so that you both come away satisfied of a good deal. Learning how to sell to achieve a Win/Win is highly likely to lead to a long and profitable relationship.
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Buying/selling behaviour is fascinating! Win/win is a great result 🙂
That’s why I love selling, because its all about people and they are fascinating!
A win/Win is what i aim for all the time except if they start trying to negotiate on price, When they ask for a lower price/discount etc, I say yes I can provide the service at a lower price, just let me know what you would like me to leave out.
Both sides need to come away satisfied that they have a good deal. That is the perfect way to handle a challenge on price Mike. If you can’t leave something out then payment terms are a really useful negotiable.