Why the right sales negotiation process will quickly boost profits – Part 2
Before we look at the second half of the sales negotiation process, I would like to share a story with you.
During a discovery meeting with a potential supplier, I asked her how much her solution was. She responded by saying that she charged £75 per hour.
I was silent for a few seconds as I considered whether I really wanted to buy what she was selling for £75 an hour. As I thought about this she said:
“As we belong to the same networking group, I would be happy to discount this down to £50 per hour.”
Now this was starting to appeal to me and I was just about to say yes on condition she came to my office, when she went on to say:
“Having said that I would really like some sales tips, so I will do it for free.”
At this point I went off her solution entirely. By not following the sales negotiation process, I didn’t feel like I was going to get something of value in return for my advice.
She started by compromising her profit and then went on to offer something that could seriously cost her business. After that the negotiation was pretty dead in the water and from my side, left a poor impression of her solution.
Your clients expect you to negotiate so give them what they want. Make it too easy and you could run the risk of turning them right off you.
Momentum and Focus
In the second part we are going to consider the final seven steps in the sales negotiation process. Keeping momentum and focus is essential to getting the right result for both you and your client. This is about creating a Win/Win result for you both.
Tenacity and resilience are key skills to use during the latter phase of the sales negotiation process. Like a good game of chess, every move you make needs to be brave, but well considered.
[easy-tweet tweet=”If you can’t go around it, over it, or through it, you had better negotiate with it – Ashleigh Brilliant” user=”SucceedatSellin”]
In the first part of the sales negotiation process, strategy and preparation is vitally important. When you start the sequence in a strong position then you will increase your chances of a highly profitable outcome.
The Sales Negotiation Process – The last 7 steps
Move steadily towards your objective – Make sure you are always moving in the right direction (or at least not moving backwards!) Unless the time pressure is great, it is always more important to consolidate and guarantee progress than to move fast.
Keep the whole package in mind throughout – Stay flexible and keep searching for variables. There are not many “constants” that cannot be made into variables. Learn how to test out how fixed an apparent constant really is. Try to think of more variables than the other person because this gives you the initiative.
Summarise clearly at the conclusion – At the end of the discussion you must double check the agreement and the understanding on both sides. Always summarise verbally before separating and make sure you offer to produce the formal written agreement. This prevents the prospect from “adjusting” things in their favour.
Leave the client thinking they have the better deal – This will ensure that your new client will want to do business with you again. If it seems too easy then you will make them greedy next time. However, if you gain too many concessions then there may never be a next time.
Follow up, quickly and thoroughly – Any delay provides opportunity for something to go wrong or someone somewhere to change their mind. Besides quickly delivering the agreement in writing, it is also super important to make sure it is actioned fast too.
[easy-tweet tweet=”Play a good game, don’t just talk it – Susan Marot” user=”SucceedatSellin” hashtags=”negotiation”]
Never close the door completely – Even if the negotiation appears to have failed, keep lines of communication open in case circumstances change or opinions alter.
Remember that silence is golden – The success of the sales negotiation process is important to you and as well as your client. Don’t be afraid of the silence after suggesting a way forward. Each one is like a trial close that will get you nearer and nearer to your goal.
Be confident and stay accountable throughout. Going through a sales negotiation process can appear daunting, but practice confidence techniques that you know work well for you to help you. At the end of the day you need to get the best deal for your business, so maintain a degree of accountability throughout.
Your business needs you to be successful so make sure you negotiate well!
If you have a big deal that you need to negotiate, then apply for your FREE Sales Accelerator call with me. It is highly likely to make the difference between success and failure.