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As a sales professional, developing negotiation strategies is non-negotiable if you must close more deals. Your leads are always on the lookout for the best deal and the best product to go with it. Therefore, you must be adequately prepared to get into each sales negotiation to secure a win-win outcome. Negotiations help ensure that you keep the customer happy while walking away with a sale. The only way to ensure you are achieving their quota is by employing the right sales negotiation strategies to knock off the competition.
Experts hold that negotiating is a part of a continuous strategic process that starts with lead qualification and generation to lead nurturing, negotiating, and finally closing the deal. Improving your sales negotiation skills will certainly go a long way in improving your customer and sales satisfaction thus retaining more customers. Generally, best practices dictate that you get approach negotiations with flexibility and workable options that are likely to result in a mutual agreement.
This article covers five top-notch negotiation strategies you need to stay on top of the sales.
It is easy to fall for the temptation of underestimating the power you wield as a salesperson when entering a negotiation. The truth is that when negotiating with clients or prospects, you have more power than you know. This is because the prospect needs the product or service you are selling as much as you’d like the negotiation to be successful. Going into the negotiation with a positive attitude will have an influence on your non-verbal cues as well as the tone of your voice when interacting with the prospect. This can have an impact on the outcome of the negotiation.
Approach the negotiations as a continual process and not an independent event
A good negotiation outcome is often pegged on relationships that are developed over time. Therefore, as a sales negotiator, you need to constantly look out for opportunities to strengthen and enhance your position with the client. If anything, the outcome of some negotiations is reached long before you meet the client for a discussion. Therefore, make a point of cultivating a good relationship.
You need to get into a negotiation equipped with adequate information. Of critical importance, you will do well to research the history and past problems of the prospect to identify their sensitive pain points so you know how what solution is best for them. When you are well informed about the prospect and their situation, you are in an advantaged position to negotiate as you will be well prepared to execute the negotiation process with precision.
Build value and be articulate
Articulation and value proposition are what sets a good negotiator from negotiation masters. When you strongly believe in the value of what you are negotiating for you will certainly drive the negotiation with tact and passion. When you master your ideas and thoughts the prospects will see the value you are presenting and buy-in. So make sure you are clear and direct in your presentation of what the prospect can expect. Let them know how beneficial the solution you are offering will be to them.
Hypothesize about the worst and best outcome before you begin negotiations
Negotiations can go either way. So you need not be upset in case things don’t work in your favor. Instead, pause and reevaluate all positions and get back to the drawing board. In many instances, knowing the lowest and highest expectations of each party will put you at an advantage when it comes to agreeing to settle for a middle ground.
Be open to give and take
When a prospect is willing to concede or give up something during negotiations, they hope to receive something in compensation. Otherwise, it will be creating a situation where the other party is conditioned to think you are asking for more while reducing the value proposition and their position. Therefore, make sure you tactically maintain a balance so that both parties feel they are equal.
The ability to hold successfully will bring tremendous business advantages. This can have an increase in the bottom line as a result of negotiation skills. Overall, every sales professional must strive to continually polish sales negotiation skills to become a shrewd negotiator and win more business. Applying these strategies will no doubt ensure you negotiate effectively thus tapping into many tremendous advantages.