Top 6 Sales Negotiation Strategies
When it comes to sales negotiations, a lot of emotions can come into play. So how do you keep a clear head and articulate your business case well?
Here are six sales negotiation strategies to make sure you stay at the head of the pack.
1. Boost Your Confidence
You don’t want to come into a negotiation wracked with nerves. In order to eliminate anxiety and present your best self, boost your confidence beforehand.
Are you really good at a certain sport or game? Play it the night before. There are also certain postures you can assume that will make you feel more powerful and confident. Try some of them out before stepping into the meeting room.
2. Put Yourself in the Prospect’s Shoes
If you’ve made it to this stage, chances are you know your prospect pretty well. By putting yourself in his or her shoes—where s/he is in the process, what objections s/he might get from his/her business, etc.—you’ll be better able to empathize with the situation and articulate your selling point.
By understanding the prospect’s strengths, weaknesses, and demands, trust can be built and the sales negotiation will go more smoothly.
3. Go for the Small Yeses First
Start by discussing items you’re almost 100% positive you’ll get affirmative responses to. The more small yeses you get, the likelier you’ll get the big yes, and the more comfortable your prospect will be giving it.
Plus, even if the negotiation ends with only these small yeses, you still have a foot in the door. You can now prove why your product or service is so valuable and work up to more a profitable, longer-term partnership.
4. Listen Intently
Set yourself apart from other salespeople who may push too hard by prioritizing actively listening to the prospect. Listen twice as much as you speak, and repeat back the most important points the prospect makes to gain clarity and get agreement.
Always allow the prospect to speak first, and never interrupt him or her.
5. Negotiate Services, Not Price
Negotiating price can put you in a sticky situation. If you start out a relationship with a prospect by giving him or her a lower price, s/he’ll expect it every time.
Instead of going down this troublesome road, stick to negotiating services. Use services you know you can provide at a lower cost and explain how incredibly high they are in value.
6. Know When to Walk Away
Unfortunately, not all sales negotiations will go your way. Make sure you know this is a possibility and that you have an established walking away point in place before going into a meeting.
This won’t only allow you to go after better, more valuable prospects, but will keep you from leaving so much on the table that you hurt your company.
Sales negotiations can be tough, but if you weren’t capable of it, you wouldn’t be in sales, would you? After all, sales has never been a career for the light-hearted.
Ultimately, it’s important that you come into every negotiation with your confidence high, stand your ground, know when to give concessions, and know when to walk away.