The Rain Group found the number one factor that separates top-performing sales negotiators from the rest is that they understand the power and leverage that each side holds during the negotiation. This will allow your sales representatives to be strategic with offers they put forward to win a sale. In this article, we will look at how to negotiate in sales to get the best results and make the most sales.
A sales negotiation is a strategic discussion that a seller and buyer will have that will lead to a deal being agreed upon or lost. The main objective in a sales negotiation is for both parties to agree on a deal.. Sales negotiations can sometimes be completed in one meeting, but commonly will carry over into multiple meetings. Furthermore, they can take place over a face-to-face meeting, or a meeting on a phone or video call.
This section will look at the essential steps you must ensure your sales team take to have successful sales negotiations to boost your sales.
Being prepared when going to a sales negotiation is a critical factor that can determine the success of your sales negotiation. You must enter a negotiation with knowledge about:
As well as this, your sales representatives should have an idea of the alternative products or services that your customer may be considering. This will give your team members leverage in the negotiation as they will be able to better express your unique selling proposition compared to competitors.
Many sales representatives may be eager to speak first to try to accommodate their customers. However, the best way to accommodate your customers is by listening first and speaking second. Let your customer tell you their thoughts and feelings to get a better understanding of how the deal will progress. This will help you build trust with your customer and not seem over-eager to sell to them.
You want to avoid using ranges for how much you can discount a customer. Ranges are when your sales representatives will say, “we can lower the price by 10%-15%”. You run the risk of offering a discount that is too big, as customers will always pick the higher range for a discount to save money. Instead, be specific with how much you can discount your customer.
During negotiations, it can be common for sales representatives to focus too much on the price of the offering. But the price of your offering will be tied to its value of it. So you must make sure you consistently remind your customers of how your product will be able to benefit their pain points during a negotiation. This will help create more urgency for a deal to be agreed upon at a fair price for both parties.
It is important that during negotiations with a customer, you keep a cool head to have a positive environment in which the negotiations take place. As a result, whether a deal is agreed upon or not, the experience will stay a positive one for both you and your client, helping you keep a great brand image.
Opportunity management is a big factor in being able to streamline your negotiations and strategize how to win deals. Opportunity management is the process of monitoring possible deals that will be made to get a good understanding of your sales pipeline and see how they progress. Many businesses implement opportunity management software in their business to automatically track data in their sales pipeline. Opportunity management software will help you:
Get a better understanding of your customers, track your meetings and win your negotiations with TEB, the sales automation CRM software. TEB will streamline your sales process and improve your data visibility to help your business have successful sales negotiation meetings to boost your sales. Here are some stand-out features of TEB:
Start your journey to winning negotiations and growing your business by clicking the link below. In just a short amount of your time, you can see how TEB will transform your business.