Negotiating is an unavoidable aspect of the sales process. Many people believe that negotiating is actually sales itself. There will be times when a buyer is ready to purchase on a conditional basis. A customer will negotiate for a few different reasons. The most common come into play around price and added services. Negotiations may feel a little tense, but as long as you’re looking to come to an agreement that is mutually beneficial, the end result will be positive. If you are unsure of negotiating or want to become a power negotiator, here are a few things to keep in mind.
A negotiation can often seem like a tug of war over power. Ultimately, you need to make sure you do not leave the negotiation with a deal that negatively impacts your company. You need to hold firm on what is best for the company and the client. Be confident in yourself, in your product, and know that the client is interested in buying because they believe those things too.
There is a lot of back and forth in a negotiating. Terms are on the table and hard lines are sometimes drawn. A negotiation is not about who can talk the most. Listen carefully to what the customer is saying. There may be a lot of strong talk with the purpose of getting more of what they want. Listen to everything the customer says and offer constructive feedback about what they are asking and what you’re able to offer. Listening will be a key trait to winning a negotiation while adding value to your customers needs.
Build a relationship
You have started to build a relationship through the sales process before now – keep it up. Believe it or not, negotiations are another excellent way to build a stronger relationship. As stated earlier, you want to be in the mindset of cultivating a mutually beneficial agreement. Stress this with the client as well. If the customer knows you are looking to reach a point that benefits both parties, your business relationship will only grow. Customers respect a sales professional who will add value to their business and aren’t simply out to make a quick sell. If you are both in it for the long haul, this creates a win win situation.
Leave room for the other person
Negotiations are not just uncomfortable for you, they are uncomfortable for everyone. Extend the same courtesies you expect from them. The more important one is leaving room for the other person and allow for them to feel like they have won in the end. No one likes to feel backed into a corner and during a negotiation, it is very easy for that to happen. Leave space for the client to breath, process information, and make decisions. The worst thing you can do is suffocate them. You’re guaranteed to lose a sale this way.
With that being said, you must continue to be persistent. A negotiation is a delicate process. There’s a fine line between being persistent and being pushy. Learning how to toe the line requires some experience and also a keen eye for body language. A customer will often not outright tell you they feel pressured, so you must be aware of it. Everyone’s tolerance for persistence is different. Pay close attention to the cues given to you and respond to them.
Negotiations are a vital part of closing a sale. They can be the difference from a closed sale and someone walking away. Optimizing your approach with make the process easier, more effective, and beneficial to all parties involved.