Thoughtful Thursdays – On negotiating
A common challenge to making sales is the process of negotiation. Today’s sales thought is about ways to be a more successful negotiator.
Most think that negotiation is all about getting a better price. Although price is often the reason that leads to negotiation, it is value for the price that you want to focus on.
On the surface it may appear that your prospect is only interested in price. As a sales professional, it is your responsibilty to do all you can to maintain the target price. There will be instances where price is the sole factor and it will be your decision whether or not to meet the competitive sitiuation.
When you anticipate that negotiation will be necessary to close the sale, be sure that you have a plan and are prepared to stick with it. Do you have all the necessary information?
- Is a lower price really necessary or are they just testing you?
- Have you established the point where you will walk away?
- Quantify the benefits of doing business with you and be prepared to discuss them with your prospect
- Are there incremental sales opportunities available with your prospect?
- Have you calculated the price gap, and ways other than price to make it up to the prospect?
- Establish what you are willing to and not willing to negotiate
Successful negotiation is a process of give and take. Each participant should be willing to give something up in return for getting what they want.
If your prospect truly wants to do business with you, they will negotiate in good faith, as should you.
Good selling,
Richard
Have a question about sales? Contact Sakanashi and Associates Inc. and I will respond.
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