Thoughtful Thursdays – Your most powerful negotiating tool
Before entering into any negotiation, there must be an understanding that there is a desire for the parties involved to do business with each other. It is the final step before the close.
Being able to negotiate from a position of strength is not always easy. Each side looks for an advantage that will work in their favour.
To level the playing field, it is crucial that you do your research. Never assume your customer is not doing their research. Going into a negotiation without preparation is a sure way to leave money on the table.
- Identify and quantify all the gaps that exist between doing business and not doing business.
- Determine which of the above gaps are negotiable and set your limits for each.
- Prioritize the gaps to be negotiated.
- Determine the line that you will not cross – your walk line. This is the point where doing business is no longer desirable and results in walking away from the opportunity.
- Develop options to address anticipated customer demands to be used if needed
Your most powerful negotiating tool is your pre-negotiation research.
Good selling,
Richard
Have a question about sales? Contact Sakanashi and Associates Inc. and I will respond.
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