preparation and the results you achieve. The more front-end time you invest, the greater the return.
2. PROACTIVELY PROBE Ask questions early in the negotiating process. Determine the buyer’s wants and needs as soon as possible. Are there buyer absolutes? Be directive with your probes. Focus on customer problem areas where you feel you offer unique solutions. Concentrate on buyer pressure points – areas that induce buyers to make nonprice decisions such as timing, limited inventory, high demand, and bad experience with your compensation in the past. Then, once you’ve asked questions, listen. Use your eyes as well as your ears. What is the buyer saying or not saying? Is anything obvious because of its exclusion? Observe the buyer’s nonverbal signals. Are they relaxed, open, or defensive? Be perceptive to all signals coming from the buyer.
3. REMEMBER EVERYTHING IS NEGOTIABLE
Whatever demands the buyer makes are the results of negotiations within the company – and the end results of this internal bargaining is what you deal with. A corollary to this is that anything can be renegotiated. For example, the customer’s budget for your product may be renegotiated internally if they feel convinced of your product value. No product is overpriced unless it’s undesirable.
Also, never assume the “final”
offer is the last offer. How many times have customers said, “This is my final offer – take it or leave it,” and then revised the offer 10 minutes later?
4. USE FUNNY MONEY FOR CONCESSIONS
When you must concede on your end, look for funny money – or soft dollars – such as free training, extra services, extended warranty, free
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delivery, and longer payment terms. You are making concessions, but they’re indirectly related to costs. It’s easier to get management to concede on these nonprice issues and it allows the customer to save face while experiencing a real gain. Carry a list of funny money options. Know what you may offer. It could be just enough to cinch the deal.
5. USE TIME PATIENTLY Most salespeople have the word “hungry” embossed on their foreheads. And buyers read this signal. Buyers also know that prudent foot dragging on their end generally opens up the concession box. I drag my feet a little and you give a little. I drag my feet a lot and you give a lot. As a salesperson with a quota to meet, you want to close the deal as soon as possible. You’ve learned to close early. Close often. Close always. Ironically, it’s this same frantic pace that signals the buyer
to hold out for a better deal. Buyers need the solution just as quickly as you need to help them. Drag your feet sensibly to embrace the quality of your offer.
6. FOCUS ON WIN/WIN RESULTS In sales there are only two possibilities: win/win and lose/lose – the win/lose scenario is a deception. When you win and the customer loses, it’s a double loss. You may win the order, but you’ve lost the bond with your customer. That’s a lose/lose result. When it’s lose/win, it’s still a double loss. The customer may get the best of you on this deal and you will resent the business and provide mediocre service. You may even avoid this customer’s business in the future. Again, it’s a double- loss situation. Focus on win/win. It builds the relationship and feeds customer loyalty. You feel better and the customer is satisfied. As a salesperson, sooner or later you’re bound to negotiate. It’s not an “if” question; it’s a “when” question. Be prepared. Ask questions. Remember, everything is negotiable. Look for nonprice concessions and wait for the best solution for all parties.
VIDEO: THE SECRETS TO BUSINESS DEVELOPMENT WITH LISA PESKIN
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