Negotiate Your Way to a Win by lisafugere

[Doha]

Negotiate Your Way to a Win
by lisafugere

Winning sales isn?t a straightforward affair. In most cases, you have to make numerous calls, set up different meetings and cajole a prospect into making a purchase. During this process, your prospects will throw counterclaims and lots of questions your way. Read on to learn how to sharpen your negotiation skills and win b2b sales.

Don?t over focus on price
Do not assume that price is the issue whenever a customer is not interested in purchasing your products or services. You have probably seen cases of clients purchasing products at higher prices when lower ones are available elsewhere. If a prospect opts for the cheaper option, it's not because your's is too expensive ? it's because you didn't adequately convey the value of your offering in comparison to your competitors'. Use product quality, technology, adaptability, productivity and many other premises to pitch your product to the prospect - not the price. If your customer objects to your high price, you have other things to offer. If a customer loves your low price, you may find yourself in the "cheapest option" bucket, which isn't always bad, but will render your offering obsolete if your competitor, who offers a more expensive product, can prove their value.

Do your homework. Thoroughly.
You won't have much negotiating ground to stand on if you don't know what your prospect is looking for to begin with. Make your pre-call research thorough so you know the issues your prospect is likely to raise, as well as the issues your prospect is hoping to solve. If you know that your prospect's #1 goal is to reduce travel expenses, don't launch into an exposition describing how you'll help them expand their travel program; tell you how you'll make it more efficient, instead. When your prospect raises objections, you can return to the topic of their key initiative knowing what drives their decisions ? as opposed to guessing and getting it wrong.

Aim high, and let your prospect name a price first.
It's much easier for a tailor to take a few inches off a pair of pants than it is to add a few inches. This philosophy applies to sales as well. You might close a deal at the asking price of your initial offer, and if it's not ambitious enough, you could miss out on additional funds. You won't know exactly how much your prospect intends to spend until you ask. You lowball a price, and they may be all too glad to accept it. Find out how much they want to spend before offering a cost estimate.

Be a good listener.
You need to show your prospects that you respect them, and listening while they are speaking is a good way of doing this. Even if you think what they are talking about is irrelevant, do not cut them off. This does not mean that you have to agree with them; it shows that you appreciate their point of view. It you give your prospect the impression that you don't care what they have to say, they won't say it at all, and that might cost you a deal. Whether you change your mind or persist on the same vein is up to you.