Archive for: May, 2023

3 Incredibly Effective Negotiation Strategies

May 21 2023 Published by admin under Uncategorized

How to Effectively Negotiate a Sale | 3 Tips To Put Into Use TODAY!

The secret to a successful negotiation is simple. Make sure both parties are happy with the end result. You as the salesperson are interested in closing the deal with enough money on it to earn a fair commission, and your customer is interested in getting a valuable product at a fair price.

It’s important to take note that negotiating isn’t sales itself. Sales are an all-encompassing carnival of skills ranging from objection handling, rapport building, customer mirroring to the ability to not only manage your time, but your emotions as well. Negotiation is the final phase of a sale. You’ve already closed the customer. He wants your product but under conditions. This is where the negotiation begins.

Negotiation isn’t always about money. It doesn’t have to be a flea market haggling session where you start high, he starts low, and eventually you meet in the middle. Sometimes negotiation can involve services to be rendered, or the time frame in which those services or the product needs to be delivered.

A strong negotiator knows when to hold, fold or push. You have to understand your customer inside and out. What makes them tick? What sales strategies have they reacted favorably to? Why are they interested? When crafting your negotiation tactics, incorporate all of these factors and know whether the best approach is to hold strong or lower your price. Often times, a customer will “try you on”. This means that they are just testing the waters to see where your numbers really are. Stay firm at first and see how they react. You’ll be surprised how at how seldom they push the issue further.

Now that we know what negotiation is and what it isn’t, let’s discuss some concrete negotiation strategies.

1) If I can, can you?

This is my personal favorite way to get ink on the dotted line. It’s honest, it’s straight forward and it’s an incredibly effective negotiation method. The application of “If I can, can you?” works in a variety of different situations. Maybe the customer would like a lower price, maybe they are happy with the price but would like an additional service included, perhaps they require some modification to the timeframe for which the service/product is to be delivered. The customer is asking a favor of you with these requests, and that puts you in a position of power. Simply ask them

“If I can do X for you, can you finalize the purchase with me today?”

The way this is worded really doesn’t matter, Say it and be quiet. He who speaks first loses. What you are doing here is making sure that your customer is aware that if you are going to do them a favor, the expectation is that they will be purchasing your product.

2) Where do we need to be?

This one is pretty simple as well. When it’s obvious that the price is what is holding your customer back, and you a bit of margin to play around with, just come right out and ask them:

“Where do we need to be to earn your business today?”

I like to add a little more flair to it than that, but it really doesn’t need to be a long, drawn out conversation. As I mentioned before, if you’re at this point in the sales process, the customer is already interested and probably wants to figure out a way to make it work just as badly as you do. Empathize with them and land the sale!

3) The Take Away

This negotiation strategy is a doozy. It takes an exceptionally strong salesperson to effectively utilize this powerful tool. The key to a productive take away is truly being prepared to walk away from the deal, which can be very difficult for some salespeople. We make our money by closing deals, not by walking away from them. It’s important that your customer wants your product if this is the way you are going to handle the negotiation. You can’t take something away that somebody doesn’t want. The customer has to NEED your service/product. They may tell you that you have a deal if you can come down on your price by 10%, maybe they will ask you to deliver in an impossible timeframe, whatever request they are making simply tell them

“No.”

No is probably the most powerful word in your vocabulary as a salesperson. Your customer will respect you for saying it and you’ll have earned their trust. Both of which are very important pieces to landing a sale.

Hopefully you’ve found some wisdom in this article and gained some new tools for earning a better living. Remember, negotiation isn’t selling. It’s a skill that works together with your overall salesmanship. The sale has already happened by the time you reach the negotiation process, now it’s just a matter of ironing out the creases.

Jumping into a negotiation before the customer has decided they want to do business with you won’t get you anywhere.

Stay strong, be empathetic and do your best to humanize the experience. Your wallet will thank you later.

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When Negotiating, Compromise To Win

May 20 2023 Published by admin under Uncategorized

During a negotiation, there’ll be times when you’ll be required to compromise. The way you compromise, signals the importance of some terms of the negotiation versus others. Thus, it will behoove you to be coy at times when compromising in a negotiation.

How then should you compromise in a negotiation and what strategies should you employ? The following are seven thoughts to contemplate in your negotiations, when dealing with compromise.

1. Most negotiators state, you should never compromise too quickly in a negotiation. In general, that’s good advice. The way you compromise should be dependent on the situation and on what it is you’re negotiating. If you whimsically cast off an item as not being important, you can concede it haphazardly. If on the other hand, you wish to convey importance of an item, hang on to it like life itself. Be dogmatic about compromising it and exact a high price in return for your acquiescence.

2. Consider using an implied compromise as a stalling tactic. This can give you more time to prepare and/or implement another strategy (ex. I think I can accommodate you, but I have to get the OK from my boss.).

3. Whenever you compromise, consider getting something, as the result of giving something.

4. You can also utilize the compromising process as a decoy. You’d employ such a tactic by giving value to a covenant of the negotiation that really doesn’t possess the degree of value proclaimed. In so doing, you can divert attention away from a covenant that possesses more value.

5. By compromising easily, you can give the appearance that you’re an easy person to negotiate with, which could cause the other negotiator to drop her guard.

6. Always ask yourself the question, is it worth it to negotiate if a loss is eminent? If there’s a future strategic position that can be gained, consider how you will utilize compromises to attain that position. After all, a loss can be a win, if you continue with the negotiation. Just be mindful of minimizing your loss.

7. By being known for the way you compromise, you create an image of who you are. When negotiating over a period of time, such an image can be beneficial to you.

Sometimes, there’ll be situations that you know you can’t win, and yet it will behoove you to negotiate. So, why should you fight when you know the chances of winning are slim? You should consider doing so to position yourself for future negotiations, or the next phase of the negotiation. Since compromise occurs in all aspects of life, by knowing how, when, and the right environment to compromise, you can enhance your negotiation outcomes… and everything will be right with the world. Remember, you’re always negotiating.

The Negotiation Tips Are…

• Always seek to compromise where and when appropriate to enhance your position.

• Strive to get something in return for a concession. When compromising, if all you get is a chit, it can become something of value that you can use in the negotiation.

• In your negotiations, have items ready to use that have no importance to you, for the purpose of compromise.

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Watch Emotional Abuse When Negotiating With A Bully – Negotiation Tip of the Week

May 19 2023 Published by admin under Uncategorized

When negotiating with a bully, watch the emotional abuse you incur and mind your responses to it.

Bullies make some people experience an array of feelings in a negotiation. They do so for the pleasure of feeling superior to the other negotiator in an effort to exert their dominance. The emotional feelings they attempt to invoke can range from fear to hate to happiness. Yes, bullies can make you feel happy as the result of relinquishing the pressure they’ve applied to you. That’s another reason why you should monitor your emotions. You want to check them so you can display the proper response, based on your position in the negotiation at particular points. When it comes to watching your emotions take note of the following.

Fear:

Fear can invoke primal actions within you. When fearful, your normal thought process shuts down. Depending on the degree of fear you experience, your body prepares for a fight, flight, or freeze scenario. That deliberation can cause you to be thrown off your negotiation game (i.e. forget the negotiation strategies you’d planned to implement).

When you sense that you’re experiencing fear in a negotiation, note its cause. Consider to what degree its source will devastate you and your future position. The point is, diminish your thoughts of fear by contemplating how you can assuage it before continuing the negotiation, and recognize when it has you in its grips.

Anger:

Anger is another stealer of normal thoughts. It can be stoked by fear, which is also the reason you should control your perspective of fear and anger.

When angered, you can lose your perspective and rationalization. Thus, to negotiate from a mindset of anger will not serve you, it serves the other negotiator, instead.

Therefore, be aware of when the other negotiator is intentionally attempting to gouge you by instilling fear into the negotiation. Also, be mindful of what his attempts might look like before entering the negotiation. This can be accomplished by role-playing ahead of time. Just be mindful of elucidating your mind to how fear might be used against you, and be prepared to thwart such efforts.

Happiness:

Most people seek happiness as a constant state of mind. Our body seeks it too. Thus, when we’re not in a state of happiness, our mind will attempt to guide our actions back towards that state. It will also do ‘things’ to stay in that state, even if those ‘things’ are to our future detriment. It’s because of the latter that you should be hyper-vigilant when you’re in a state of happiness that’s been caused by a bully’s actions. You may not be off the hook. Instead, you may have been unknowingly placed deeper onto one.

To combat a bully’s effort to mentally manipulate you through the use of happiness, understand his motives for doing so. If his efforts don’t serve you, don’t appease him by succumbing to this tactic. Remain stern.

Anyone’s emotions can be strained when negotiating with a bully. Suffice it to say, you should stay on top of your emotions when negotiating with a bully more so than with other types of negotiators. Bullies can invoke extreme passion within you, which is why it’s so important to be mindful. If you’re aware of what can ‘set you off’, and not allow it to cloud your actions or judgment under such circumstances, you’ll be able to think clearer and negotiate better. That alone will give the bully cause for doubt, which means you’ll be turning his tactics against him. Doing so will allow you to maintain greater control in the negotiation… and everything will be right with the world.

Remember, you’re always negotiating!

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