Negotiation and sales are parts of a sales professional or business owner’s life. Negotiation is the thing that we do not like as business owners but we love to do it when we are customers. So, how to deal with negotiation during sales conversations? In this post, I am going to share 5 powerful negotiation tactics that can help you close the deal and increase your sale.
5 Powerful Negotiation Tactics to Increase Your Sale
Preparation is key for any negotiation. Preparation is the first negotiation tactic. You need to prepare for the negotiation meeting. My meaning of preparation is to decide –
- What is your offer?
- What is your boundary price below which you will not take the deal?
- What are the variables which you are willing to give away in a negotiation?
If you do not have clarity on these things and you walk into a sales meeting or a negotiation conversation, it’s like walking into a boxing ring without wearing the boxing gloves. You will have a hard time in the meeting.
So make sure you prepare. Go to a sales meeting with clarity about what you are willing to give away and what is the minimum price below that you will not deal with.
So, preparation is the first negotiation tactic that helps business owners and sales professionals.
#2 Sell Value not Price
The second negotiation tactic is sell value not price. Whenever you are doing a sales conversion, if the customer is arguing about your price by saying your price is too high. Instead of arguing with him or her about the price you focus the conversion on the value.
Sell the value of your offering. Sell the benefits and value proposition of your product or services. Attach the price to the value you are offering. Value your product or services.
So, in the conversation try to justify the price with the value you are offering. Don’t get stuck in price discussions and debates. Focus on the benefit and value that your customer will get by buying your product or services.
#3 Win-Win or No Deal
The third key negotiation tactic is Win-Win or No Deal. You need to educate your customer that the deal has to be a win-win. Both customer and you should get the benefit of the deal. If it is not a win-win deal it is ok not to do the deal but to continue the professional relationship.
Once you educate your customer about win-win or no deal you can get additional benefits. If your customer is pushing you hard beyond your limit you can remind them and if it is not working out you can walk away.
The fourth key negotiation tactic is giving. This means if the deal is not working out in negotiation you need to be willing to give away something so that your customer feels that you are coming one step forward. The counter effect is your customer may also come one step forward for the deal or he/she may feel a sense of victory or joy or purchasing whatever they are buying from you.
The key idea of negotiation is not only to increase sales it is also to make your customer happy. To make your customer happy you should be ready to give away. You can lower the price or give some additional value-added benefits like an extra warranty, or free shipping. Remember happy customer brings more customers.
#5 Marketing Consistently
The fifth negotiation tactic is marketing. You need to do marketing consistently. The marketing in a manner so that you will generate continuous leads. If you have continuous leads and prospects you have walk away power. You can never come under pressure while you are negotiating. If you have multiple leads and customers, you can sit with confidence in a sales conversation.
So make sure to do marketing consistently to protect yourself from unreasonable customer negotiations who are not ready to pay the right value for your product or services.
Over to You
I hope these 5 Powerful Negotiation Tactics given above will help you in doing a sales negotiation and closing multiple deals. If you have any queries or doubts you can get in touch with me at firstname.lastname@example.org.