Depending on the product, channel and time of day, some products don’t even need to negotiate their way into a person’s possession. The power of persuasion through advertising often seals the deal. That’s the reason, companies spend hundreds of thousands on advertising a specific product or service.
The tricky challenge happens when a salesperson must convince someone to buy when they have a ton of other great options or they don’t have the desire to buy.
Buyers today are more aware of the “real value” of what they’re buying and the other reason for them to be holding their money tight is the fact that they work extremely hard for it.
Influencing the buyers rightly matters most; especially when it comes to improving your profits in a competitive market. Strategic sales negotiation is the key. With better sales negotiation skills you can influence your buyer’s perception of cost, value, and benefits and so the sale can be closed by maintaining a flexible position.
For a salesperson it’s must learn the art of sales negotiation because it is vital for any business. If a salesperson only relied on the sales when people actually wanted to buy, the business would go bankrupt. Negotiation is a unique art; when properly understood, any salesperson commands the attention of the buyer and the money in the wallet.
As a fact of the matter, no business likes giving discounts, but if you are a B2B brand and truly want a transactional business, it’s time to rethink! If a small favor can get your customers for life or it can remove that friction from the sales process, why not!
Though, sales negotiation is not easy, with some careful steps you can make it more fruitful, i.e. by offering some non-monetary points of negotiation. Some real life examples can be:
- A full-service training program.
- A shorter contract than normal.
- Free marketing via blog, newsletter.
- Free month of service on two referrals.
Remember that sales negotiation is not just about winning one deal, it’s more about leaving a great value behind by offering the best possible deal. If done so, it’s going to give your business a multiplier effect for sure. But, never settle for less than you deserve or allow yourself to be strong-armed into doing something you’re not comfortable with.
Sales negotiation can be a great win-win situation for both the business and the customer, however, you need to follow some proven techniques, which I will discuss in my upcoming article.
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