Are your salespeople good negotiators?
It may seem like a strange question. After all, negotiation is one of the basic skills salespeople should possess before being hired. Unfortunately, even those who have mastered negotiation theory may not always be able to put it to good use when they are at the negotiating table. Research from the RAIN Group shows that top sales negotiators are three times more likely to reach their pricing target. On top of that, they are 13 times more likely to say they are very satisfied with the negotiated outcome. This illustrates just how valuable mastering sales negotiation can be.
What Is Sales Negotiation Consulting?
If your salespeople need some help upping their negotiation game, it may be time to call in sales negotiation consultants. As the name implies, these are consultants who can transform the way your business makes sales by refining your sales team’s negotiation skills.
They can help you create a negotiation strategy, know when it’s time to pull the trigger, master the all-important closing, and equip your team with the right tactics to keep prospects engaged.
Sales Negotiation Consulting Tips
Outlined below are some tips for getting your sales negotiation skills on the right track.
Go in Prepared
Like many other things in life, being prepared can make all the difference when it comes to sales. Sales reps shouldn’t even think about going to the negotiation table until they have some relevant insights that will show prospects that they understand the specific challenges they are facing in their industry.
Some of the aspects you need to nail down include why the prospect needs whatever you are selling, how badly they need it, and their budget and purchasing role.
Priming prospects to think a certain way can help customers better see the value of whatever you are proposing, and the first conversation can have a big influence on the customer’s ultimate decision.
Talk to the Customer Before Going Right iInto Sales Negotiation
When the sales conversation starts, it is best to start by talking to the customer as a person before jumping into negotiation mode. Talking to prospects can help build trust, which signals fairness. This will foster a more positive attitude toward the seller.
Show that you are a good listener, and be sure to take note of their concerns.
Lead by Opening the Negotiations
Getting the opening right is crucial, and one effective approach entails recapping common ground to reassert the relationship and signal to the prospect that you are up-to-date on everything.
While some people believe that letting the other party open is advantageous, research from Northwestern University has shown that this can backfire or even make things worse. (2)
Instead, you can serve as the “anchor,”, or center of gravity, by making sure the first offer as the outcome of a negotiation is likely to end up hovering close to the original figure. Don’t forget that what is presented first changes the way people experience what is presented next.
Listen to the Customer’s Wants and Needs
Listening to the customer’s wants and needs can help ensure a better outcome for all parties. Sometimes, this requires diving a bit deeper and looking beyond what they say.
For example, when a customer says, “I can’t pay that much,”, what are they really saying? Perhaps more flexibility in the payment schedule would be enough to help the deal proceed.
Questioning is a great way to get to the bottom of what your customer wants and needs so you can persuade them to commit.
Do Not Rush into an Agreement
When you are discussing action steps, try to avoid rushing into accepting the agreement until you have had an opportunity to review everything with your team. Be sure to take the time needed to analyze every aspect of the deal in great detail. Thinking before you act can go a long way toward ensuring a successful outcome.
Don’t Take Failure Personally
It is only natural to feel like a failure when negotiations stall or the other party walks away, but it is important not to take these failures personally. If you were unable to reach an agreement because the client felt it wasn’t right or one particular aspect was a sticking point, you may be able to learn from the experience, but try to move on and don’t dwell on your failure.
Work With Sales Negotiation Consulting
If you’re ready to give your sales team valuable insight into the sales negotiation process, get in touch with the sales negotiation consultants at RCG Workgroup. We can help you create a negotiation strategy that is tailored to your business’s needs and show your team effective tactics, such as mastering the art of closing a sale.
