Negotiation is, hands down, one of the most crucial components of all business deals. Although much has been written about negotiation theory, putting it into practice can be a sore spot for many businesses — and it can have an outsized impact on the bottom line.
According to Business News Daily, more than 40 percent of American employees do not feel confident in their negotiation skills, which means there could be a lot of missed business opportunities.
What Is Sales Negotiation Consulting?
Sales negotiation consulting offers expertise in the art of negotiation and how it can be used in your specific situation to improve sales numbers and closing rates. Sales negotiation consulting can be helpful when business is lagging, salespeople are struggling to close deals, investors are asking for change or your company is expanding.
Things To Know Before Hiring A Sales Negotiation Consultant
It is a good idea to keep the following points in mind when determining which consultant is the best match for your needs.
What Problem Are You Trying To Solve?
Before you call in the experts, it is important to know which aspects of sales are posing the biggest obstacles for you right now. If you are managing a sales team, try to determine which part of the process is holding your salespeople back, whether they’re struggling to set expectations or their closing rate is low.
Having some idea of the root of your problem can serve as valuable guidance in knowing which type of help to seek. However, if you’re having trouble pinpointing precisely why your team is struggling, sales consultants have a knack for getting to the bottom of the situation.
What Kind Of Approach Are You Looking To Implement?
It is also important to consider what kind of approach you would like to implement when it comes to learning negotiation skills. Academic, theoretical and practical are the main approaches. Some consultants focus on just one area, while others blend these approaches.
An academic approach focuses on negotiation terms, acronyms and other processes. Although it provides a good base, it is important to keep in mind that an approach that is completely academic does not spend much time showing salespeople how to apply these negotiation skills in practice.
There is no question that theory has its place, but effective negotiation coaching will include a practical component to show how the theories and rules that salespeople are learning translate into practical skills.
What Timeline Are You Planning For?
How many times did you cram for an exam the night before and pass it with flying colors only to realize later on that you forgot everything that you learned? Memorizing isn’t actually the same thing as learning information.
That’s why it is important to be realistic about how long the process will take. To truly learn something, repetition, practice and reinforcement are needed. Consulting approaches that spread these lessons out rather than condensing everything into a marathon session is often more effective in bringing about long-term improvement.
Look Into A Consulting Firm Before Hiring Them
Before you hire a consulting firm, you need to do your homework. Find out as much as you can about the company itself as well as its track record. It is also a good idea to check the qualifications of the consultants working for them. Look at the case studies and testimonials they have made available and find out whether they have worked with companies that are similar to yours in the past.
It can also be useful to dive deeper and look at factors such as what sets each consulting firm you’re considering apart from the rest. Sometimes, a standout philosophy or culture match can give one consulting firm an edge.
Value is another consideration. Weigh the value of the type of growth the firm is promising against the cost of hiring them to see if it is a good value. You also need to ask yourself whether you have the resources for any investments that may be needed with a particular consultant’s approach, such as hiring more people or installing new systems.
In your early interactions with potential consultants, ask yourself whether they’re making you feel at ease. If you feel like you’re getting a sales pitch from them, that can be a sign that they aren’t very good at what they do. Go with a firm that shows they understand your specific concerns and challenges.
Know Their Methodology
Once you have narrowed down potential sales negotiating consultant firms, take a look at their methodology. Find out how they assess your existing processes and what method they use to find solutions. Perhaps even more importantly, you should find out what they’ll do to make sure their solutions will provide long-term benefits to your company.
Talk To The Sales Negotiation Consulting Experts
Finding the right sales consulting firm may take a bit of effort, but the potential rewards are immeasurable. When you work with the right sales consulting firm, it feels like a partnership working toward a shared vision, and that’s a recipe for success.
If you are ready to bring your company’s sales negotiation skills to new heights, talk to the sales negotiation consulting experts at RCG Workgroup.