The selling process is constantly evolving, and it doesn’t necessarily end when a sale is made. Making a one-time sale is an accomplishment, but real success can be found in sales growth and repeat business. So what drives these factors? Experience has shown that it’s all about cultivating relationships and honoring the “Golden Rule.”
The prospect might know you’re close to the end of the month, or the year, and starts insisting on a deal. What should you do?
At some companies, there is the concept of hitting your sales quota, regardless of what it costs you. At other companies, there’s the concept of making quota and making it the right way.
Unless you have the most accommodating prospect in the world, you’ll need to negotiate to close your deal. If you’re not a natural negotiator, you can succeed if you know what to watch for.
Thanks to the prevalence of discounting, most reps will encounter price objections from prospects. But, just because your competitors are slashing prices, it doesn’t mean that you should. While discounting certainly has its place in the industry, it shouldn’t be your knee-jerk reaction.
Before entering into a negotiation, you likely have spent time covering all of the keys to its potential success. But, there may be one factor that you’ve overlooked.
The word objection in sales is totally misunderstood. To most salespeople an objection (price is too high, have a satisfactory supplier, we spent our whole budget, yada, yada) is a reason the prospect is not buying and it’s met with dismay and disappointment.
People are always asking me to conduct a class or write a book about negotiation. And my statement to them is: Why? Negotiation is 100% about price.
The next time you’re faced with an awkward silence, avoid the temptation to fill it with rambling. By giving the other person space, you are giving your own words more impact.
Reps who are thoroughly educated in their pricing structure will have a better understanding of why something is priced a certain way. This understanding will give them the confidence to stand by the cost.