What percentage of your sales calls end in a price negotiation? Or, the dreaded “I will think about it and get back to you?”
It’s said that from failure comes experience. However, when it comes to sales negotiations, you want there to be as few failures as possible. That being said, how are you supposed to get the amount of practice you need and still close the majority of your sales?
Your manager is leaning on you to close more deals. And you have the option to offer discounts to a few prospects to get them to sign with you.
If you can figure out which negotiating style you should use based on how your sales process has progressed, you can then identify how best to proceed from there. Here are three of the more difficult of the five styles.
“Now just isn’t the right time…”. Even if you haven’t been in sales long, you’ve likely heard this objection from a prospect. Despite knowing the prospect’s needs, goals, challenges, and preferences, when it’s ask time, they say it’s just not the right time to buy.
You product or service could be absolutely perfect for your prospect. It could fulfill every need, be a good price, and you got along with them swimmingly. But, even with all that, if a prospect says that now’s just not the time, what can you do? A lot, actually, writes Leslie Ye in a recent HubSpot article.
James Rores, founder and CEO of Floriss Group, says that 97% of salespeople are not viewed as trustworthy by prospective clients. Instead, they’re seen as self-centered, pushy, and manipulative. Why does this happen?
The two ends of the negotiating spectrum are win-win negotiating versus win-lose negotiating. Win-lose negotiators see the participants as adversaries.
Few sales are won without negotiation. Sometimes, it’s an easy collaboration between seller and buyer that benefits both parties. Other times, buyers play hard ball, using tough tactics that can throw off a seller.
“When you talk to customers, what are you fundamentally trying to do?” That is the question SellingPower recommends asking yourself when reflecting on your sales strategy.
Biases exist, whether we like it or not. It’s up to salespeople to overcome buyers’ internal biases to make the sale.
As different as you’d like to think your product or service is from your competition, there are rarely cases that product alone makes you the obvious choice to prospects. So, what is it your prospects are looking for? What will make you stand out? Here are a few pieces of advice from SellingPower’s Matt Singer.