BY Kathy Crosett
The ability to negotiate doesn’t come easily to most people, as finding middle ground can prove to be extremely difficult. This reality can pose a problem for salespeople who feel hatred or even fear for the process. Your clients won't always agree to the deals you set before them. So, what then?
In truth, sales professionals should prepare for the negotiating phase the whole time that they engage with a prospect. Doing so allows them them to collect important information that they can use when it's time to convince a prospect to sign a deal.
Be Prepared for Finding Middle Ground
Assume that every prospect you meet with will want to negotiate. It is up to you to prepare in advance for these sessions. Based on your history with them, consider the questions they’ll likely ask.
Keep careful notes during the discovery process. That’s when you’ll learn about the prospect’s pain points, the product features they’re most interested in and their key business challenges.
As you anticipate the objections they’ll raise when negotiating, prepare your answers in advance. For example, prospects often ask for a price concession. Decide ahead of the meeting on how low you’re willing to go on prices and know your reasons.
That way, you won’t be stumbling around for your answer, and you’ll appear more confident. It will also show that you're as invested as they are in finding middle ground — a place will benefit you both. Nothing destroys a negotiation faster than if a prospect believes that they're working with a selfish, money-focused sales rep.
Active Listening
You’ve likely been told that active listening is key when doing discovery. The truth is that active listening pays off in every stage of the sales process. And it’s critical during negotiations.
Active listening means you are paying attention to what they prospect is saying and why they are saying it. If they object to price, don’t assume the deal is lost. Reframe the conversation from a different perspective. The prospect doesn’t yet see the value of what you are offering.
Remember, negotiating is a conversation that is entirely focused on finding middle ground. To improve the value of your proposal, discuss additional training or add-on features.
Be Patient
Jeffrey Gitomer, sales guru, reports that patience is a key factor in negotiations. The further apart you and the prospect are when a negotiation begins, the more patience you will need.
To start the session, say outright what you want, regardless of whether it’s what your prospect wants. Once you state your position, encourage them to state theirs. From that point, finding middle ground that both parties can agree to should be the goal.
During the process, they may have to check with their managers. They may need to hold an internal meeting. Meanwhile, your sales manager may be pressuring you to close the deal. Don’t bow to the pressure.
As time goes on and you concede a point or two to your prospect, you may feel your bonus slipping away. At that point, it’s easy to get stressed and give in to your emotions. That would be a mistake.
When you remain calm and professional, you build credibility and trust. Those factors will bring you closer to finalizing the deal.
Practice Communicating – Through Words and Actions
Channel your preparedness and confidence through your communications. Be conscious of your posture. If you sit in a defensive position with your eyes downcast and your shoulders slumped, prospects maybe assume they can push you around. Try to focus on great posture and make eye contact frequently with the prospect’s negotiating team.
Focus on your speech habits. Do you use filler words such as “like” and “um?” These words give an air of uncertainty. Shift to definitive statements when voicing your position.
Summary
Many prospects won’t be interested in finding middle ground if they sense weakness on your part. Like many sales professionals, you may not enjoy negotiating. But with enough preparation and practice, you can improve this critical skill and close deals that benefit your prospect and your company.
