Negotiation tactics are often used by buyers, and while some buyers truly seek out win-win negotiations, others solely are looking for an advantage at the seller’s expense. It’s these tactics that salespeople should be wary of and know how to handle. Erica Stritch, vice president of RAIN Group, shares an exclusive infographic detailing the various negotiation tactics that you will encounter and how to deal with them. “Even if your mindset and approach is win-win, you need to know how to counter any tactics that might be thrown your way,” the article explains. By being able to identify the tactics used, you can adjust your responses accordingly and meet those negotiation challenges with a smart response.
Negotiation Tactics: The Most Common That Don't Benefit You
Buyers tend to fall back on the same types of negotiation tactics when playing hardball, and RAIN gathered what they believe are the top 16 out there. Here are just a few from their list:
- Going, Going, Gone. Buyers will say that if you don’t negotiate, your competitor will. RAIN advises salespeople not be scared of this threat. Instead of immediately giving in, realize that the buyer could simply be bluffing. Make a best and final offer, which can include a minor concession, then that’s it. RAIN encourages you to be ready to walk away. So if you're a local auto dealer and a potential buyer suggests your competitor is willing to meet their demands, there's a good chance the buyer hasn't even talked to the other dealer. Get to the bottom of it by firmly stating a final offer. Then, sit back and wait, knowing you put your best offer forward.
- One Last Thing. Before the deal is ready to close, a buyer will throw in a last request before they sign today. This strategy, RAIN explains, “catches the seller at their most vulnerable point and uses eagerness to get the deal done to wring out [a] final concession.” With this negotiation tactic, remind the buyer that flexibility is needed on both sides for a final agreement. Respond with questions and guide the conversation to a possible trade offer.
Negotiation tactics are used by most buyers, but it’s up to you to determine whether they are looking for a fair negotiation or simply looking to pay less and get more. You need to be able to recognize the difference and respond accordingly. Thanks to RAIN’s identification of the 16 most common negotiation tactics, you can, as Stritch explains, “be prepared for and respond to each so you can successfully negotiate with buyers on their terms.”
Want to know which negotiation tactics actually work the best on salespeople? Check out RAIN Group's study here.