Being a successful negotiator is more than just choosing negotiation strategies. You need to really hone your skill and adapt it to that particular sale. Here are 10 secrets every sales negotiator should master.
1. Focus on talking to the decision-maker
There is very little point in negotiating with someone who has no authority to make a decision. You need to go to the person who has the ability to make decisions. This can be difficult if certain people purposefully put “gatekeepers” in front of them to help weed out the things they don’t want.
Provide the basic information as well as your contact information and request that they call you to talk if interested.
2. Be willing to walk away
People can smell desperation during negotiations. It will give the other party the power every single time. You need to know your position before the negotiation begins to be able to walk away if the other person isn’t able to come to agreeable terms.
3. Use silence to your advantage
There will be pauses during the negotiation. You need to use these pauses and silences strategically.
After you make your offer, feel free to relax and see what the other person has to say. If you keep talking, you may look nervous or like you are trying to sell the deal too much.
Say what you have to say and confidently wait for a response. Have the other person break the silence.
4. Be informed
You need to be able to answer any and all questions that come your way with complete confidence. Know your product inside and out. Memorize all of the relevant information. Continue to study your product and use it yourself. You can always learn more.
You also need to be informed about the people you are negotiating with. Research the other party. Learn about their professional and personal lives. You can use this information to help cater your negotiation styles to their needs.
You need to practice if you expect to get good at something. Practice makes perfect, so keep practicing. Train at home with friends and family, practice at work in real situations and sign up for an online course. All of this will help you improve your results.
One option that can be adapted to your needs is Merchants, the serious game on negotiation and conflict resolution in which you will learn and apply strategies, techniques and tools to develop and improve your skills while having fun.
6. Believe in your product
You need to have faith in the product you are selling. Learn why it’s better than the other options on the market. Also, learn which customers will benefit the most from your product.
With this information, you will be able to get the best deal for you and your company if you show passion for the product and why it’s so great.
7. Provide options
People like choices and options. Offer these to them. Instead of debating whether they will be going with you or another company, they will soon be debating which of the options you offered to go with.
Suggest the option that will help them best, but make it clear that it’s entirely up to them. This makes the other person feel in control while also helping you get a sale. Plus, options show flexibility.
8. Get to know your customer
It’s harder to tell someone no or negotiate down when you are close friends with that person. However, it is important to get to know your customers.
Be nice with the person you will be doing the negotiating with. Chit chat about things that aren’t business-related, such as sports or movies. Find something to relate with them about. Look around the office or what they are wearing for clothes. Compliments are also a quick way to earn favor with someone. Don’t be afraid to schmooze a little bit. Don’t lay it on so thick that it comes off as insincere, though.
One of the biggest mistakes that people make in sales and negotiations is that they don’t actively listen to the other person. If you listen, the other person will give you clues on how to help close the deal with the best outcome for both of you. Listen to their concerns and listen to their comments. Repeat these things so that they know you are actually listening to them.
10. Make them feel like they won
During the negotiations, you need to make the other person feel like they won. Show your clients how special they are to you and your company.
To do this, you must put into practice all the secrets mentioned above, this way you will discover what your client wants, and then you will be able to let them know that they have managed to close a unique deal designed especially for them.
There are a number of different negotiation styles out there. Some people use assertiveness to really nail down a point while others tend to be a little friendlier. Whatever strategy works best for you, use these secrets to make the most out of them in your negotiations.