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"Everybody has a price. But many negotiators go wrong when they attach dollar signs to that price. They believe if they can just agree on how much cash should be passed across the table, all parties will be happy.This logic... ignores the non-economic elements of a deal, the psychological needs that buyers and sellers bring to the table."- Mark H. McCormack,"What They Still Don't Teach You at Harvard Business School"A good salesperson is usually able to get to the negotiating table. Once there, however, it takes a great salesperson to close the deal. The difference often comes down to an ability to negotiate skillfully.
Here are eight negotiating tools to help salespeople improve their closing percentages:
Preparation. Remember the scouts' motto. Get your facts straight before you start. If you have to keep delaying the process so you can find more information, you're probably making a bad impression. Always be prepared. Never walk in cold.
Bottom line. Before you sit at the negotiating table, know what you want and what you'll settle for. Set upper and lower limits. Ask questions to find out what your customers need. Then, read between the lines, make realistic proposals and keep your options open. Needs change as more information and new ideas surface.
Expectation. Aim high. Lofty expectations generally produce lofty results, so ask for more than you expect to get. This lets the other side understand your needs and gives you an opportunity to make a counteroffer after a proposal is made. Rather than criticize the prospect's proposals, make new offers. Brainstorming alternatives can sometimes produce an agreement that no one considered.
Harmony. We all prefer to work with people we like, so even if you don't care for a customer, get over it. Don't let personal feelings cloud judgment. Show respect and build trust. If you create a good rapport, information is more willingly shared and defenses are dropped.
Filtering. Don't let discussions get sidetracked by minor issues. Put them on the back burner and focus first on the big differences. You can get back to the small stuff later. When you do, you may find it no longer matters.
Patience. Often, the person with the most time wins. Salespeople are frequently urged to act quickly. But if you feel rushed, the other side may be able to outwait you and get a better deal. Give yourself time to step back, weigh the issues and make an informed proposal.
Note-taking. You've seen the police shows on TV where each witness remembers the crime differently. The same thing can happen with a potentially great sales deal. To avoid mistaken assumptions about the terms of an agreement, write them down so everyone understands them precisely.
Silence. Sometimes, the best tactic is to just keep quiet after an offer or concession is made. Silence can prompt an immediate and positive reaction. Let the customer talk himself out of objections. As the other person talks, you listen. Then ask more questions and listen more. Reveal only as much information as you need to.
You go to a sales meeting knowing your top and bottom limits. In the end, if you can't resolve the issues to everyone's satisfaction, there are only two words left: "No deal." Don't be afraid to walk away.
*Securities offered through 1st Global Capital Corp. Member FINRA, SIPC. Investment advisory services offered through 1st Global Advisors, Inc. We currently have individuals licensed to offer securities in the states of AL, AZ, CA, CO, CT, FL, GA, HI, ID, IL, IN, KY, MI, MS, MO, NV, NJ, NC, OH, RI, TN, TX, WA, WV and WI. This is not an offer to sell securities in any other state or jurisdiction.