3 Things to Keep in Mind While Negotiating
[vc_row][vc_column][vc_column_text]Negotiating and sales are two aspects of the business process that go hand in hand. Prospects and customers want a better deal for themselves, and you, the seller, want what’s best for you, which is more sales at a decent profit margin. Negotiating can be a tiring, taxing process, and you cannot afford to lose your nerve or your conviction. Here are a few tips to stay afloat while negotiating without upsetting your prospect.
When you come to the negotiating table, always, always be prepared. You not only need to be prepared with the right information and documents, but also with the right frame of mind. Long-drawn out negotiations can get exhausting, both mentally and physically. You need to be in a positive frame of mind and well-rested to avoid losing your cool or giving in to easily. You do not want to lose your energy and with it, the deal!
DON’T SUCCUMB TO ‘MY WAY OR THE HIGHWAY’ TACTICS
Remember, you are trying to solve the prospect’s problem, not just sell a solution. You need to keep their interests in mind and work out a deal that is mutually beneficial. You cannot afford to take a hard stand and declare that if things do not go your way, you will not do business with the prospect. They will go to your competitor. This attitude can also work the other way around- you may be dealing with a prospect who is coercing you to give in to their every demand. Instead of arguing and getting confrontational, tell them that you really do want to do business with them, but the current situation seems unfavorable.
KEEP THINGS MOVING
Negotiating can take hours, days, even weeks – but you should not lose sight of your prospects or allow them to backtrack. Make sure to follow up, provide information, send proposals, hold meetings- whatever is required to roll the deal through. To keep things moving, you should know where you left off, so you can continue things from there. Keep a track of your conversations and interactions.
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