Develop sales negotiation skills that keep margins, profitability, and customer satisfaction high and time to close faster-
McKinsey research shows that 1% increase in discount results in an 8% decrease in operating margin.
Buyers are smarter than ever before, and always on the lookout for the best value. When it comes time to gain commitment, buyers will mostly seek to negotiate, especially during these tough times. Negotiation is crucial for them to achieve their goals and manage their resources, and it is crucial for you to keep margins, and customer satisfaction high while closing the deal faster.
Many sellers concede to pricing pressure, rather than explore the customer’s underlying needs, to protect the value of the sale.
Value – The Key to Sales Negotiation Success-
Benefits of attending our Negotiations program-
Know where all negotiation happens in the sales cycle.
Build influence and persuasion.
Develop a WIN-WIN negotiating strategy.
Predict, identify, and respond to customer negotiation tactics, allowing you to regain control and guide the deal in the right direction.
Sellers will learn how to nail down pricing with customers well before the deal closes.
Program Coverage-
- Negotiations – Art or Science?
- Understanding Types of Negotiations. – Sales, Procurement, General.
- Where do negotiations happen in the buying process?
- Empathize
- Separate People from Problem
- Focus on Interests not Positions
- Invent Options for Mutual Gains
- Insist on Objective Criteria
- Party who has more information of the other succeeds
- If time is on your side, you make it!
- It is not the actual but the perceived power that Matters!
Stages of the Negotiating Process: Prepare, Conduct & Close
- Defining Negotiations and the Principles of Exchange
- Choose your Strategy & Define the limits
- Know BATNA
- Know ZOPA & Reservation Price
Opening Phase:
- Understanding Body Language – Virtual negotiations.
- Leave room to negotiate
- Ask for a concession when you are asked for One.
- Do not respond to unrealistic offers or demands
Middle Phase:
- Avoid Corners
- Don’t assume you know what they want
- Make Concessions: Slowly -Progressively Smaller
- Anticipate No Agreement
- Throw something in for a quick close
- Don’t offer to split the difference
- Use Relative Value
- Make People Happy when you negotiate
- Deliberate deception, Ambiguous Authority, Less than full Disclosure,
- Stressful Situation, Good-Guy/ Bad -Guy Routine, Refusal to negotiate,
- Escalating Demands, Extreme Demands, Intentional Delay etc.
The golden silence, Patience, assertiveness on issues, Master of Details
Alternatives, Legitimacy, Risk, Knowledge of the negotiating process & the other party’s Perception.
- Does not need to be liked
- Empathize and Listen.
- Is high on Emotional Intelligence.
- Can tolerate ambiguity and conflict
- Has integrity and builds trust.
- Does not need to be the smartest person in town
Highlights of the program-
Who should attend?
Anyone involved in the Sales Negotiating Process