Negotiation Simplified: Let's Compromise, OK?
Let's talk about negotiation... a hot topic but an area that i must say, a skill many people don't truly understand. This is an important skill to master given that many business transactions revolve around the outcome being mutually beneficial for multiple parties.
Here are my top 5 tips on how to sharpen up your negotiation skills:
1. DON'T NEGOTIATE TOO EARLY
Price has started to come up relatively early in the sales process. It's not uncommon for your prospect to ask about costs, contract lengths, and possible discounts on the first or second call. While you shouldn't evade their questions (which will make it harder to earn their trust), be careful not to get pulled into a negotiation until you're ready.
Give the buyer an idea of what the price will be to make sure it's in their budget. If they try to go back and forth with you, use one of these responses:
"I'm happy to discuss our options with you, but I think it would be more helpful to have that conversation after I have more insight into your needs and have shown you how our product/service might be able to help."
*Optional Exercise – List 3 responses to avoid negotiating too early.