How To Close More Deals By Becoming a Master Negotiator
Closing Deals May 15, 2019 admin
Small business owners who master negotiations are more likely to turn leads and prospects into sales for their business. Attending a focused sales negotiation seminar can take a small business owner from barely selling to surpassing their sales quotas time and again.
Each sales call you make should be well-calculated, rehearsed, and attached to a pre-planned objective. There are steps you can take to close more deals without being too pushy or seeming sleazy.
Here are seven things you can do today to negotiate your way to closing more deals for your small business.
Separate Personal from Business
As someone responsible for selling your business’ services, you are bound to meet all sorts of prospective buyers. Some may be kind to you while others may be downright rude or even insulting. Attend a negotiation seminar that teaches professionals not to take buyer reactions personally. If someone else is having a bad day, don’t let that ruin your drive and passion.
Keep in mind that a sales negotiation is a business deal. Maintain that understanding and ensure a professional attitude throughout the sales process.
Aim to understand the buyer’s perspective even when the buyer is openly hostile to your sales advances. You may be surprised that one single instance of showing empathy can turn an otherwise hostile prospect into a large account.
Listen More Than You Talk
Many people believe that to be good at selling, you have to be a good talker. In practice, being a good listener serves your interests better than being a good talker. A negotiation seminar can perfect your listening skills by teaching the application of active listening in the negotiation process.
When you learn the skill of listening effectively, it becomes easier to identify and understand the buyer’s perspective. A good listener is better placed to grasp important details such as your customer’s pain points, and therefore better placed to offer relevant solutions.
Listening can also open doors that other people selling their services may not have known existed. By relating to a buyer’s concerns, you can identify opportunities for multiple sales, cross-sells, and up-sells of your services.
At your next sales appointment, try keeping your speaking time at half your listening time. Ask probing questions to allow your prospect to elaborate more. Keep your responses clear but concise when you’re offering explanations.
When you enter a sales negotiation, starting from a position of power affords you the upper hand. When you are anxious or desperate to make the sale, your prospect will most likely sense your eagerness and hesitate. Lack of seller confidence may signify:
- A substandard service
- An inflated price tag
- A scam
- A dishonest sales pitch
- Availability of something of better value elsewhere
To feel and project confidence in your services, go into the negotiation with options. Knowing you have different alternatives in case your first offer is dismissed gives you the confidence to pitch.
Having a Best Alternative to Negotiated Agreement (BATNA) gives you the confidence to walk away if the buyer isn’t willing to come to agreeable terms.
When you’re rushing to achieve your sales quotas and competing to exceed last quarter or last year’s sales figures, it’s tempting to rush the buyer into making a commitment. Sales negotiation is a skillful game of patience. Just like when you’re desperate or anxious, your prospect is likely to notice when you’re in a rush.
Once your prospect realizes you’re in a rush, the balance of power shifts from you to them. The buyer can use your rush to squeeze out a deal that may prove detrimental to your business. Rushing through the negotiations may also make you miss details and opportunities for claiming more and better value.
Pre-Qualify Your Leads
The best negotiation skills seminars put an emphasis on preparation. Research your lead before you approach them. Prequalifying your leads before turning them into prospects maximizes on your time as you only engage with people who are likely to buy your services.
Since money is one of the most important factors in making a sale, begin by pre-qualifying your leads around their budget.
If your services are within your lead’s budget, find out whether the lead is a good fit for your services and business. Spending time trying to sell to a poor-fitting client might turn into a waste of time.
Build Buyer Confidence
Apart from feeling confident yourself, it is important that you make your prospect feel good about buying your services. Build rapport to enhance your relationship with your prospect.
Be sincere in showing empathy and be transparent in your pitch. A confident prospect is more likely to close the deal faster and buy more of your services.
About the author:
Julie Drakes is a top of the line content creator, specializing in attention-grabbing headlines and thought-provoking content. A prolific writer, Julie’s articles feature on many major sites. Her pieces achieve high readership, which is why she loves focusing on creating content that helps busy professionals build up their business and negotiation skills.