It’s finally happened: after weeks of calls and meetings, a prospect has indicated that they’d like to go with your product, and your rep is entering pricing negotiations. It’s an exciting time. Your sales rep could be closing a major deal at the end of these discussions! But how well-thought out is your team’s sales negotiation strategy? Are your reps prepared to win over buyers despite their increasing objections?
With the impending potential recession on the horizon, there’s never been a better time to strengthen your sales negotiation strategy to help your team close larger deals swiftly. This is especially true when the top-performing negotiators are 3x more likely to achieve their pricing goals.
With buyers displaying more hesitation than ever, they’ll be looking for the lowest price — so it’s vital that your team has the tools and skills to stand firm on your product, its value, and its use cases. Gain the upper hand with these six steps to effective negotiation.
Discover The 6 Steps to an Effective Sales Negotiation Strategy
While you might think that negotiations start when a seller arrives at a sales meeting, they really begin behind the scenes during the strategy preparation. The right sales negotiation strategy can increase the average deal size and strengthen client relationships from day one. With a solid strategy in place, your team can enter negotiations confidently and prepared to secure the optimal pricing outcome.
Building an expert strategy can be accomplished in the following six steps (some of which might sound a bit controversial, but trust us, these are tactics your team will need to master):
- Do your research
- Define what your price includes
- Set your price well above your lowest asking point
- Don’t give anything away for free
- Be willing to walk away
- Build trust and foster a valuable relationship
Entering negotiations with a solid strategy in place allows your sellers to maintain the upper hand. Using key strategies during negotiations, like performing research and emphasizing value, can be the difference between a loss and a win.
Start securing larger deals and maximizing your profits today. Dive into each of the six steps in depth by downloading our guide, Sales Negotiation Strategy: 6 Steps to Drive Positive Sales Outcomes and Increase Win Rates.