Being stuck during a negotiation is never a good sign. Here are some tips on how not to be stuck in a sales negotiation.
Being stuck during a negotiation is never a good sign. The danger is that the other side will become entrenched and begin to harden their position as you look for a way round it. As they start to say no to some aspects of the proposed agreement they may get comfortable and may even decide that saying no to the whole deal might be the easiest way forward. These are the hardest parts of a sales negotiation but once you learn some strategies and techniques for dealing with them you’ll be a much more complete salesperson. Once you know how to deal with even the biggest sticking points, you’ll be able to go into any meeting with the confidence that you can handle anything. This confidence will show in your attitude and body language and you’ll see an improvement in every sales negotiation, not just the tricky ones.
If you are regularly selling the same product you’ll find that while every sales negotiation is unique the sticking points aren’t. By paying attention to what people say, you can soon find identify common objections your potential clients have for not making a purchase. For many products, this will be either the price, a feature you don’t have or something extra a competitor does provide.
Once you know which sticking points are most likely to happen in a sales negotiation you can plan accordingly. If people are sticking on the price, you need to rethink how you are selling the product and how to communicate that it is a great deal for them. By preparing yourself in advance for any objection in a sales negotiation, you’ll stand a better chance of overturning it and will be more calm and composed when a problem does crop up.
Sometimes you will hear an objection during a sales negotiation that does sound a bit ridiculous. It is important that you do not dismiss their concerns or objections or you risk either offending your prospect or making them entrench themselves in their position. Ask questions to find out more about why they’re objecting and you’ll not only come across as being interested in finding the right product for them but you’ll also be more likely to change their mind.
A great way to overcome an objection in a sales negotiation is to have something ready to counter it with. This might be a special offer, extra services at a discount or even a simple gift for signing on. If you cannot quite meet their expectations in one area, you can try to exceed them in other areas as a way of compensating.
If you are disagreeing in a sales negotiation you sometimes need to change the topic for a while to avoid becoming stuck. Agree to put the topic you’re disagreeing on aside and move on for a while to areas of the sales negotiation where you can agree. If you get them saying yes a few times to other parts of your negotiation you might find they’re a bit more pliable when you return to your previous disagreement.
Sometimes a prospect’s objections in a sales negotiation will be so strong and their demands so far away from what you can offer that you just need to thank them for their time and move on. While this should be a last resort, you should recognize that you may never come to an agreement with them and it is better to leave and not take up more of their time. They will appreciate your honesty and may later come back to you.
Claire has 4+ years of experience in sales and recruitment. As a Director of Client Services, her main objective is to connect great people to great companies by building strong relationships with both top clients and candidates in the sales industry. She specializes in sales roles of all seniority levels for both enterprise and start-up clients North American wide. When Claire isn't networking with top talent, she enjoys being outdoors, traveling and spending time with friends & family.