A standard question when you’re buying. An inevitable inquiry when you’re selling.
How would you respond at this moment?
Many people will respond to the question by immediately giving or implying the possibility of a discounted price. Again – great when you’re buying, a margin killer when you’re selling.
Here are the hard-dollar points to better negotiating…
1. Remember that negotiation success depends more on the work you do early in the sales process than on the negotiation moment itself. It’s all about the perceived value of your offering and the buying urgency you create with your prospect. The stronger the perceived value and urgency by your prospect, the better. Great front work (asking open-ended questions, delivering key benefit statements, responding to objections appropriately, etc.) combined with the delivery of strong value/ urgency statements will further strengthen your and your team’s negotiating position
Think value. Think urgency. Be confident.
Nothing complex. Nothing manipulative. Just simple preparation and thoughtful execution.
Get some starter ideas of value/ urgency statements & negotiating responses (and a printable reminder that preparation feeds confidence). The number one mistake I’ve seen sales people make over the years is to lead with a discount, not knowing whether or not price is the real objection. Most prospects will tell you it’s price, but a simple question like “So, Mr. Buyer, if I lower the price by 5%, are you prepared to sign today?” If the answer is no then you’ve not asked enough questions in your preparation phase.
Remember, ask questions then listen. They will tell you how to sell to them if you ask the right questions.
Finally, read two books on selling.
1. Mahan Khalsa’s “Let’s Get Real or Let’s Not Play”
2. Michael Bosworth’s “Solution Selling, Creating Buyers In Difficult Selling Markets”
