Well, you’re at pricing. You’ve presented your product or solution. You’ve discussed the pricing and terms when you hear the infamous saying: “Let me think about it.” If you’re in sales, you know how this feels when those words come out of a prospect’s mouth. Objections can be summarized into two categories: Usage and Value (but that’s another topic for another time). But you know what? In my experience the “Let me think about it” is only a bad thing if it happens every sales call. Some people really do have to think about it. Let’s dive in further.
7 Negotiation Don’ts
Normally this response occurs if the sales rep does not listen to the customer or doesn’t ask the right questions. This response shouldn’t be the norm. But what should you do if you’re in this situation? Slashing price is usually the default mode; however, don’t negotiate too soon. Here are some things to consider before negotiating.
First, make sure you are their #1 choice prior to any negotiation. Second, find out what the customer wants. What features or extras do they value, and what are their priorities—price, service, or delivery? And third, assess the value of your offering to the customer: what BENEFITS, what PROBLEMS it solves for them, what ALTERNATIVES it replaces. Here are 7 negotiation don’ts:
1. DON’T negotiate with non-decision makers
2. DON’T start negotiating too soon—champion your initial recommendation
3. DON’T negotiate if you don’t have to
4. DON’T negotiate unless you know what the prospects wants
5. DON’T be unprofessional
6. DON’T write down anything you can’t live with or follow-through
7. DON’T be afraid to walk away
Become a problem-finder instead of a problem-solver.
The last one is probably the hardest one out of them all. What? Walk away? Yes. Learn from your experience and move on. You’re not going to “sell” everyone. People don’t like to be sold. Become a problem-finder rather than a problem solver. In the video below, Dan Pink explains perspective taking. Finally, be the subject-matter expert and make sound recommendations.
In conclusion, avoid these 7 negotiation don’ts. Follow your sales process. Become a consultant, and don’t cut corners. Know your product/service. Ask the right questions. Listen to understand instead of to respond. Present your solution and come to an agreement with your customer that makes business sense.
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