Sales negotiation is the process of getting the best deal for a certain service or product, but doing so in a civil and efficient manner. While there isn’t a sales negotiation book on etiquette, there are tips to follow to ensure a professional and mutually beneficial deal.
Knowing what not to do in sales negotiation room is sometimes more important than knowing what to do. Knowing not to exhibit any signs of desperation is the first step in bringing a seller’s offer down. Desperation is most commonly found when a buyer shows need of the product or service, but can also be seen even through talking about how a previous deal had gone awry. In general, the buyer should talk less about his or her own life or needs, and more about the seller’s.
When a sales negotiation runs too long, there is a certain degree of anxiety that is going to be present. This may be used to the buyer’s advantage in making the seller tire out and succumb to a better deal, but keep in mind that this usually has a negative impact on business relationships and instead buyers should focus on keeping the negotiation short in length. The buyer should keep focused on building a solid sales negotiation, not pressuring a seller into a better sale through shady tactics.
If possible, try getting the buyer to agree to a meeting before the negotiation takes place. Going to grab lunch or enjoying a social environment to get to know each other allows you to get to know the weaknesses and strength of procurement. Use this information as an advantage in predicting what the buyer is going to ask for and how they will attempt to do so. This allows for a pre-planned rebuttal that will seem natural and genuine. Any worthy sales course should include a objection countering training module.
Car salesmen, while not necessarily liked, have the game of sales negotiation down to an art. Car salesmen have a plethora of tactics in use today in order to get a buyer in and out- and parted from their money. One tactic that helps in this situation is to simply state the lowest possible offer is already on the table, and that a higher chair in the company hasn’t approved of anything lower. This can keep the negotiation talks on good terms, while still keeping a firm stance against a lower offer.
The best thing to take away from the mentioned tips is that power comes through confidence and by exhibiting little need for the seller’s product. The seller is in need of a buyer, so never feel like you are the only one in the negotiation that genuinely needs the deal to go through. Instead, keep a clear head during the process. Having the ability to object to an offer may also shake the seller down considerably, so also pursue second options in case the one currently being discussed doesn’t come through.
Final Thoughts
Psychology, etiquette, and personality play a large part in which way a sales negotiation will sway. Maximizing each of the three factors to your best ability will allow you to attain success in the negotiation room, maintain good business partners, and ultimately to grow your company into a more powerful entity.
Learn more about training in negotiation and advanced negotiation training.