Get Expert Advice to Improve Sales Team Performance
Attracting new clients and negotiating deals in today's economy can be challenging. And on top of that, you might be asked to renegotiate existing contracts or propose fee increases to keep up with market conditions and company profitability requirements. Here are some tips and strategies to navigate these negotiations.
As a sales leader, you know how important it is to work with Procurement to get a deal closed. However, navigating the procurement process can be difficult and time-consuming. By understanding the procurement process, identifying the business need, knowing who has authority, and being tenacious in your follow-up, your team will be in a better position to close deals on time. Let’s dive in on what sales reps can do to get to "yes" faster.
One frequently discussed issue by negotiation experts is when you should make the first offer in a negotiation. Conventional wisdom is to never make the first offer in a negotiation. After all, by making the first offer, you risk "showing your cards" too early and leaving money on the table. On the other hand, there are many cases where it is to your advantage to make the first offer. So how do you know?
In business negotiations, Procurement teams often aim to control every aspect of the sale, from limiting access to decision-makers to controlling the format of your response to discrediting your value proposition and possibly using past performance against you. To overcome these tactics, you must be proactive and develop a strategic approach to the negotiation process.
Negotiation is an important skill to get what you want while building and maintaining trust in your relationships. Let's dive into three different negotiation tactics and look at some examples of how to respond to each tactic effectively.
You’ve worked hard to get the deal to this point and then other decision-makers appear, procurement gets involved and your deal is stalled out while your terms are scrutinized, and the pricing gets squeezed. If you dread the final negotiation, you’re not alone. One minute you’re about to close a large sales opportunity and the next, you’re facing a series of roadblocks.