Last updated on August 23rd, 2023 at 02:27 pm
Author: The Trainer Network TNW
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A buyer comes to you asking for the price of the service or product you offer. As a salesperson, you in-turn ask this potentially interested buyer to state their budget. What do you think happens next?
It could go either way. The buyer quotes a very less price or they quote a higher price. Maybe they hit the bull’s eye and quote the exact price at which you are selling. What is more likely to happen?
If you’ve neglected the fact that they’ve done their personal market research before coming to you, think again! If you are still struggling with the right answer to my question then stay on until the end. You are not far away from this revelation. Understand these 3 killer negotiation skills and you will be closer to becoming a better salesperson.
Don’t be too quick to let go but do not linger for too long either!
Do not let the buyer think that you are desperate for this sale. You should not even behave indifferently to their needs as a buyer. Create a balance. If the client knows that you can’t go below a certain price, they’ll buy what you’re giving. Sometimes, the buyer will prefer walking away – let them! You obviously cannot sell at a loss, so there’s no point holding on.
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Add value instead of offering a loss-making discount
Anxious to hit this month’s sales target, you may think that some sale is better than no sale. Understandable! However, your buyer knows this. They don’t come dumb anymore. For all you know, your buyer may be a salesperson from a different industry. Yes, you’re offering a price that cannot be reduced but slowly reveals the features that add value. It’s a great way to add more without lowering your price.
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Lead the negotiation and not the other way round
Finally, the answer to the question that I asked at the start! What will you do – ask the buyer for their budget or state the price? You need to lead by stating the price. You must not wait for the buyer to get back to you. This leads you to play catch up with the client. Ask them after a point of time about their decision – do not wait for them to come back to you. The buyer most probably won’t get back. Or else, you will be left wondering what to do next. So, be the first with the ideas, the values, meetings, and parameters.
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Building these 3 killer negotiation training skills may gain your success as a salesperson. It is, however, your dedication to the buyer and the sale that will make the difference. So, do you need sales negotiation training? There are more killer sales negotiation techniques than the ones I’ve mentioned above. Be sure to contact us so we can help you become an expert salesperson.