Skill + Do
The best way for sellers to gain negotiation leverage is to qualify the buyer on every sales interaction. You must quickly – and regularly – understand buying intent and fit.
Negotiating is definitely the hardest skill for any seller to develop because of situational variations and consequences… i.e. pressure! Egos and emotions add gas to the fire and make negotiating the most stressful of all selling activities.
However, one thing that makes negotiating in today’s competitive arena exceptionally difficult is email. Buyers hide behind it and use it to make you nervous.
The best way for sellers to gain negotiation leverage is to qualify the buyer on every sales interaction.
You must determine how the buyer thinks about your offering to understand whether buying intent is real. Understanding the seriousness of their desire to do a deal will help you learn when to start talking about deal points.
If there are certain "no deal" terms you wish to establish, introduce those early into the conversation. In turn, probe to learn about the buyer’s "no deal" terms.
Perhaps this convo thread might work for you, "There are a few deal elements we need to stick with, but before I present them, what are your must-haves that we should talk about now?" Once you hear their terms, it’s now appropriate to introduce your "must haves;" for example, "We cannot bend on the contract term…it has to be six months and the reason is X." (And then, explain why your minimum term is six months.)
The best approach to negotiating is to address the hard stuff first. The hard part is to figure out if the terms the buyer presents as "non starters" are truly deal breakers.
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Tomorrow - May 24 - 25
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Make a new friend and get inspired
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Today - May 23
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Friday is PRACTICE day!
Stick a fork in the old way of practicing skills: sitting on a chair on a stage role-playing in front of your peers. There’s a better way that involves you and your BFF at work.
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May 22
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What "Closed-Lost" can do for you
A healthy balance of fear of failure and desire to succeed are important for all who strive to be in the TOP 10%. Don’t be afraid to lose; just fight harder next time.
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May 21
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99 SELLING days 'til Q4
You can not be too prepared for Q4 selling…closing business always takes longer than you think it should. For revenue to land during the last quarter, start plotting your strategy and steps now.
"Whether we notice it or not, we spend our days negotiating for something: for our spouse to do more housework, a child to eat just three more bites, an extended deadline on a project, a salary increase, a better rate on a vacation package." Chris Voss
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