How to Improve your Sales Negotiation Skills
Negotiating is a very important part of any business but not everyone has the skills needed to reach a mutually beneficial agreement. Many people are afraid to negotiate and end up taking a deal that isn’t quite right for them which can have negative effects on the company. The good news is that there are plenty of ways that you can improve your negotiating skills to ensure you understand the business needs of your potential customers or partners and make a human connection that will ultimately make the deal.
Talk to Decision Makers
There is nothing worse than spending a long time trying to negotiate with someone to only find out that they cannot make the final decision. This can massively delay the sale and it can mean your hard work has gone to waste. Finding the overall decision maker is key to ensuring your deal has maximum effect and gets in front of the right people. The best and often easiest way to do to this is usually to leverage connections who might be able to put you in touch with the key decision maker, either via LinkedIn or in person. If this isn’t possible, you can map the organisation to try and determine who the best person would be to contact. For bigger companies, this may require more research than a basic internet search, but there are numerous ways online that you can do this and track down that vital contact.
Get Expert Help
Sometimes, it can be hard to figure out exactly what you are doing wrong when it comes to negotiating, and this can have a negative effect on your results. If you really want to improve your negotiating skills but don’t know where to start, consider using a sales training consultant who can teach you the fundamentals and improve your sales negotiation skills.
Know Your Bottom Line
Do you know your bottom line?
A bottom line is the bottom figure on a company’s income statement and not knowing this is often a problem that salespeople come across when they are trying to negotiate. It can have a negative effect on the final deal if you make financial promises that your company may not be able to fulfil or could fulfil but at its detriment. If you know your bottom line, you can be more confident in your negotiating and ensures you don’t end up making a bad deal that you may come to regret.
Negotiate as a Human
It sounds simple but the human element of negotiation is a vital aspect that many people miss when approaching sales. We are all too accustom to speaking with and dealing with robots, computers and algorithms in the present day, and the basic element of human emotion is often overlooked. Negotiation is a human experience which combines the desire of a company with the human needs of those involved. The key components of reliability, loyalty and trustworthiness must be emulated during a negotiation but this can only done on a human level. If your negotiation lacks these fundamental aspects, you risk pushing potential customers or partners away with the impression that you’re simply moving through the motions of a sale
Negotiation is key to getting a good deal that benefits all parties in any business arrangement. If you are struggling with your negotiation skills, consider some of the advice in this article and you’ll find that your skills will naturally improve. If you’re still having no luck, there’s no harm in seeking out an expert who will be able help you establish where you’re going wrong and what to do to ensure success in future negotiations.