Sales negotiations are the most important part of closing the sale deal. A Sales negotiation process can either make the Sale deal successful or a failure. Sales negotiations are not supposed to be taken lightly. There are a lot of things that a salesperson has to work upon before negotiating. To improve on your Sales negotiation skills you can also attend Sales training programs.
The most important thing about Sales negotiation is that no matter what, as a Salesman, the final word should be yours.
The buyer is the one who needs the product. So as a salesman, you have to use this situation to your best. Buyers will negotiate no matter what. You need to convince the buyer why he should buy the product without negotiating.
As a salesman, you need to practice these negotiations tips to sell anything to anyone;
1. Know When to Walk Away:
There is a reason this tip is listed first. As a salesman, you need to be open to walking away from the Sale deal. It is fine to act as if you don’t want to sell your product.
In the process of Sales training, you will be taught how to behave and act as a salesman. So the walking away process does not have to be abrupt and rude. From the Sales training program, you will know how to master the art of Walking away.
The buyer needs your product which is why he came to you. So if he stretches the negotiation process for too long then it is okay to walk away.
When I say walk away I don’t mean you actually have to say no. What I mean is that you have to act. Act as if you are okay to Walk away from selling the product to the buyer. Since the buyer is in need of your product, he will definitely want you to return with your final price. That is the time you drop your final price and the buyer will surely confirm the Sale deal.
2. Build Some value:
Your buyer will only buy your product if he gets values from it. In the selling process, there is a very important step called building brand value.
Now the same way while you are negotiating for your product you have to build value for your Product, your organization, etc.
Building value for your product creates an emotional connection with your buyer. The buyer will only agree not to negotiate if he gets emotionally connected with the product.
For e.g., if your organization sells religious statues, you have become the king of negotiation. Religious statues come with religious values. So as a salesman, you need to pick on the values of religion and make the customer feel he should not negotiate on religious items.
3. Lead the negotiation:
It is your product, your organization, your selling time, so you should be the leader. The main rule of Negotiation is not letting the buyer lead the negotiation.
When buyers lead the negotiation, you will end up selling the product at the rate the buyer wants to buy it. Remember this always, “the person who leads gets his final rate”.
The salesman should lead the negotiation process if he wants to get the price he is expecting the buyer to pay. Buyers are smart and they get to know if they can bully a seller. The main cause for them to know if the salesman can be bullied is by seeing who takes the lead in the sales negotiation.
Sale negotiation has a lot to do with the confidence of the salesman. If the Salesman looks confident and can pull off the act of Walking away, then you automatically restart the Sales negotiation.
Restarting a Sales negotiation puts you in the lead straight away because now the buyer does not want to lose out on your product. As a salesman, you need to take advantage and put your final price across.
4. Play with Emotions:
Emotions are a vital element in the selling process. Sale negotiations can be won or lost with the overflow of emotions.
When a buyer gets emotionally attached to your product, he will rarely even want to negotiate. For e.g., in the image above, the buyer feels so proud of buying the car. The salesman of the automobile company would have added some emotional touch to his selling script. That emotional touch changes the mindset of the buyer. All the buyer is thinking about is how the vehicle will change his lifestyle.
A salesman needs to add these few emotional sentiments while negotiating as well. By adding these emotional sentiments, your negotiation process comes into your favor. You can put your final price forward and the buyer will surely close the sale deal.
5. Don’t let the buyer bully you:
Buyers can be bullies sometimes. Especially if you are a new salesman, they take advantage and bully you for your lack of experience.
You need to work on your personality development skills to be more confident. Sales negotiations need to be done by a confident salesman.
Now, don’t get bullied does not mean you act rude with the buyer. By being bullied means you don’t give in to the buyer’s words. You as a salesman must make the very first move and don’t let the buyer take over at any point.
As a salesman, neither should you bully the buyer. All you have to do is stay firm at your pricing and if the Buyer does not agree then work a way around to sell the product.
6. Plan to Win:
Before the negotiation process starts you need to set a plan. Your plan for the negotiation shouldn’t be to settle down on a good enough price but your plan should be to win. By winning I mean your plan should be to sell the product at your targeted price.
If your plan itself is not strong about winning then you have already lost the Negotiation battle. If your plan is to win then the customer has no chance to bully you.
Execution of your plan should be on point otherwise even constructing a winning plan is a waste. The problem with having a mediocre plan is that you put the buyer in the driving seat.
Putting the buyer in the driving seat means you will never get to your targeted price. A plan to win automatically sends you to the negotiation process with immense confidence.
7. Reading the buyer:
As soon as the buyer walks into your organization, you need to notice their actions. Buyer understanding comes from reading the buyer. It is a skill to read what your buyer wants and it only comes with experience.
Once you read the buyer, you can judge whether he is a good negotiator or you can get your price easily from him. If you notice a confused and distorted look on the buyer’s face then he is the perfect catch for the fishnet.
On the other hand, if you read and notice a buyer who looks more focused and balanced then you need to guard yourself. Buyers who look confident are the ones you have to work harder to get your target price.
Some buyers even try to look confident and focused, but that can only be a look at not the personality. You need to identify such buyers as soon as possible and don’t waste too much time on them. They will agree to your price quickly.
8. Wait for the Opening Stance:
One thing to remember while negotiating is that you never give your expected price out first. Always let the buyer give his price first and then you should count on that.
Don’t be in a hurry to put your price out first. There are times when the buyer might offer more than your target price.
This situation is very common. Here, you can play a little and get a higher price for your product. If in case you let your price out first then you will miss out on the higher price your buyer was ready to offer.
9. Hurry spoils the curry:
Be patient all throughout your sales negotiation process. If you show the buyer you are in a hurry then there are chances that he will take advantage of the situation.
Wait for the complete Sales negotiation process to end and only then confirm your price. Push your Sales negotiation as close to your target price and make the buyer impatient.
Once you know your buyer is getting impatient about buying your product, you need to put your final price across.
Now, if you want to have a successful sales negotiation process these tips are your guideline. Follow these tips and do let me know if they have helped you in getting your target price.