Negotiations are part of the sales process. Rather than just trying to reach an agreement, you can use negotiation to build trust and value. This requires clear communication and a willingness to find mutually beneficial solutions.
Jay Fuchs, the managing editor of the HubSpot Sales Blog, understands that even the most well-intentioned negotiations can sometimes hit a snag. He caught up with some sales leaders to learn what negotiation errors sales reps should avoid at all costs. We share his findings in this issue of PromoPro Daily.
1. Not asking questions. Unless you ask questions, you can’t understand where the prospect is coming from. For example, if they say your price is too high, ask them what they’re comparing your company to. The more you know, the better you can prove your value.
2. Not really listening. It’s important to actively listen in negotiations. If you’re always planning what you want to say next, you can’t fully comprehend what the other person is expressing.
3. Putting too much value on price. Budget matters, but that’s not the only aspect to consider when closing a deal. Put other factors into the negotiation, like added services or long-term value. These could end up carrying more weight than price alone.
4. Assuming too much. Don’t assume you know what the prospect needs. Fuchs says making assumptions rather than asking the right questions can derail negotiations before they even begin. Always focus on uncovering deeper motivations to get the best result.
5. Not preparing well. Every salesperson should do their homework, but that doesn’t mean it always gets done. Make sure you enter a negotiation with a firm understanding of the other party’s goals and priorities as well as what success looks like to them.
6. Failing to focus on relationship-building. Too often, negotiations become focused on getting the best terms rather than building the relationship. Take time to listen and find common ground. This is the way to build a strong, collaborative business relationship.
7. Letting emotions get the best of you. Keep your ego in check. Don’t let anger or frustration cloud your judgment. Otherwise, you’ll not only derail the current negotiation but also strain the professional relationship.
When you’re in negotiations, don’t let any of the mistakes above sidetrack the conversation. By avoiding these missteps, you can position yourself as a promo expert who’s committed to your clients’ success.
Compiled by Audrey Sellers
Source: Jay Fuchs is the managing editor of the HubSpot Sales Blog.
