Imagine a situation where you are in the final stages of negotiating a big sale which if you close the deal will exceed your annual sales but the bad news is that to clinch the deal, the client wants a major concession which will erode the profitability of the transaction and set a bad example. So what do you do?
Will you sell the product instead of meeting the need – Every product or service that needs to be sold are created to address a need or want. Make sure you know that. You may have the greatest product in the world but if it doesn’t meet the client’s need, it’s a complete waste of time for everyone. Focus on their need first and then try to bridge the gap from there.
What is the buying behaviour – Your sales strategy is guided by what you believe motivates your prospect. If you’ve misjudged the client’s behaviour, it’s most likely that you will not make the sale. It’s important to be a little more humble, curious and ask questions instead of assuming.
Do you love to talk – When you’re talking, you are not listening and learning. It’s impossible to sell if you don’t know why someone is buying. Therefore, it’s important to ask short, open-ended questions and be patient enough to listen to the answers. Being curious and focusing on what they said is very crucial to making the sale.
Do you understand your client’s underlying interest – Picture a situation where your client may ask you for a 25% discount. As a salesperson, you may assume that he is requesting because he finds your product expensive. But sometimes, you may also end up finding that he thinks your product is fairly priced but the only reason for the request is that he has a limited budget for that quarter. Once you find the real reason behind the request, there may be several solutions like spreading the billing over two quarters. So if you’ve never addressed the real need, it would have cost you millions of dollars of business by offering your client a discount when your product is fairly priced.
Do you negotiate against yourself – Reciprocity is a must in successful relationships. At the end of the day, you have to make it a win/win situation for both parties. It’s always a two-way game. Often sales people keep offering more concessions to land the deal. If someone sells like this, why would anyone stop him. It’s undoubtedly a very wrong way of selling. It’s important to offer discounts but it’s equally important to ask for something in exchange. That ways it will be a win/win situation and a successful sale.