Most of us consider negotiation a complicated thing. And it can be. There are lots of considerations and variables. To simplify the process, here are a series of questions to help you define how you can more successfully and profitably negotiate:
Decision-maker: I know this is obvious, but are you talking directly with the individual(s) that can approve or veto a transaction? If not, do that first.
Position: This is the platform consideration. Position is the entry point of need and bargaining strength for each the buyer and the seller. What elements specifically of value do you bring as a seller relative to the level of need, competitive availability and urgency of the buyer?
Objective: Are the positions and desired outcomes of the seller and buyer clearly defined? Obviously, from your position, ask and determine these buyer points.
Time: Is time a compressing decision variable for you or the buyer to transact?
Information: Do you have a complete buying history, service record, competitive proposal loss and personal profile of your buyer?
Elements: When you have discovered each of the variables in a negotiation, do you separate each one and slow down until each singly is agreed to? If so, you will protect a higher price in the aggregate.
Service: Are you aware and have documentation of a buyer's service history or your service reputation in general as a company if this is a first time buyer?
Words: Can you successfully talk through the elements of the value of your position?
Reponses: Are you totally prepared to handle the objections that will come your way from the buyer on both the program and the money?
Evidence: Do you have a varied and compelling number of testimonial letters, statistics and positive surveys to objectively support your value position? If not, it's all claims.
Goodies: Can you save something to toss in at the last minute as a value-add to clinch the deal and be a "white-hat" guy?
Relationship: Do you have the all-time best negotiating variable in your favor that exists: A positive, honest and contributing relationship with the buyer? Nothing replaces that because you are trusted.
My position with you is plain and simple. If you can answer the details of these questions before you enter into a negotiation and desired transaction with a buyer, you will close more sales at the right price and be in the best position to generate service for buyers.
Doug Trenary, a sales and leadership expert and author of the SuccessMind Series of personal development products and programs. He has delivered over 1500 seminars to corporate and association audiences around the world. Contact him at [email protected].
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