Negotiating Basics

For those new to the world of sales, a few negotiating basics from RAB.com:

Ask For Something In Return

Sometimes concessions are necessary in order to get a deal done. Granting a concession may even go a long way toward earning a prospect’s trust.

But even in a case where granting the concession is the best way to create a win-win outcome, it’s often best to:

— Tell the prospect you need to consider the request first, and

— Ask for something in return (e.g., a higher volume purchase or a long-term contract).

Granting a concession immediately (especially a price concession) sends a message that salespeople don’t stand by the inherent value of their offer.

It also makes buyers wonder if they might be entitled to additional concessions.

As a safeguard, some salespeople may even ask (before granting a concession), “If I can get my company to agree to the terms we’ve outlined, do you see any other reason you wouldn’t move forward with the sale?”

It ensures the prospect won’t ask for additional concessions and it moves you one step closer to finalizing the deal.

Source: Based in part on 7 Strategies to Build Negotiating Power, by Geoffrey James