How can you negotiate to increase the value of a sale?

As the old saying goes, ‘if you’re still talking price, you haven’t sold the value.’ At lot of negotiation is actually not negotiating. If you can evidence the value your proposition delivers, why would you discount? If you don’t respect your value, why would you expect others to? Stick to your guns. If a prospect wants a reduction, ask which parts of your proposal they want to take out. Provide choices. If you offer 3 value propositions each with differing returns and total prices, you’re discussing the differences between them, not the basic prices.

One mouth, two ears. Ask questions, listen, listen. Find out what is important. What you think is important, may not be what someone else finds valuable. Offering a solution before asking the right questions =sales malpractice

Understand the customer's needs is important than price and give more options but not than 4 options, and you have to be flexible.

Value is perception. People value most things in which they've made a personal emotional investment. I think of the Sandler Sales principle of "Let the buyer lead the dance." The conceit of this principle is that the buyer is leading the dance, but the sales person is playing the music.

Sell the solution to ease customer's EMOTIONAL problem, not the LOGICAL problem. If you are selling software, then logical solution (for NEEDS) is a mandatory i.e. handle multi task in one time, need less workers, no bugs, etc. But successful selling happens when you talk about emotional solution, for what customer WANTS. Example: salesperson should focus explaining that the time saving will allow the manager to come home on time & see spouse & children before bedtime. If the manager said that is his problem at that moment. Of course, since beginning salesperson need to ask quality questions to get those emotional problems.

?? Qualify Your Prospects ?? Don't chase every lead – focus on those with real potential! Qualify your prospects to ensure they have the authority, budget, need, and timeline for a purchase decision. Use proven frameworks like BANT, CHAMP, or MEDDIC to ask the right questions and discover their needs, challenges, and priorities. Say goodbye to wasted time and hello to high-potential customers! ????

Qualification is like your insurance policy. It’s going to save everyone a world of hurt further down the line. When your reps are coached to always be qualifying (ABQ), it gives you and your leadership the confidence that the deal is real. It confirms that your salesperson has done their due diligence and is having conversations with the right parties. It also suggests that the opportunity has a superior chance of being closed. In short, rigorous qualification confirms that it’s worth investing your scarce resources and your people’s time in pursuing an opportunity all the way through the gates, from prospect to ‘closed won’.

Qualifying prospects helps you steer clear of sales pitfalls, such as chasing unresponsive or uninterested leads. It allows you to concentrate on prospects who are more likely to convert.

Check if the prospect has: ? The problem they want to solve ? Financial resources to do so ? Power to decide if they want to buy

Most qualification is actually reps trying to fit prospects into their box. When there is real need and real problem/solution fit, qualification happens on its own. Start with the negatives to quickly weed out tire kickers and people who aren’t a good fit. When you lead with all the things people usually don’t want to hear, it creates trust quickly and shows you who is serious and who isn’t. For example, if you sell an HR solution, telling prospects “a lot of companies think software tools like this are a fix for not having clear steps in the hiring process. This software actually only helps if you already have a process established and are looking to automate manual steps or get clearer analytics on where candidates are dropping out.”

Absolutely, the process of qualifying prospects is a crucial step in any successful sales journey. It not only helps save time and resources but also ensures that you're focusing your efforts on the prospects most likely to convert into customers. The frameworks you mentioned, like BANT, CHAMP, and MEDDIC, provide a structured approach to asking the right questions and gathering essential information. They guide sales professionals in understanding a prospect's situation, needs, and priorities. In my experience, qualification is about more than just ticking boxes.

The key is to set the price of your product to the size of the PROBLEM. The client should not see the cost of the product as an expense. Rather, it should be the savings they get from implementing your solution.

Anchoring isn't just setting a high price—it's about crafting perceived value. As a sales enablement expert, I've seen its power in framing a product's worth, making costs seem justified. It's pivotal to prepare, know the market, and convey the value clearly for anchoring to truly enhance sales outcomes.

Anchoring is effective, but it can be really obvious if it’s done poorly. Explaining why your price is what it is also makes a big difference. Being honest about the money you need to make goes a long way to reducing friction when talking numbers. Giving price ranges that are accurate helps gauge prospect interest and buying potential, use the middle of the range for the price you want to charge, so when you present the price, it’s much less than the higher part of the range, but not at the bottom. This also helps prospects feel like they’re not a “bottom of the barrel” customer and they’re going to get more time from you. For example, “typically our consults last 3-6 months and range from $8k to $24k on average.”

The best way to handle objections is to prepare for them in advance. A simple exercise to do with teams or individuals is to get them to write down all the objections they have ever got and to logically plan out how they could address them in the future. This could be what to say, or what proof to provide. In addition, preparing in advance how to avoid objections in the first place (through better questioning and probing techniques) reduces the possibility of this even further.

Master Objection Handling ??? Smoothly navigate objections in your negotiations. Whether it's about price, product, timing, competition, or trust, addressing objections is key to closing deals. Elevate the sale by showcasing your expertise and credibility. Learn techniques like LAER, FEEL-FELT-FOUND, or the Sandler Pain Funnel to listen, empathize, and respond with solutions. Break down barriers and boost your success! ????

Navigating objections is key to sales—it's about understanding and addressing prospects' concerns with skill. As a someone who has negotiated many deals, I find utilising methods like LAER and the Sandler Pain Funnel essential. They allow for empathetic listening and responding with solid evidence, turning barriers into bridges towards closing a deal.

Objections are a wonderful opportunity to increase the chances of closing the sale because if a client has no objections after all the sales presentation is done then the chances are high that he’s not quite interested in your solution. Handling objections effectively leads you to successful sales closures and helps in building a stronger relationship with clients who would strongly recommend you to others in their network

A diferencia de lo que muchos comerciales piensan, las objeciones son el mejor termómetro de que el proceso de venta va por buen camino, ya que si son reales muestran el verdadero interés o inquietudes sobre el servicio o producto y si éste realmente está alineado con las necesidades y expectativas del potencial cliente. Las objeciones de gestionan, no se discuten ni debaten. Una objeción puede estar en el orden de dinero - disposición o flujo de caja actual para la contratación del servicio o compra del producto. De confianza, hacia el comercial o la compa?ía, de servicio - se ha entendido realmente cómo funciona , condiciones, beneficios… o de tiempo, de entrega, de resultados. Etc. La objeción se gestiona desde la empatía.

Drive Action with Urgency ? Make your prospects take action swiftly! Show the immediate benefits, emphasize the risks of waiting, and highlight the scarcity of your offer. Creating urgency prevents procrastination and sparks FOMO, boosting your sales. Set deadlines, provide limited-time discounts, showcase social proof, or add enticing bonuses. Seal the deal and don't let them miss out! ????

Cultivating urgency is key—spurring prospects to act swiftly, seizing your offer. It’s about underlining immediate benefits, risks of waiting, and exclusivity. This skill can elevate a sale’s perceived worth by discouraging delays and capitalizing on the fear of missing out. To effectively harness urgency, employ strategies like deadlines, time-sensitive discounts, or exclusive bonuses. Such tactics can significantly influence decision-making, ensuring prospects commit before the chance slips away.

Negotiating to increase the value of a sale can be remarkably effective, particularly in the high ticket and luxury markets. A strategic approach involves upselling before the deal closes. By offering complementary products or services that enhance the customer's purchase, you not only increase the value of the sale but also provide a more comprehensive solution. This approach not only boosts revenue but also strengthens the customer's satisfaction and loyalty. It's a win-win strategy that benefits both you and your clients.

Seal the Success ???? Closing the deal is where it all comes together. It's the final step that transforms prospects into customers. Confirm the agreement, address any last-minute concerns, and ensure satisfaction. Boost the value of your sale with techniques like the assumptive close, alternative close, trial close, or urgency close. Test readiness, offer choices, suggest actions, and create incentives to seal the deal! ????

Sealing the deal is an art—converting prospects to customers with a committed 'yes'. It's not just about the close; it's about affirming the sale's value, quashing final hesitations, and nurturing future loyalty. Techniques like the alternative close or urgency close aren't just tactics; they're tools that provide prospects with clear choices and compelling reasons to decide. Learning these methods adds immense value, empowering one to guide negotiations to a successful and mutually satisfying conclusion.

Closing a sale involves positively influencing your customer to make a timely decision in the selection of a solution that he or she feels best meet his or her need at a price that’s perceived reasonable by the customer. Asking for affirmative responses at every stage leads to the sales closure by leaving no room for any probable objection that might delay the sale from happening.

+ Knowing your competitors' price range is always good for pricing strategy + Flexibility : sell what they want to buy and what solve their problem, dont sell what you want + Payment terms : this one is also a good reason for you to increase your price