How to Talk Your Way to the Top by Using Powerful Negotiation Techniques to Close Any Sales Deal (in 2024)
Negotiation is important for making a good deal, whether it be sales or even a personal gain of yours. It’s nothing but a conversation between two parties regarding differences in taste, or anything else to arrive at a conclusion that benefits both parties.
When you own a business, it does not always have to be a battle to close a sale deal. You don’t have to have the upper hand to “win” a deal. Instead, you can use a strategic negotiation technique to smoothly achieve a deal closure by understanding the needs and wants of the opposite parties.?
You can achieve perfect negotiation skills by smoothly handling a conversation and ending it in a mutually beneficial way for both parties.??
This blog shows you how crucial negotiation is to closing a sale, which benefits both parties and helps you seal your deal.?
Build a bridge, find common ground in any negotiation:
What are your shared interests??
Let’s say you've marketed your product or service with passion and expertise.?
The potential customer is interested, but they hesitate on a few points. Maybe the price isn't quite right, or they have specific needs you haven't fully addressed. This is where negotiation steps in, and it all starts with finding common ground.
Know Your Value & Customer Needs:
Before any form of negotiation, you need to know two things very clearly: what's your value proposition, and what are the needs of the customer??
A value proposition is basically what you can offer to your potential customers, that they will immediately decide to buy your product or service. It can be an innovation, a service, or a unique feature that’ll attract your customers.
Your value proposition is what makes the product or service special and of value to the customer. You need to ask questions such as, What does it do??
How is it going to make the customer's life or their business better? On the other hand, it's equally important to know what it is that your customer needs.?
What are their goals and challenges? What do they hope to attain?
The trick is this: If you know your strengths and what your customer desires or aspires for, you can find that sweet spot, or common ground where against all odds, your offering aligns perfectly to their needs.?
This lays a very strong foundation for a negotiation to take off.
For example, suppose that you are selling Digital Marketing services. Your unique value proposition is to provide an intuitive website that helps a business not only trace leads but also acquire all services related to Digital Marketing.
We at Ontogen Digital provide website landing page services, our unique value proposition is offering a customised website design including a personalized color palette for our clients.?
Your prospective customer might be a small business owner who wishes to raise the visibility of his or her brand but is overwhelmed by complex digital marketing tools. Your services can simplify their marketing efforts and help them reach their goal of brand awareness.
Take it a Step Further: You should not only state the common ground, but also prove it. Within your presentation you can borrow specific examples or case studies of how, in the past, your product has helped businesses like this realise their goals. This visualises the value proposition and strengthens your position during negotiation.
Since our website has our clients landing page displayed, it helps potential clients who visit our website to know what we do and helps to build trust in us.
Open & Honest Communication:
The most important thing in negotiation is building trust. This is well achieved by being open. Be open about the capabilities and weaknesses of your product. Listen to their issues and respond to them openly.?
That way, you allow two-way communication to take place, causing respect and collaboration that eases the negotiation process.
For example, your client might have some issues with the Digital Marketing services that you provide. You wouldn't dismiss it, but would let your client know about the huge amount of resources you have: video tutorials, personalised mentoring, and full-time customer support. It's that kind of honesty which builds trust, letting them know you're invested in their success beyond the surface level.
Keep presenting on Transparency: negotiation isn't really about concealing anything. Many a time, establishing an aspect of transparency upfront about the possible hurdles may actually help serve your case.?
For example, if your Digital Marketing services might not work with some of the campaigns your client is going to implement, it’s better to be upfront about it. In some ways, that shows your understanding of their needs and avoids any surprises later.
Collaboration & Solutions:
Negotiation should not be managed by pushing your agenda or looking for an edge over someone. It’s rather a two-way process where both parties work together in find solutions that meet all parties.?
Be open to creative solutions, but also be generous enough to offer alternatives and packages that suit the needs of your customers best.?
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This collaborative approach creates a sense of partnership that will help cement the long-term relationship.
Consider this: Your customer may not dive right into the full digital marketing package for budget reasons. Instead of slashing the price drastically, consider what offering a scaled-down version with features that directly answer their basic needs initially could do.?
This flexibility in solutions and pricing proves you will adapt, hence setting up the case for a win-win situation. They get an important solution at an affordable price, and you get a very happy client who will upgrade when possible.
Build on collaboration, and don't be afraid to get creative. Maybe they need some features beyond the standard packages. Just see if the possibility of customising a solution to their needs can be developed. This collaborative approach evidences your commitment to their success and makes you a trusted advisor, not just a salesperson. Here you can read about how collaboration and solutions work better.
Your relationship with your client will remain concrete which will help you strike more deals and talk your way to the top!
Secure your win by Closing your deal with Confidence:?
Now you have done all of the negotiation, been on common ground with your customer, and built rapport with your client. Now comes the integral moment, close your deal with confidence.?
Here's how to ensure a smooth and successful finale:
Read Customer Signals (Verbal & Non-Verbal Cues):
This is the same as with any conversation, where you have to note cues from the customer. Other than what they will say, their body language can also speak volumes about their interest level or comfort in your deal.
Verbal Cues: Listen carefully to the words your customer is using. Examples of such phrases that would indicate a willingness to move ahead with some reservations are, "That does sound interesting," "That could definitely help us," or "Let me think about it." Statements like, "That's a bit expensive" or "I'm not sure if this is the right fit for us," may indicate objections.
Nonverbal Cues: Your body language can be very telling as well. A customer who is leaning in on your explanation and doesn't break eye contact is probably engaged and interested. Crossed arms, or fidgeting and looking away likely represent hesitation or unease.
Pro Tip: Not only are the ears but also the eyes are listening! By reading these verbal and nonverbal cues, you'll know when to change your approach to their concerns or press on with confidence if they're receptive.
Clear Calls to Action: Direct the Customer
Don't leave your customer hanging if the sale isn't yet closed. That's where the clear call to action should come in. Your CTA should be a specific, next-step action that guides the customer to closure.
Here are some effective CTAs:
"Would you like to go ahead and sign the agreement today?" This question is quite direct and confident for one who looks ready to close. "Can I schedule a follow-up call in case you do have any questions?" This is quite a good line to use where a customer shows interest but just needs some little more time to think.
"We have a free trial for those who would like to try out the software before committing. Would you like to sign up for one?" This CTA works if the customer has apprehensions with respect to the functionality of the product.
Remember: A good CTA is free of vague signals and spells out what the next steps are to the customer, thereby keeping the momentum high and maximising the chances of closure.
Handling Objections Gracefully, such as addressing concerns, reiterating value: Objections are a natural part of the process of negotiation. They simply mean that the customer has some concerns that need to be addressed.?
The key is to handle such objections gracefully and use them as an opportunity to reiterate the value proposition of your product or service.?
How to handle objections: First, acknowledge the objection. Let the customer know you understand their concern by not interrupting or diminishing it. Then pose clarifying questions because misconceptions can sometimes be a basis of objection.?
Seek questions that will help you get to the bottom of the specific concern. Addressing the concern directly gives clear and concise information that directly addresses the objection.?
Highlight relevant features or benefits of your product or service related to their particular need.
You can change the value proposition according to your client's requirements. This is what makes your offering special to the customer because it will help them either solve their problems or achieve their goals.
For example, if they have any objection to the price of your services, then try to understand their concern. Describe to them exactly how much ROI (Return on Investment) this will yield, or how crucial it is to have a website landing page to gain profits. Show them how your services will save them time and money in the long run, thus justifying at the cost that had to be borne at the start.
Conclusion:?
One of the major skills any salesperson needs to acquire in their career is negotiation. This art only has to be developed so that it will turn you from a salesperson into a trusted advisor if you could find common ground, openly communicate, collaborate about a solution, catch all the cues of a customer, issue crystal clear CTAs, and handle objections gracefully. Not every negotiation will result in deal closure, its major function is to develop strong relations with your customers.
Are you ready to take these negotiation techniques into action and really bring your sales game to a new level? Stick around for an upcoming series of blog posts where we will go deeper into specific strategies of negotiation, offer some practical advice on handling common objections, and give you tools to close deals consistently and with confidence!
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