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Secrets To A Successful Negotiation

The conversation always falls through the crack at this very critical stage. If you have not mastered this skill effectively, you may not be able to close those deals and even if you do, you may run at a loss.

These are lessons learnt over the years and it delivers results every time.

Great negotiation contributes significantly to business growth and they help you build sustainable relationships:

If you don’t want to keep running at a loss, negotiation is a skill which you must master.Negotiation always starts with a NO so you must master the act of sales rejection to be able to negotiate effectively.

The top key secrets are:

Analysing  your best possible outcome(do your maths)internally before having a conversation, you must know:

  • Your best margin- This is your preferred margin
  • Your bottom line- The least you can deliver the service for without running at a loss
  • Your BEP- Your break even point where you neither make a loss nor a profit
  • Your Plan B. So instead of using material A, you use material B?

Deciding ahead your negotiation strategy

    1. You need to know and understand your customer on the one hand and understand the service and benefits you are putting on the table
    2. You may be shocked that value for money may not always work,
    3. Your negotiation strategy could be pitched around:
      1. It could be taking the stress of them.
      2. Repositioning their brand with expert advice
      3. Innovating their brand to stand out from clutter or from competition
      4. it could also be future partnerships. Always recall that your negotiation strategy is the best doorway to enable you close on the deal

Ask all the why questions:

  • Get your clients to speak with you freely while you listen closely.
  • From the conversation, I bet you can easily deduce what their needs are and then you can pitch the best negotiation strategy.

Do not display your eagerness:

  • Play the reluctant party like you are not too eager for the deal, In other words, do not betray your emotions not matter how much you need to close the deal.
  • Wear an expressionless face. Reduce the volume of your voice and pitch. Speak more slowly, softly, persuasively and calmly.

It is a win-win situation

  • Lastly, please understand that it is give and take. You gain some, you lose some and remember that a great negotiation should always end in a win-win situation. You do not want your Client  to feel like they have been arm twisted so be fair, smile and crack jokes to diffuse the tension sparks during the negotiation process.
  • At the end of the process, make sure to remain friends as this becomes the doorway for future opportunities.

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