Dealing with a business negotiation can be a tricky subject. As a representative, you want to help your prospect find the solutions with your services, but you also want to protect your company’s best interests.
As you inch into the negotiation process, there is one common goal: get the products and services into their hands. Your joint interest should be a gateway for an ideal business deal, so both parties reach a solution. Still, you’re not at your prospect’s mercy.
There are many ways to strike a deal that’s perfect for you and your client. But in doing so, you may want to avoid the following problematic phrases that can potentially lose business deals.
In all business negotiations, you’re not always going to sell your products at the retail value. However, giving your clients a massive discount will make them think twice about the product. When you decide on a discount, ensure you’re also getting a profit.
Discounts should never be the first thing you offer. Why? Because you priced them for a reason. If possible, find a solution that will encourage them to sign the contract without both parties losing in the end. If you’re offering a service, perhaps you can provide a shorter commitment.
Prospects are interested in the details. When you avoid covering the details during your negotiation, they may feel hesitant to work with you. Think of it this way, You wouldn’t want a contractor to build you a house without seeing the plan, right?
Even if you do have the upper hand, doesn’t mean you should prance the situation. Clients are just like us; they want to be treated with the same buying power. Saying this particular phrase can create a friction that may not end well. Thus, let go of the ego, and be client-focused.
Of course, there are times when you need to step back and reassess the negotiation. Maybe, you’ve already created a few concessions. Are they aligned with your business’ interests? Informing your buyer that you need to run the negotiation with another stakeholder can offer you some thing to deliberate and make an executive decision.
When you assure your prospects that the process will be quick and easy, this may not put them at ease. Some business negotiations are meant to be long as it highlights your client’s needs in detail. It will also give them time to come up with a decision rather than an after thought. When they feel like they need to make an abrupt decision, they may want to go on aversion-mode to save a risky deal.
Ensure your client stays open throughout the negotiation and allocate a reasonable amount of time for discussion. Emphasize that you’re willing to go above the time frame if it’s necessary.